The 10 Best and Worst Cities for Selling a Home

Is your residential market a boom or bust?

“When it comes to real estate, the big factors that go into the market’s trends are supply, demand and perceptions about the future,” says Supreme Realty’s Managing Broken Scot Kent in an interview with ESTATENVY. Kent explained that in the post-housing market crash, up until about 2011, there was difficulty with home financing. He believes the country is out of that stage and is in a different promising phase.

So if you're ready to sell your home, these are the hot markets for 2018:

Best for Sellers

Sacramento, CA: The area saw a great demand in real estate summer 2017. Since then, sellers have been increasing prices but those prices haven’t reached a ceiling. People are still coming to the area and sellers are finding themselves getting rid of real estate very quickly for a great price.

Denver, CO: Denver is one of the hottest cities in the United States. The mid-sized city has the best of both worlds, which is the reason for the increase in population and demand for the area. With many people, especially millennials flocking to the area, it is a prime selling market.

Austin, TX: Austin is seeing a booming revitalization. This exciting city is becoming a technology hub of the south, bringing in many people for jobs. On top of that, it has great weather. These factors have been driving the demand for real estate through the roof, making it easy to sell a home.

Dallas, TX: Another Texas city finds itself in a prime selling market. The reason why Dallas is a great place to sell a home is very similar to Austin. Business is coming and booming within the market. Although homes tend to stay on the market for a long period of time, homeowners see themselves making money on their property once it sells. The median home prices are up about 5% since 2011.

Los Angeles, CA: Los Angeles is an interesting market within the list. What is normally thought of as a difficult market for both sellers and buyers, selling a home has seen its advantages. Los Angeles County real estate is traditionally extremely expensive. Homes are seeing an almost triple in value over the last few years. If trying to sell a home in LA, your audience will tend to be scarce, but sellers are definitely making money on their properties.

San Francisco, CA: Much like Los Angeles, San Francisco is very expensive for the amount of property one can buy. With a great demand for homes and the housing inventory depleting, sellers are seeing a major increase in the difference between sale and listing price. San Francisco is in a prime location as well being in a great climate and next to water making the greater area inviting for those looking to relocate.

Portland, OR: Portland is an interesting market for sellers. Although the city has an extremely high closing cost, selling a home in Portland is fairly easy, especially for those who are new to the home selling process. Portland is full of real estate offices allowing plenty to focus on selling homes. The area’s demand is high, but not nearly as high as it was 18 months ago. Additionally, the home inventory is starting to decrease, which means a less competitive market for sellers.

Salt Lake City, UT: Salt Lake City is very similar to other markets on this list. It is a growing city with a major increase in population and business. The area is extremely inviting to newcomers because of the culture and beautiful scenery. If trying to sell a home in Salt Lake, it better be done within the next year or so. The home inventory forecast is increasing, meaning more competition for sellers and ultimately lower prices.

Las Vegas, NV: Selling a home in Las Vegas is definitely not a gamble. Sellers have been seeing an increase in home sale prices since 2013. Last year’s average was just shy of $300,000. Many people are prioritizing the area due to the weather, attractions and low property taxes. Las Vegas and the greater area took a huge hit during the housing crisis but have definitely bounced back.

Nashville, TN: Nashville was rated as Zillow’s #1 market for single-families. All the movement and attention brings some speculation to the area, as many people think it is becoming a bubble. Nonetheless, it is a great time to sell a home in Nashville as people constantly move to the area. Both buyers and sellers are finding attractive prices throughout the greater area. The bubble is beginning to pop a bit at the top as very expensive homes are seeing stagnation in sales.

As one can see, many of these markets are within hotbeds in the United States. Seven out of the ten markets were on the West Coast. This trend is also transferable to markets that are difficult to sell in. Within the list below, there is more difficulty in selling property in the northeastern portion of the United States.

Worst for Sellers

Rochester, NY: Rochester’s housing market is not in as bad of shape as it may look. Sellers are able to sell, but they find themselves having to lower their pricing expectations. The market has not fully caught up with the national average.

New Orleans, LA: New Orleans saw a housing boom in 2016 and it is beginning to become stagnate. Much of the housing boom was due to investors flipping homes in the greater area. That trend has slowed down and has affected the New Orleans’ real estate market. Additionally, those who are selling their homes are seeing a decline in home prices. New Orleans is not a bad place to sell a home; it just isn’t what it used to be.

Milwaukee, WI: During the housing crisis, many contractors and building companies began to build and sell beautiful designer apartments and homes at a very low price. Now since the market is back on its feet, those same homes are harder to sell, which is affecting Milwaukee’s entire housing market.

Providence, RI: The capital of Rhode Island is beginning to lose its luster. Providence is seen as a cheaper, east-coast alternative to New York and Boston, but has is growing at a much slower rate than those big cities. Additionally, the younger portion of the population is projected to move within the next few years, meaning a growing home sales market. Combining these factors, homes within Providence and the greater area are difficult to sell.

Chicago, IL: Chicago is an interesting market. Being one of the biggest cities in the United States, Chicago is home to many demographics from impoverished to fortunate and everything in between. The area is seeing extreme taxes. It is very difficult to sell a home moving south of the city.

Buffalo, NY: Buffalo, along with upstate New York, is not a good place to sell a home. Not enough people are moving into the area to keep up with its population loss to urban areas. Additionally, the average population age is on the rise. Buffalo is trying to make things better by focusing on developing retail areas within the city, but that is currently happening in small scattered neighborhoods.

New York, NY: New York City is a notoriously difficult city to sell a home. The reason being is that single-family homes are extremely expensive and there are other, more viable and cheaper options like studios, apartments and condos. Not only are sellers competing with other sellers, but they have buyers going down different avenues.

Hartford, CT: Hartford sellers are having a tough time moving properties as sales are lasting about four months. Additionally, sellers are having to decrease their sale price to close the deal. It all attributes to the late housing recovery the state is seeing. Even buyers are having a tough time finding homes in the market. Hartford and Connecticut need some time to heal its real estate.

Virginia Beach, VA: Although the location brings great weather, it is becoming very difficult to sell a home in Virginia Beach. A reason is due to the area’s employment growth, which is below the national average. On the bring side, Zillow predicts that home values will rise between 2 to 3 percent within the next year. If you are selling, be patient.

Deltona Beach, FL: Millennials are seen as a driving force in the real estate market. If the group is flocking to an area, it becomes a prime real estate market for both buyers and sellers. The opposite is happening in Deltona Beach. Deltona Beach is becoming home to retirees and an older age group. The rising home prices coupled with the not being a trendy hotspot makes it very difficult to sell a home.