Good Luck Trying to Sell Your Home Quickly in These 5 Cities

The housing market remains competitive, with home prices slightly up compared to the same time last year. With the median home price just over $400,000, some areas are proving more difficult than others for sellers.

If you live in one of the following markets, you might have difficulties selling your home quickly and using the proceeds to fatten your bank account.

Decline in homes sold year over year: -6.2%

Home sales are down in Nashville, a place that's famous for its music. With sales declining, some home sellers are sure to end up singing the blues.

Houses were on the market for a median of 54 days in November 2023.

Decline in homes sold year over year: -5.1%

Texas has become a popular place to relocate in recent years. Americans in other states have been moving to the Lone Star State in big numbers.

But that migration may be slowing down. Cities such as Austin have seen a decline in pending sales. The median home sale price in Austin was $525,000 in November, which was a slight decline compared to the same period a year earlier.

Decline in homes sold year over year: -20.4%

Phoenix is another city that attracted a lot of new residents over the past few years. But things may be cooling down in the desert.

Although homes in the city were on the market for a median of 29 days, home prices were up more than 7% compared to the same time last year.

Decline in homes sold year over year: -13.4%

The weather may be sunny in Jacksonville, but the housing market is showing some signs of gloom.

There were 864 homes sold in Jacksonville in November, according to Redfin. Around 35% of homes also saw price drops before they were actually sold.

Decline in homes sold year over year: -7%

If you want to take a gamble on real estate in Las Vegas, be careful: Right now, rolling the dice on a property might not pay off.

In November, nearly 25% of homes saw a price drop before being sold, according to Redfin. That's almost a 10 point drop compared to the same time last year.

Before you start shopping for a home, sit down and create a budget of your estimated expenses each month to see how much you can stretch your paycheck and what kind of home you can afford.

Remember to factor in regular costs like utilities, as well as unexpected repairs. In fact, look into ways to make extra cash so you can boost your savings in case you suddenly need to cover repairs or other costs.