Many real estate markets in the southern US, particularly along the Gulf Coast in Texas, Florida, and Louisiana, are facing challenges. Homes in these markets may remain listed for over a year, with listing prices significantly dropping due to sluggish market conditions.

Specifically, Lake Charles is considered the coldest major city real estate market in the US, followed by Houma in Louisiana, Panama City and Punta Gorda in Florida, and Naples. Brownsville in Texas, El Paso, and Corpus Christi are also listed among the coldest real estate markets in the state.

Internet

Realtor.com's analysis factors in multiple elements, including time on market, inventory changes, price fluctuations, and page views of home listings. Economists point out that Gulf Coast states' real estate markets face unique challenges, including high home prices, rising mortgage rates, and costly home insurance, all contributing to market pressures.

Ralph McLaughlin, economist at Realtor.com, noted, "For buyers seeking affordability, the southern markets offer some rare opportunities. Inventories, especially for entry-level housing, are increasing, resulting in actual listing prices declining compared to the same period last year."

Despite challenges in the Gulf Coast real estate market, it presents a noteworthy option for buyers seeking affordable opportunities. This market adjustment reflects dynamic changes in the national real estate industry and underscores the need for market participants to closely monitor trends and local economic conditions.