Over the past 12 months, Ten-X's trade rate—measuring the frequency of properties changing hands on their platform—averaged just over 50%. However, this figure varied considerably by location. Top-performing markets, with trade rates in the 60-70% range, included Columbus, Boston, Philadelphia, Cleveland, and Detroit. In contrast, underperforming markets, with rates in the 30-40% range, included San Diego, Los Angeles, Dallas, and Saint Louis, with San Francisco trailing at a mere 25%.

But don't use this data to jump too quickly to conclusions about the Sunbelt markets.

Kevin Spellacy, regional vice president at Ten-X, noted that Sunbelt markets are underperforming compared to other regions in the country – but that may not be as telling as one might think.  One significant factor is the substantial population migration seen in states like Texas and Florida. In these markets, property owners tend to be more patient about achieving their desired pricing, believing that their markets are thriving in the long term and willing to wait to meet pricing expectations.