The 10 Markets with the Most Empty Homes

5) Gary, Ind.
> Vacancy rate: 6.6% (tied for 4th highest)
> Median price per square foot: $85
> Unemployment: 8.8% (Michigan City-LaPorte Ind.)

Of all metropolitan areas on this list, Gary’s was hit the least by the housing downturn. Home prices fell just 10.2% between the market’s peak and its trough. Although prices did not drop massively during the downturn, the asking price in Gary fell 3.5% from the previous year, worse than all but two metro areas. The average listing price in Gary is just $59,939.

4) Fort Lauderdale, Fla.
> Vacancy rate: 6.6% (tied for 4th highest)
> Median price per square foot: $115
> Unemployment: 8.4%

While about seven in 10 markets Trulia analyzed showed increases in vacancy rates, the vacancy rate in Fort Lauderdale actually decreased by almost 1%, indicating a strengthening housing market. And although the 4.4% increase in asking price is far from the strongest growth of all the metro areas measured, it is among the top third. One concern is that the average price per square foot has dropped 59.3% on a year-over-year basis.

Also Read: America’s Most Expensive Neighborhoods

3) West Palm Beach, Fla.
> Vacancy rate: 6.7%
> Median price per square foot: $109
> Unemployment: 8.4% (Miami-Fort Lauderdale)

Like most markets in Florida, the West Palm Beach market took a major hit during the housing downturn, falling 48.4% during the recession. Fortunately, recovery is taking hold. The average asking price in the area is up 11.3%, compared to the year-earlier period, the fifth-largest increase of all metro areas measured. Also, the average price per square foot is up an impressive 63.7% compared to a year ago.

2) Tucson, Ariz.
> Vacancy rate: 6.9%
> Median price per square foot: $92
> Unemployment: 7.0%

Similar to markets in Nevada and Florida, the Tucson, Ariz., area was hit very hard by the housing downturn. Housing prices fell 37.3% between its peak and trough. While asking prices grew 8.1% year-over-year, the growth in listing price is not nearly as strong as in neighboring Phoenix, which grew by almost 25% in the same period. Still, the average price per square foot in Tucson is up a healthy 56.6% on a year over year basis, suggesting that the market is bouncing back.

1) Detroit, Mich.
> Vacancy rate: 12.3%
> Median price per square foot: $47
> Unemployment: 10.0%

Detroit’s housing market has taken a larger hit than most in recent years due to problems in the automobile industry. Between its highest and lowest point, homes prices dropped 39%. The median price per square foot of just $47 is the lowest out of all 100 metropolitan areas measured. For every one new or resale home listing on Trulia, nearly another three are in some phase of the foreclosure process. A troubling thought for anyone contemplating selling a home in this oversaturated market is that despite low home prices (the average listing is under $48,000), the number of sales has actually decreased by more than 27% on a year-over-year basis.

Rusty Weston and Samuel Weigley

Also Read: The Best Cities to Flip a House