Eighty-eight percent of the homes sold in April were on the market for less than a month, according to the latest National Association of REALTORS® data. Homes are selling fast as the homebuying frenzy continues. Buyers are feeling pressured to make a decision fast to purchase a home.
Realtor.com®’s research team evaluated 250 of the largest metro areas to see where homes are selling at the quickest pace and at the slowest pace. They limited their final lists to one metro area per state to ensure geographic diversity.
Four of the five fastest-moving markets are in the western region of the U.S. But parts of the Midwest and Northeast have also been starting to see faster home sales. On the other hand, homes are selling more slowly in areas that have been harder hit economically by the COVID-19 pandemic. Those places tend to have greater housing inventory too. But “even a slowdown in these markets comes amid an incredibly frenzied real estate market,” says George Ratiu, senior economist at realtor.com®.
The following seven markets are seeing some of the fastest home sales, according to realtor.com®:
- Ogden, Utah: 8 days (the median days on the market in April)
- Manchester, N.H.: 10 days
- Colorado Springs, Colo.: 12 days
- Reno, Nev.: 15 days
- Vallejo, Calif.: 15 days
- Columbus, Ohio: 16 days
- Elkhart, Ind.: 16 days
These markets are posting some of the longest times to sell, according to realtor.com®:
- Houma, La.: 79 days
- Rochester, Minn.: 78 days
- Miami: 72 days
- Jackson, Miss.: 71 days
- Albany, N.Y.: 70 days
- Bloomington, Ill.: 70 days
- Hickory, N.C.: 70 days