Forty-two percent of homes sold in February were listed for less than a month across the country, according to the latest data release from the National Association of REALTORS®. Properties, on average, stayed on the market for 45 days last month, down significantly from a year ago when the nationwide average stood at 59 days.
Some hot markets—notably in California—are seeing homes sell much faster than the national average.
The metro areas where listings stayed on the market the shortest amount of time in February, according to inventory data from realtor.com®, are:
Home buyers must stand ready to face the competitive market this spring, NAR President William E. Brown warns. He emphasizes it’s important for buyers to get a preapproval from a lender, know their budget, and begin talking to a REALTOR® early on about their housing wants and needs.
“Homes in many areas are selling faster than they were last spring,” Brown says. “A buyer’s idea of a dream home in a popular neighborhood is probably the same as many others. That’s why they’ll likely have to decide quickly if they see something they like and can afford.”