In some markets, homes are selling at record speeds. Realtor.com®’s research team scoured the listing data to find which markets are seeing the quickest sales, based on the median number of days on the market.
The number of days spent on the market is important for sellers and prospective buyers to know, says realtor.com®’s chief economist Danielle Hale.
“That info can give home buyers an idea of how much competition they face, how limited homes are in the market, and how quickly they need to make a decision if they find a home they like,” says Hale. For sellers, it can give them an idea of how long they may have to move elsewhere.
The median number of days on the market nationwide is dropping due to an imbalance in many places in the low supply of homes compared to high demand from buyers.
Out of the nation’s 300 largest metros, realtor.com®’s research team found that the following places saw the lowest number of days on the market for its homes for sale: (Note: realtor.com® limited its ranking to one metro per state for geographic diversity.)
- San Jose, Calif.: 28.6 (median days on the market)
- Seattle: 34.1
- Salt Lake City: 38.2
- Denver: 39.2
- Nashville, Tenn.: 40.6
- Portland, Ore.: 44.3
- Boise, Idaho: 46
- Sioux Falls, S.D.: 46.8
- Omaha, Neb.: 47.2
- Minneapolis: 47.3
Source: “Where Homes Are Flying Off the Market—and Where They’re Lingering Longest,” realtor.com® (March 12, 2018)