Even though the story more often than not seems to point to a housing and inventory crisis, this doesn’t mean that every metro area in the U.S. is facing fast sales and low inventory. In fact, according to data from Realtor.com, there are plenty of areas that aren’t facing the same inventory problems as the rest of the country.
Nationally, homes are staying on the market for lesser timeframes. The study found that the median number of days on the market hit a low of just 60 days in 2017.
“[Such] 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,” said Danielle Hale Chief Economist of realtor.com. “In a really hot market, you can probably sell your home without making updates. But if you make updates, your home is more competitive.”
San Jose, California, and Seattle, Washington are the fastest-selling metro areas, despite the skyrocketing home prices on the West Coast. While homes stay on the market for a median of just 28.6 days in San Jose in Seattle it takes a little more time at 34.1 days. With a slightly more 38.2 median days on the market, Salt Lake City, Utah took the third place on this list followed by Denver, Colorado and Nashville Tennessee to round up the five cities with the hottest markets.
On the opposite end of things, the Claremont, New Hampshire and Brownsville, Texas top the list of highest number of days on the market, with the median number of days at 129.4 and 124.9 respectively. Low-income levels and rising unemployment in these regions leave the pricier homes sitting for longer times in these areas, especially in Brownsville.
Homes in Salisbury, Maryland sat on the market for around 124.9 days, followed by Rocky Mount, North Carolina with 123 median days on the market, and Pittsfield, Massachusetts where homes typically are on the market for 121.6 days.