Going, Going, Gone! Homes Are Selling the Fastest in These Markets
Searching for a home can feel like a full-time job in today’s market complete with adrenaline-fueled, palpitation-inducing moments waiting to discover the response to an offer. If you blink, you will miss it. Homes are now coming on and off the market at a rapid pace as buyers are snatching up property at an unprecedented rate and taking advantage of record-low interest rates.
However, I am here to share some info from Realtor.com that not all markets are turbocharged to quite the same degree. Where are the main areas that buyers are making split-second decisions? And where do they have a bit more time to think about what could be the largest purchase they ever make?
The data has been crunched and the metropolitan areas where homes are flying off the market at the fastest pace (as well as taking the longest to sell) have been determined.
“For buyers looking for a home in today’s fast-moving housing markets, it’s important to be prepared to move quickly,” says George Ratiu, senior economist at Realtor.com. “Having financing lined up, knowing the neighborhood, and sticking to their budget’s upper limit would help to make a stressful experience more manageable.”
Four of the five fastest-moving metros on the list are located in the Western United States, as Californians make a great exodus from the Golden State and seek out more affordable living. Some parts of the Midwest and Northeast are also seeing movement. These areas don’t typically heat up until the summer months ahead of the back-to-school season. To create the list, the median number of days homes stayed on the market in April was determined and the list was limited to the 250 largest metro areas (including one metro area per state to ensure diversity).
Here’s what Realtor.com had to say about Reno, NV at number 4:
“Median list price: $524,500
Median days on market in April: 15
Reno is another spillover market that’s seen a lot of love over the past year or so from Californians craving more elbowroom. What once was a haven for retirees has now become an outpost for tech workers who can log in from anywhere with a good Wi-Fi connection.
Easy access to ski slopes and the serene Lake Tahoe means outdoorsy types have things to do year-round. And since it’s just a 3.5-hour drive, weekend trips back West are doable.
Homes here are about half the price they are in San Francisco (median list price: $1,061,500). The region has also seen an increase in cash sales as of late, as out-of-staters trade in their expensive Bay Area abodes for a more affordable alternative.”
Click here for the full article and to learn more about these quick-moving markets.
Realtor® Sierra Nevada Properties