Over the past 18 months, the U.S. housing market has struggled to increase available listings while potential buyers battle sky-high mortgage rates, and elevated home prices. Although the national demand for homes has declined significantly in response to these conditions, some real estate markets are still managing to sell homes in just over one month.
A recent study conducted by Agent Advice, a platform of services for real estate agents, analyzed U.S. housing markets to determine which markets are selling homes faster. On average it’s currently taking 43 days to sell a home nationwide. However, some markets fall above or below that statistic.
What are the fastest-selling housing markets?
According to the study, these U.S. housing markets saw the fastest turnaround times from listing to sale. The states with the fastest moving homes are Massachusetts and New Hampshire, which tied at 32 days to sell from the listing date. Next was Washington state with 33 days and Tennessee at 33.5 days.
What are the slowest-selling housing markets?
Several factors go into how long a home takes to sell such as the price, regional housing supply, and homebuyer demand. Homes in New York took nearly twice as long to sell as the fastest moving markets, coming in dead last at 61.5 days to sell. This might not be the case across all of New York, since upstate markets like Rochester and Buffalo saw homes go under contract in an average of 11 days and 9 days respectively in Redfin’s latest report.
Montana wasn’t far behind at 59.5 days. Next, West Virginia had the third slowest market at 56 days to sale.
Chris Heller, co-founder of Agent Advice, noted: “If you are looking to sell your home, there are many things to consider that might help you get a sale sooner, like opting to sell your home in the Spring or Summer months over Winter as well as taking your time to do thorough research regarding how many other homes in your area are on the market and at what prices."
