The U.S. housing market is experiencing significant variability, with some cities seeing homes fly off the market while others are witnessing prolonged delays. As of July 2024, the average home spends 35 days on the market, but this figure varies widely depending on the location.
Using Redfin data on over 47,000 homes sold in the 100 largest U.S. cities, Joybird examined where homes are selling the fastest—and the slowest.
Cities Where Homes Are Selling the Fastest
In Grand Rapids, Michigan, homes are selling faster than anywhere else in the country, spending just six days on the market. The city’s 104.1% sale-to-list ratio indicates that homes are selling for 4.1% above asking price. This quick pace is driven by a median home price of $295,750, which is 34% lower than the national average, and low housing inventory.
Wichita, Kansas follows closely, with homes averaging eight days on the market. Wichita’s 4.9% decrease in home prices over the last year has brought the median price to $225,000, making it an attractive market for buyers.
Tied for third place are Seattle; Albany, New York; and Allentown, Pennsylvania, where homes are on the market for nine days. Seattle’s strong tech economy and limited housing supply are driving rapid sales, with homes receiving an average of four offers.
Other fast-moving cities include Richmond, Virginia and Omaha, Nebraska at 10 days on the market, followed by Spokane, Washington at 11 days.
Cities Where Homes Are Selling the Slowest
On the slower end of the spectrum, Miami, Florida tops the list with homes staying on the market for an average of 84 days, up from 75 days last year. Homes in Miami are selling for 5.2% below asking price, with a 94.8% sale-to-list ratio. High property prices and living costs are slowing the market.
Other slow-moving markets include New Orleans (82 days); Honolulu (78 days); Daytona Beach, Florida (73 days); and Palm Bay, Florida (67 days), where high interest rates and property costs are driving the longer market times.
Cities Experiencing the Biggest Market Shifts
Several cities have seen significant changes in how quickly homes are selling. Durham, North Carolina leads with a 67.6% drop in days on the market, now averaging 12 days, down from 37 days in 2023. Raleigh, North Carolina has also seen a 55.6% reduction, with homes selling in 16 days compared to 36 days last year. These changes are driven by the Triangle’s booming tech industry and influx of new residents.
On the other hand, Cincinnati has seen the biggest slowdown, with homes now taking 40 days to sell, a 471.4% increase from seven days last year. Ogden, Utah; Sarasota, Florida; and Des Moines, Iowa have also experienced significant increases in market times.
Click here for more on Joybird’s examination of the nation’s fastest and slowest selling housing markets.
The post Ranking the Fastest and Slowest Selling Housing Markets first appeared on The MortgagePoint.
