Cities Where Homes Are Selling The Fastest

By | March 7, 2021

Homes Selling Fast & Inventory Down

The market has an unusually constrained supply of homes for sale. Real estate inventory usually shifts on a seasonal basis, dropping in the winter and picking up in the warmer months. COVID-19 interrupted these trends when the pandemic emerged in March. Inventory held flat during the spring but began to decline soon after. By December 2020, the number of active listings on the market was nearly 40 percent lower than at the same point in 2019.


Limited supply has affected sales in two major ways: first, prices are much higher, and second, homes are flying off the market. As with inventory, time to close usually follows seasonal patterns, with sales taking longer in the winter and less time in the warmer months. And here again, COVID-19 had a strong impact: sales were unusually slow after stay-at-home orders took effect but accelerated again over the course of the year. The median number of days a home spent on the market in the last quarter of 2020 was more than 15 percent lower year-over-year than the same period in 2019.

And as with all real estate, location matters. Demand—and with it, the speed of sales—is especially high in Western and Southwestern states that have been experiencing the highest rates of population growth. This includes the three states where homes are selling the fastest: Washington, Nevada, and Arizona.

Here are the metros where homes are selling the fastest (Source Realtor.com)

Large Metros Where Homes Are Selling the Fastest

15. Las Vegas-Henderson-Paradise, NV

  • Median days on the market: 47
  • Change in median days on the market (YoY): -3.3%
  • Median list price: $336,525
  • Change in median list price (YoY): +5.6%
  • Median household income: $62,107
  • Population: 2,266,715

 14. Louisville/Jefferson County, KY-IN

  • Median days on the market: 47
  • Change in median days on the market (YoY): -8.4%
  • Median list price: $267,311
  • Change in median list price (YoY): +0.7%
  • Median household income: $61,172
  • Population: 1,266,389

13. Phoenix-Mesa-Chandler, AZ

  • Median days on the market: 45
  • Change in median days on the market (YoY): -10.7%
  • Median list price: $403,842
  • Change in median list price (YoY): +7.8%
  • Median household income: $67,896
  • Population: 4,948,

12. Columbus, OH

  • Median days on the market: 44
  • Change in median days on the market (YoY): -9.3%
  • Median list price: $310,359
  • Change in median list price (YoY): +8.9%
  • Median household income: $67,207
  • Population: 2,122,271

 

11. Minneapolis-St. Paul-Bloomington, MN-WI

  • Median days on the market: 43
  • Change in median days on the market (YoY): -6.9%
  • Median list price: $362,035
  • Change in median list price (YoY): +1.2%
  • Median household income: $83,698
  • Population: 3,640,043

 

10. San Diego-Chula Vista-Carlsbad, CA

  • Median days on the market: 40
  • Change in median days on the market (YoY): +1.8%
  • Median list price: $767,596
  • Change in median list price (YoY): +8.7%
  • Median household income: $83,985
  • Population: 3,338,330

 

9. Denver-Aurora-Lakewood, CO

  • Median days on the market: 40
  • Change in median days on the market (YoY): -1.4%
  • Median list price: $539,343
  • Change in median list price (YoY): +6.8%
  • Median household income: $85,641
  • Population: 2,967,239

 

8. Rochester, NY

  • Median days on the market: 40
  • Change in median days on the market (YoY): -9.1%
  • Median list price: $237,036
  • Change in median list price (YoY): +10.8%
  • Median household income: $62,104
  • Population: 1,069,644

 

7. Sacramento-Roseville-Folsom, CA

  • Median days on the market: 40
  • Change in median days on the market (YoY): -10.6%
  • Median list price: $523,192
  • Change in median list price (YoY): +7.7%
  • Median household income: $76,706
  • Population: 2,363,730

 

6. Seattle-Tacoma-Bellevue, WA

  • Median days on the market: 39
  • Change in median days on the market (YoY): -7.3%
  • Median list price: $617,868
  • Change in median list price (YoY): +3.2%
  • Median household income: $94,027
  • Population: 3,979,845

 

5. Washington-Arlington-Alexandria, DC-VA-MD-WV

  • Median days on the market: 39
  • Change in median days on the market (YoY): -12.4%
  • Median list price: $507,790
  • Change in median list price (YoY): +8.0%
  • Median household income: $105,659
  • Population: 6,280,697

 

4. Salt Lake City, UT

  • Median days on the market: 37
  • Change in median days on the market (YoY): -13.7%
  • Median list price: $491,641
  • Change in median list price (YoY): +13.5%
  • Median household income: $80,196
  • Population: 1,232,696

 

3. San Francisco-Oakland-Berkeley, CA

  • Median days on the market: 36
  • Change in median days on the market (YoY): +2.4%
  • Median list price: $999,365
  • Change in median list price (YoY): +9.3%
  • Median household income: $114,696
  • Population: 4,731,803

 

2. San Jose-Sunnyvale-Santa Clara, CA

  • Median days on the market: 35
  • Change in median days on the market (YoY): -7.2%
  • Median list price: $1,196,303
  • Change in median list price (YoY): +8.0%
  • Median household income: $130,865
  • Population: 1,990,660

 

1. Nashville-Davidson–Murfreesboro–Franklin, TN

  • Median days on the market: 35
  • Change in median days on the market (YoY): -11.4%
  • Median list price: $387,495
  • Change in median list price (YoY): +5.0%
  • Median household income: $70,262
  • Population: 1,933,860

 

Detailed Findings & Methodology

The data used in this analysis is from Realtor.com’s Real Estate Data: Inventory-Monthly and the U.S. Census Bureau’s 2019 American Community Survey.  Only single-family homes, condos, and townhomes were included in the analysis.

 

 

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