With inventories of homes for sale very tight in some housing markets, Trulia explored which ones offer the fastest turnarounds. But there wasn’t much of a contest. California is home to eight of the 10 fastest-moving housing markets.
To find out how long homes are staying on the market, Trulia calculated the share of homes for sale over a two-month period. Trulia first looked at homes listed on February 5, then counted how many were still for sale on April 5. The faster-moving markets had a lower percentage of homes still on the market after two months, while slower-moving markets had a higher percentage.
Nationally, 60 percent of homes listed for sale on February 5 were still on the market on April 5, down a bit from 62 percent for the same period last year.
As it turns out, writes Ralph McLaughlin, housing economist for Trulia, homes priced at the low end of the market are moving the fastest. Trulia divided all homes in each of the 100 largest U.S. metros into three price tiers.
“We gave each metro its own price cutoffs based on what’s considered high-end, mid-range, and low-end locally,” said McLaughlin. “On average, lower-priced homes moved fastest. Only 50 percent of homes in this tier were still on the market after two months compared with 65 percent of higher-priced homes.”
If you’re a home seller, California is the place to be. Eight of the 10 fastest-moving housing markets are there, and homes are selling much faster than in the Northeast, South, and Midwest.
Fewer than 30 percent of homes for sale in the three San Francisco Bay Area metros remained on the market after two months. By contrast, about 70 percent of homes in Long Island and Albany, NY were still on the market. Actually, the only metro areas outside California that made the 10 fastest moving list were Seattle and Salt Lake City.
See Trulia’s infographic below. The percentages refer to the number of homes remaining on the market after 60 days.