The spring housing market might have had a rough start, but buyers should not relax if they aim to secure a home. From bustling metropolises like San Jose to charming locales like Manchester, below are the 10 housing markets where homes are selling the fastest. Let's explore which areas are experiencing the most fervent buying activity and what factors contribute to their rapid pace.
According to recent data from Realtor.com®, while the median time homes spend on the market nationwide is 50 days in March, in some areas, homes are selling in less than half of that time.
These rapid-selling markets are scattered across the nation, excluding the South. Among them are cities like Rochester, NY, and Silicon Valley's San Jose, CA. Interestingly, these cities represent both affordable and expensive housing markets. For instance, Rochester offers homes at a median price of $279,900, whereas San Jose boasts a median home cost of $1.48 million.
Realtor.com's Chief Economist Danielle Hale notes that many of these markets have lower unemployment rates and strong tech industries, factors contributing to their fast-paced real estate scenes. In high-priced markets, there's a strong incentive to keep properties moving rather than letting them linger on the market.
Four of these brisk real estate markets are located in the Boston area. Manchester, NH, leads the pack as the No. 1 metro on the list, having been named America’s hottest housing market 22 times in the past three years. The proximity to major cities like Boston adds to the allure of these markets.
Manchester, situated about an hour northwest of Boston, stands out as a fiercely competitive market. Local real estate broker Pamela Young describes the intense competition, where agents strategically delay showings until open houses, drawing crowds of up to 70 people. A significant portion of home seekers in Manchester are from other states, with a substantial number hailing from Boston and Manhattan.
The allure of Manchester lies in its relatively lower home prices compared to Boston. With a median list price of $549,000, homes in Manchester are approximately 37% cheaper than those in the Boston area.
In the San Francisco Bay Area, the soaring stock market has prompted increased activity in the housing market. Patrick Carlisle, chief market analyst for the Bay Area for Compass, notes the heightened competition for homes in the region, particularly in pricey markets like San Jose and San Francisco. The presence of tech giants like Nvidia, Google, and Apple further fuels the demand for housing in the area.
These Housing Markets Have the SHOCKINGLY Fastest Selling Homes in 2024
1. Manchester, NH
- Median days on the market in March: 19
- Median home list price in March: $549,900
Manchester, New Hampshire, is a city known for its rich history and vibrant community. Situated along the banks of the Merrimack River, Manchester offers a blend of urban amenities and natural beauty. With a diverse economy and a strong focus on education, it's no wonder that homes in Manchester are in high demand.
2. Rochester, NY
- Median days on the market: 22 (tie)
- Median home list price: $279,900
Rochester, New York, is a city with a rich cultural heritage and a thriving arts scene. Located on the southern shore of Lake Ontario, Rochester offers residents a mix of urban excitement and natural beauty. With its affordable housing market and strong sense of community, Rochester is an attractive destination for homebuyers.
3. San Jose, CA
- Median days on the market: 22 (tie)
- Median home list price: $1,481,397
San Jose, California, is the heart of Silicon Valley and a hub for innovation and technology. Known for its high-tech industry and booming economy, San Jose attracts professionals from around the world. With its Mediterranean climate and proximity to beaches and mountains, San Jose offers a high quality of life for its residents.
4. Worcester, MA
- Median days on the market: 23
- Median home list price: $499,999
Worcester, Massachusetts, is a historic city with a rich cultural heritage. Located in central Massachusetts, Worcester is known for its world-class museums, vibrant arts scene, and diverse culinary offerings. With its affordable housing market and strong sense of community, Worcester is an attractive place to call home.
5. Boston, MA
- Median days on the market: 24
- Median home list price: $879,950
Boston, Massachusetts, is one of America's oldest cities, with a rich history and a vibrant culture. From its iconic landmarks like Fenway Park and the Freedom Trail to its world-class universities and thriving economy, Boston offers residents a mix of old-world charm and modern amenities. With its diverse neighborhoods and strong job market, Boston remains a popular destination for homebuyers.
6. San Francisco, CA
- Median days on the market: 27 (tie)
- Median home list price: $999,000
San Francisco, California, is a vibrant and dynamic city known for its iconic landmarks, diverse culture, and booming tech industry. With its stunning views, mild climate, and eclectic neighborhoods, San Francisco offers residents a unique and exciting lifestyle. Despite its high cost of living, San Francisco continues to attract homebuyers who are drawn to its energy and opportunities.
7. Springfield, MA
- Median days on the market: 27 (tie)
- Median home list price: $350,000
Springfield, Massachusetts, is a city with a rich history and a diverse population. Located in the Pioneer Valley, Springfield offers residents access to cultural attractions, outdoor recreation, and affordable housing. With its strong sense of community and convenient location, Springfield is an appealing choice for homebuyers.
8. Columbus, OH
- Median days on the market: 29 (tie)
- Median home list price: $379,900
Columbus, Ohio, is the state capital and a vibrant city with a thriving economy and a strong sense of community. With its affordable cost of living, diverse neighborhoods, and top-ranked schools, Columbus offers residents a high quality of life. Whether you're interested in arts and culture, outdoor recreation, or culinary delights, Columbus has something for everyone.
9. Milwaukee, WI
- Median days on the market: 29 (tie)
- Median home list price: $365,000
Milwaukee, Wisconsin, is a city with a rich brewing heritage and a vibrant cultural scene. Located on the shores of Lake Michigan, Milwaukee offers residents access to world-class museums, music festivals, and outdoor recreation. With its affordable housing market and strong sense of community, Milwaukee is an attractive destination for homebuyers.
10. Seattle, WA
- Median days on the market: 29 (tie)
- Median home list price: $767,875
Seattle, Washington, is a dynamic city known for its stunning natural beauty, thriving tech industry, and diverse neighborhoods. From the iconic Space Needle to the bustling Pike Place Market, Seattle offers residents a unique blend of urban excitement and outdoor adventure. With its strong job market and high quality of life, Seattle remains a popular choice for homebuyers.
Summary: As the U.S. housing market continues to evolve in 2024, certain cities stand out for the speed at which homes are bought and sold. This fast pace is often driven by factors like job opportunities, proximity to major urban centers, and unique market dynamics. Whether you're a budget-conscious buyer or drawn to a prestigious location, understanding these markets is crucial for success in today's real estate market and securing your dream home.
