The national median for number of days a house is for sale on the market hit a record low last spring. New data show how fast and slow homes are selling now, to keep in mind as this spring's buying season begins.
Homes in San Jose, Seattle, Salt Lake City, Denver, and Nashville are the fastest-selling in the nation. These cities attract millennials with strong tech job markets, and low unemployment. The average median list price for these five cities is roughly $575,244, with San Jose having the highest median list price, $1,100,300, and Nashville having the lowest of $359,950, per Realtor.com's data. The average median number of days on market for these cities is 36, whereas the national average was 60 days in May and June 2017.
“That info can give home buyers an idea of how much competition they face, how limited homes are in the market, and how quickly they need to make a decision if they find a home they like,” says Chief Economist Danielle Hale of realtor.com. Also, Sellers can get a reality check about how long their home should spend on the market—if it's priced right and in good condition.
