In the month of May, houses were for sale for 31 days on average, according to data from the real estate portal Realtor.com. This means that they sold four days faster than the same period last year.
“The big trend that we have seen in almost the entire country is that the houses are not kept for a long time ( for sale) nowhere. We have relatively few homes for sale on the market and, until recently, buyer demand has been very strong. But there have been some signs that demand is cooling off.”
Much of that decline in demand is due to rapidly rising mortgage rates.
This makes it more expensive to take out a mortgage, so some buyers are unable to purchase a home . This, in turn, forces sellers to lower their prices.
Despite the increase in mortgage rates, there are still many people who can afford to borrow to buy a house or even of paying cash, which has caused houses to sell quickly in many markets.
Of course, real estate markets vary greatly from city to city in terms of demand, prices, demographics and more.
Here are the 10 cities where homes are selling the fastest, along with the average number of days homes were for sale in May. Realtor.com has limited its list to one metropolitan area per state.
1–Manchester, New Hampshire: 8.5 days
2–Raleigh, North Carolina North: 9 days
3–Rochester, New York: 10 days
4–Denver, Colorado: 10 days
5–Burlington, Vermont: 11 days
6–Columbus, Ohio: 14 days
7–Nashville, Tennessee: 14.5 days
8– Columbia, Missouri: 14.5 days
9–Portland, Maine: 15 days
10–Worcester, Massachusetts: 15 days
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