American Cities Where Homes Sell Fastest

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10. Phoenix-Mesa, Ariz.
> Average no. of days on market: 48
> Median home price: $185,000 (73rd highest)
> Population: 4,192,887 (20th highest)
> Unemployment: 7.72% (65th highest)

The entire metropolitan area of Phoenix-Mesa, which has a population of more than 4 million, had 13,912 homes listed on the market in June — the 20th highest of all the metropolitan areas surveyed. This is a drop of almost 40% since last year at the same time. Speedy home selling may be boosting the housing market in the Phoenix area. The median home price has shot up about 32% since last year, more than double the increase of the next highest market, San Francisco. Nevertheless, the Phoenix-Mesa housing market still has its problems. About 2% of the homes in the area are in foreclosure, the highest rate on this list and the fourth highest of all the metro areas surveyed.

Also Read: Cities Where Homes Cost Less Than  a Car

9. Detroit, Mich.
> Average no. of days on market: 47
> Median home price: $99,000 (the lowest)
> Population: 4,296,250 (18th highest)
> Unemployment: 11.21% (9th highest)

Unlike many of the metropolitan areas on the list with high home values, in Detroit there are many bargains to go around for homebuyers. Of the 146 regions surveyed by Realtor.com, only Detroit had a median home value below $100,000 last month. Housing prices in the area did not manage to crack through the six-figure ceiling despite increasing 10% from last year, a much higher rate than the national average of 2.68% increase. This has sparked much interest among buyers. Detroit was the second-most searched metropolitan area on Realtor.com, with only the far more populous Chicago area getting more search inquiries. Meanwhile, the area’s foreclosure rate is improving. While 1.33% of houses are in the foreclosure process, that is down nearly 27% from the year earlier period.

8. San Jose, Calif.
> Average no. of days on market: 45
> Median home price: $549,000 (3rd highest)
> Population: 1,836,911 (39th highest)
> Unemployment: 8.89% (34th highest)

California was hit hard during the housing downturn, and San Jose has been no exception. From the first quarter of 2007 to the fourth quarter of 2011, home prices plunged 32.9%. Nevertheless, the median price of one of the 3,621 houses listed is still an impressive $549,000, the second highest of all home prices on the list and the third highest of all metropolitan areas surveyed. Buyers should not dawdle either. It takes only 45 days on average to sell a home in San Jose. Possibly contributing to high home prices is high income. While San Jose has a higher-than-average unemployment rate of 8.89%, the median family income is $99,500, the highest of any area on this list.

7. San Francisco, Calif.
> Average no. of days on market: 45
> Median home price: $725,000 (the highest)
> Population: 4,335,391 (17th highest)
> Unemployment: 7.52% (68th lowest)

While Detroit’s median home listing price is less than $100,000, the median home price of $725,000 in the San Francisco area is the highest measured in the Realtor.com report. Yet, despite the high prices of homes, there is o’t too much idle time on the market as the average home is sold in 45 days. San Francisco’s housing market is backed by a relatively strong labor market. The 7.5% unemployment rate is below the 8.2% unemployment rate in the United States and the 10.8% rate in California. The area’s median family income of $98,500 as of the end of 2011 is also significantly higher than the national average of $63,000.

6. Seattle-Bellevue-Everett, Wash.
> Average no. of days on market: 45
> Median home price: $350,000 (17th highest)
> Population: 3,439,809 (21st highest)
> Unemployment: 7.40% (56th lowest)

The Seattle metropolitan area has a population of more than 3.4 million people, yet only 6,486 homes available for sale. With such conditions, it is not surprising that homes will get snatched up pretty quickly. Houses on average sit just 45 days on the market, which is down nearly 34% since last year. Seattle has shown signs of a recovering housing market. The median home price of $350,000 is up almost 13% since last year, one of the 10 highest increases. Only 0.51% of homes in the area are in foreclosure, the second lowest on this list after Anchorage. The unemployment rate of 7.4%, well lower than the U.S. rate of 8.2%, helps give the housing market a boost.