The housing market has exploded over the last two years. According to the carefully followed S&P Case-Shiller Index, home prices have moved up by 20% a month year over year for most months so far in 2022.
Much of the increase has been due to low mortgage rates. The rate on a 30-year fixed mortgage has been as low as 3%. That period is over. Rates have hit almost 6%.
Another reason for the increase is the new mobility of many Americans. As they work from home due to the COVID-19 pandemic, there have more choices about where to live. Popular destinations have such high levels of demand for houses that they only stay on the market for days.
To determine the city where homes are selling the fastest, 24/7 Wall St. reviewed data from Realtor.com’s Monthly Housing Trends Report for May 2022. Homes sold in May 2022 in the 50 largest metropolitan areas in the U.S. were ranked based on the median days on the market.
Homes in America have never been more expensive. In May, the U.S. median list price hit a new record high of $447,000. Homes in major cities can be much more costly. In most of the cities on this list, the typical home costs $500,000, if not much more.
Even as home prices have increased, demand has remained high. In most of the 25 cities on this list, the median days to sale has declined by at least seven days from May 2021 to May 2022.
Raleigh, NC is the place where homes are selling the fastest. Here are the details:
> Median days on market, May 2022: 9 days
> Chg. in median days on market, May 2021-May 2022: -11 days (5th fewest most out of 50)
> Median list price, May 2022: $494,000 (18th highest out of 50)
> Increase in median list price, May 2021-May 2022: +21.2% (13th highest out of 50)
> Population: 1,362,997
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