Realtor.com recently issued its July Housing Report. Commenting on the trends she saw, particularly the “unusual” growth in listings, Realtor.com Chief Economist Danielle Hale said that smaller houses with lower prices have started to hit the market, alleviating somewhat the inventory crunch. In particular:
This is shifting the housing market balance in a more buyer-friendly direction, but buyers may not see as much price moderation as suggested by the national trend because it’s partly attributed to a shift toward smaller homes for sale. Still, if these changing inventory dynamics continue, we could see a wave of real estate activity heading into the latter part of the year.
That is certainly an indication that prices could go even higher, a trend last seen in 2005 and 2006. At this point, Realtor.com’s analysis shows median prices for listed homes nationwide rose 10.3% year over year in July to $385,000. (Here are the 43 cities where most people can’t afford their homes.)
Why has this happened in the housing market recently? Home prices have exploded upward in recent months. The carefully followed S&P Case-Shiller Indexes show that, nationally, home prices rose over 16% year over year in May. One market, Phoenix, posted a price increase of over 20% for the same period.
The increase has been driven by the migration of people from the large coastal cities, which often have the highest home prices and highest costs of living. Working from home also has allowed people to relocate. Furthermore, mortgage rates have made many homes affordable because the rates are historically low. (Click here to see the least expensive place to live in every state.)
A review of the 50 largest metro markets shows that demand for homes in some markets has caused inventory to turn over at a feverous pace. The typical U.S. home for sale was on the market for only 38 days in July. That is 22 days faster than in the same month of last year.
In some markets, a house stays on the market for well under 38 days. In Columbus, Ohio; Denver; Nashville, Tennessee; and Rochester, New York, the median days on the market figure was 17. Compared to July a year ago, that was down 21 days, 19 days, 14 days, and 12 days, respectively.
Presumably, inventory that moves this quickly also drives up prices — but not always. The active median listing price in Rochester in July was $240,000, down 4% from in the same month last year.
To determine the housing markets where houses sell in less than 20 days, 24/7 Wall St. reviewed the July 2021 Monthly Housing Market Trends Report from Realtor.com.
Click here to see where houses sell in less than 20 days.
Source: Publichall / Wikimedia Commons
24. Elkhart-Goshen, IN (tied)
> Median days on the market: 19
> Median listing price: $249,900 (458th highest out of 917 metro areas)
> Active listings, July 2021: 116 (533rd most out of 917 metro areas)
> Median size of listed homes: 2,120 sq. ft. (114th largest out of 917 metro areas)
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Source: John Phelan / Wikimedia Commons
24. Lewiston-Auburn, ME (tied)
> Median days on the market: 19
> Median listing price: $270,000 (406th highest out of 917 metro areas)
> Active listings, July 2021: 113 (538th most out of 917 metro areas)
> Median size of listed homes: 1,682 sq. ft. (638th largest out of 917 metro areas)
Source: Ethan James Scherrer, CC BY-SA 3.0 , via Wikimedia Commons
19. Emporia, KS (tied)
> Median days on the market: 18
> Median listing price: $99,900 (889th highest out of 917 metro areas)
> Active listings, July 2021: 41 (818th most out of 917 metro areas)
> Median size of listed homes: 1,340 sq. ft. (874th largest out of 917 metro areas)
Source: Michael Barera, CC BY-SA 4.0 , via Wikimedia Commons
19. Gainesville, TX (tied)
> Median days on the market: 18
> Median listing price: $162,360 (752nd highest out of 917 metro areas)
> Active listings, July 2021: 103 (567th most out of 917 metro areas)
> Median size of listed homes: 1,239 sq. ft. (893rd largest out of 917 metro areas)
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Source: Daniel Gauthier / iStock Editorial via Getty Images
19. Logan, Ut-ID (tied)
> Median days on the market: 18
> Median listing price: $579,000 (65th highest out of 917 metro areas)
> Active listings, July 2021: 92 (596th most out of 917 metro areas)
> Median size of listed homes: 2,734 sq. ft. (8th largest out of 917 metro areas)
Source: Mlenny / E+ via Getty Images
19. Raleigh, NC (tied)
> Median days on the market: 18
> Median listing price: $411,500 (157th highest out of 917 metro areas)
> Active listings, July 2021: 1,189 (75th most out of 917 metro areas)
> Median size of listed homes: 2,260 sq. ft. (61st largest out of 917 metro areas)
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Source: Aesopposea, CC BY-SA 3.0 , via Wikimedia Commons
19. Wilmington, OH (tied)
> Median days on the market: 18
> Median listing price: $189,500 (655th highest out of 917 metro areas)
> Active listings, July 2021: 55 (757th most out of 917 metro areas)
> Median size of listed homes: 1,512 sq. ft. (798th largest out of 917 metro areas)
Source: SeanPavonePhoto / iStock via Getty Images
12. Columbia, SC (tied)
> Median days on the market: 17
> Median listing price: $265,000 (422nd highest out of 917 metro areas)
> Active listings, July 2021: 1,018 (94th most out of 917 metro areas)
> Median size of listed homes: 2,036 sq. ft. (160th largest out of 917 metro areas)
Source: aceshot / iStock via Getty Images
12. Columbus, OH (tied)
> Median days on the market: 17
> Median listing price: $305,000 (300th highest out of 917 metro areas)
> Active listings, July 2021: 2,194 (40th most out of 917 metro areas)
> Median size of listed homes: 1,771 sq. ft. (509th largest out of 917 metro areas)
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Source: bunnylady / E+ via Getty Images
12. Denver-Aurora-Lakewood, CO (tied)
> Median days on the market: 17
> Median listing price: $599,900 (50th highest out of 917 metro areas)
> Active listings, July 2021: 3,745 (25th most out of 917 metro areas)
> Median size of listed homes: 2,288 sq. ft. (54th largest out of 917 metro areas)
Source: BOB WESTON / iStock via Getty Images
12. Freeport, IL (tied)
> Median days on the market: 17
> Median listing price: $105,000 (883rd highest out of 917 metro areas)
> Active listings, July 2021: 141 (466th most out of 917 metro areas)
> Median size of listed homes: 1,622 sq. ft. (694th largest out of 917 metro areas)
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Source: Barry Richards / iStock via Getty Images
12. Nashville-Davidson–Murfreesboro–Franklin, TN (tied)
> Median days on the market: 17
> Median listing price: $449,000 (126th highest out of 917 metro areas)
> Active listings, July 2021: 2,422 (38th most out of 917 metro areas)
> Median size of listed homes: 2,032 sq. ft. (163rd largest out of 917 metro areas)
Source: Tysto, Public domain, via Wikimedia Commons
12. Peru, IN (tied)
> Median days on the market: 17
> Median listing price: $112,900 (878th highest out of 917 metro areas)
> Active listings, July 2021: 36 (842nd most out of 917 metro areas)
> Median size of listed homes: 1,628 sq. ft. (688th largest out of 917 metro areas)
12. Rochester, NY (tied)
> Median days on the market: 17
> Median listing price: $239,900 (500th highest out of 917 metro areas)
> Active listings, July 2021: 1,102 (83rd most out of 917 metro areas)
> Median size of listed homes: 1,736 sq. ft. (554th largest out of 917 metro areas)
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Source: DenisTangneyJr / E+ via Getty Images
7. Manchester-Nashua, NH (tied)
> Median days on the market: 16
> Median listing price: $409,900 (160th highest out of 917 metro areas)
> Active listings, July 2021: 440 (212th most out of 917 metro areas)
> Median size of listed homes: 1,960 sq. ft. (243rd largest out of 917 metro areas)
Source: Nyttend, Public domain, via Wikimedia Commons
7. Mount Vernon, OH (tied)
> Median days on the market: 16
> Median listing price: $234,000 (520th highest out of 917 metro areas)
> Active listings, July 2021: 89 (610th most out of 917 metro areas)
> Median size of listed homes: 1,680 sq. ft. (641st largest out of 917 metro areas)
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Source: Wikimedia Commons
7. Pocatello, ID (tied)
> Median days on the market: 16
> Median listing price: $369,000 (191st highest out of 917 metro areas)
> Active listings, July 2021: 177 (392nd most out of 917 metro areas)
> Median size of listed homes: 2,376 sq. ft. (34th largest out of 917 metro areas)
7. Provo-Orem, UT (tied)
> Median days on the market: 16
> Median listing price: $549,900 (74th highest out of 917 metro areas)
> Active listings, July 2021: 804 (114th most out of 917 metro areas)
> Median size of listed homes: 2,928 sq. ft. (3rd largest out of 917 metro areas)
Source: disorderly / iStock via Getty Images
7. Rapid City, SD (tied)
> Median days on the market: 16
> Median listing price: $384,900 (179th highest out of 917 metro areas)
> Active listings, July 2021: 197 (360th most out of 917 metro areas)
> Median size of listed homes: 1,983 sq. ft. (221st largest out of 917 metro areas)
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Source: SWKrullImaging / iStock via Getty Images
4. Colorado Springs, CO (tied)
> Median days on the market: 15
> Median listing price: $493,590 (97th highest out of 917 metro areas)
> Active listings, July 2021: 1,109 (82nd most out of 917 metro areas)
> Median size of listed homes: 2,576 sq. ft. (17th largest out of 917 metro areas)
Source: Danamallard51 / iStock via Getty Images
4. Idaho Falls, ID (tied)
> Median days on the market: 15
> Median listing price: $425,000 (144th highest out of 917 metro areas)
> Active listings, July 2021: 184 (377th most out of 917 metro areas)
> Median size of listed homes: 2,770 sq. ft. (4th largest out of 917 metro areas)
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Source: f11photo / iStock via Getty Images
4. Salt Lake City, UT (tied)
> Median days on the market: 15
> Median listing price: $569,000 (67th highest out of 917 metro areas)
> Active listings, July 2021: 1,051 (88th most out of 917 metro areas)
> Median size of listed homes: 2,495 sq. ft. (24th largest out of 917 metro areas)
Source: georgeclerk / iStock via Getty Images
3. Ogden-Clearfield, UT
> Median days on the market: 13
> Median listing price: $485,000 (99th highest out of 917 metro areas)
> Active listings, July 2021: 494 (190th most out of 917 metro areas)
> Median size of listed homes: 2,433 sq. ft. (30th largest out of 917 metro areas)
Source: Sean Pavone / iStock via Getty Images
2. Huntsville, AL
> Median days on the market: 11
> Median listing price: $324,900 (274th highest out of 917 metro areas)
> Active listings, July 2021: 419 (217th most out of 917 metro areas)
> Median size of listed homes: 2,314 sq. ft. (46th largest out of 917 metro areas)
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Source: benedek / iStock via Getty Images
1. Los Alamos, NM
> Median days on the market: 8
> Median listing price: $425,000 (144th highest out of 917 metro areas)
> Active listings, July 2021: 7 (916th most out of 917 metro areas)
> Median size of listed homes: 1,708 sq. ft. (606th largest out of 917 metro areas)
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