The American housing market has never been hotter. In May, the median home on the market took just 31 days to sell – six days fewer than in May 2021 and nearly a month less time than it took in the typical pre-pandemic May.
The competition to find a home can be fierce, especially in major metropolitan areas. In some of America’s larger population centers, most homes for sale stay on the market for less than two weeks.
To determine the cities 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. We listed the 25 cities where homes take the shortest time to sell.
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. These are the cities with the most million-dollar homes.
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.
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