Special Report

This American City Has Run Out of Homes for Sale

This July, there were 20.8% fewer newly listed homes for sale than during July last year. Although active inventory has grown since June at a normal seasonal rate, there were still 45,000 fewer listings on a typical day in July compared to a year ago. 

In the 50 largest metro areas, the number of active listings decreased by 12% year over year, and the listing count in these cities remains 46.4% lower than before the pandemic. (Read about the American cities spending billions to build more homes.)

Combined with the shortage of listings, the houses that are for sale are staying on the market longer than they did last year, though they are getting scooped up more quickly than they were before the pandemic. This July, homes remained on the market for an average of 45 days, which is 11 days longer than last year and 12 days shorter than pre-pandemic listing periods from July between 2017 and 2019.

To determine the markets where homes sell the fastest, 24/7 Wall St. reviewed Realtor.com’s July 2023 Monthly Housing Market Trends Report, which provides real estate data on the top 50 largest metro areas. We ranked the 50 metro areas by median days on the market in July, that is, by how long it took for a house to sell after it was put on the market. Ties were broken by median list price. All data is from the Realtor.com report. Realtor.com notes that some data in Las Vegas has been excluded.

In the 50 largest metros, the average home spent 39 days on the market, with homes in the South seeing the largest average increase in days on the market compared to last year, especially in the Miami; Austin, Texas; San Antonio; and Raleigh, North Carolina metro areas.

Metros where houses spent the fewest days on the market include Rochester, New York, and Hartford, Connecticut, in the Northeast; Columbus, Ohio, and Milwaukee in the Midwest; and San Diego and San Jose, California in the West. 

List prices increased on average in all regions, with metros in the Midwest having the highest growth in list prices. Active listing prices in Los Angeles and San Diego also increased over 21% each. The cost of housing has skyrocketed in these major U.S. cities.

Click here to see the city where homes sell the fastest.

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