In some markets it seems like houses just can’t stay on the market long enough to give valid buyers a chance.
In places where homes can go on the market and go into contract during the same weekend, borrowers and lenders need to be prepared.
NerdWallet, a company dedicated to giving consumers information about personal finance, recently conducted a study using data from online real estate listing service, Zillow, to rate the fastest moving markets in the U.S.
The study analyzed the median days a house is listed on Zillow as well as the age of the inventory listed on Zillow, which was calculated weekly on active listings since 2015.
In the faster markets, it is important that borrowers get pre-approved before beginning their house hunt, according to an article by Emily Starbuck Crone and Kamran Rosen for NerdWallet.
From the article:
Preapproval can be especially important for homebuyers in cities where houses sell quickly, because a fast-moving market is often a sign of high demand for a smaller supply of housing. Surprisingly, this can be true even in places where the economy is struggling, such as Stockton, California. Although Stockton is still battling a sluggish economy, our analysis found that homes in this city sell quickly — it’s the 11th fastest-selling housing market nationwide and the fourth fastest in California.
Here are the top ten fastest moving markets, in order of faster to fastest, according to NerdWallet’s study.
10. Portland, Oregon: 64.7 days listed on Zillow with a housing inventory age of 53.7.
9. Austin, Texas: 64.6 days listed on Zillow with a housing inventory age of 53.7.
8. Santa Cruz: 65.2 days listed on Zillow with a housing inventory age of 48.7.
7. Boulder, Colorado: 59.4 days listed on Zillow with a housing inventory age of 53.3.
6. Seattle, Washington: 60.6 days listed on Zillow with a housing inventory age of 49.3.
5. Dallas-Fort Worth, Texas: 57.1 days listed on Zillow with a housing inventory age of 51.2.
4. Greeley, Colorado: 55.9 days listed on Zillow with a housing inventory age of 47.8.
3. Denver, Colorado: 55.9 days listed on Zillow with a housing inventory age of 45.8.
2. San Francisco, California: 46.3 days listed on Zillow with a housing inventory age of 29.4.
1. San Jose, California: 43.9 days listed on Zillow with a housing inventory age of 29.9.
