A hot real estate market can work both ways. Typically, rising prices reflect the improving dynamics of an underlying city, whether from growing employment, rising wages or other factors that increase the quality of life for the city’s residents.
However, some markets can get overheated; in a hot housing market, list prices can greatly exceed the median home values in a local area, with sellers looking to make larger profits.
Here’s a look at some of the fastest-selling real estate markets in the country, ranked by average number of days on the market. Other factors GOBankingRates analyzed in the ranking included listing prices and real estate market trends over the prior one- and two-year periods.
Last updated: July 23, 2021
Grand Rapids, MI
Days on market: 22
Median list price: $341,900
Grand Rapids has an escalating median list price of $341,900 a figure which has jumped 11.62% over the past year and 18.98% over the past two.
Days on market: 22
Median list price: $204,490
If you're looking for a hot housing market that still has low prices, check out Dayton, Ohio. The gem city boasts a median home list price just above $200,000. Buyers are taking note, with that figure jumping more than 22% over the past two years alone.
Days on market: 21
Median list price: $333,630
Cincinnati is the home to many major sports teams and music halls, making it quite a desirable place to live. Even the 13.82% rise in year-over-year home prices hasn't stopped the influx of buyers, however, who are snatching up homes in the city in just three weeks on average.
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Las Vegas, NV
Days on market: 20
Median list price: $391,667
The summers in Vegas aren't the only hot things in Sin City. The real estate market is heating up as well. A flood of buyers have helped push up the median home price in the city by a 11.01% over the past two years.
Days on market: 20
Median list price: $606,330
Sacramento is the state capital of California and boasts 230 days of sunshine per year. The sunny climate and farm-to-fork restaurants seem to be drawing a crowd, as home are selling in about three weeks on average and prices are jumping. The median list price has popped nearly 20% over the past two years in Sacramento.
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Days on market: 18
Median list price: $401,173
Median list prices in Raleigh have grown 11.23% in the past year. The City of Oaks also has a median list price of just above $400,000, perhaps attracting buyers that are priced out of other cities.
Days on market: 16
Median list price: $396,195
Richmond is the second biggest city in Virginia, and the population is growing. Median list prices have been skyrocketing, with a two-year change in home value of 14.17% and a one-year change of 9.75%.
Days on market: 14
Median list price: $353,330
People are flocking to this high desert city. Home to many historic adobe buildings and plenty of things to outdoors, the city has a lot going for it. This is proven in its real estate prices, which have soared 14.37% in the past year, and 22.36% in the past two years.
Boise City, ID
Days on market: 13
Median list price: $$481,629
Boise City might not be the first name to pop into your head when thinking about hot housing markets, but it should be. The Boise City housing market is on fire, with prices up 29.08% in a single year and an astonishing 41.52% over the past two years.
Days on market: 12
Median list price: $$281,267
The capital of Indiana is a hot spot for real estate right now. Prices are up 13.08% in the last year and almost 20% in the last two years as of December of 2020.
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John Csiszar contributed to the reporting for this article.
Methodology: GOBankingRates determined the 30 fastest-selling markets by analyzing the largest U.S. metro statistical areas (MSA) with available data based on the average number of days on the market to pending sale from Zillow’s March 2021 index (the most recent days on market data). This average value for each MSA was then used to rank the markets, with a ranking of 1 equivalent to MSAs with homes spending the fewest days on market, and 100 equivalent to spending the most days on the market. Additional data on each housing market was provided as supplemental information, including (1) the typical home value, sourced from Zillow’s March 2021 index; (2) one-year home value change, from March 2020 to March 2021; (4) two-year home value change, from March 2019 to March 2021; and (5) median list price for March 2021. All data was collected on and up to date on May 4, 2021.
This article originally appeared on GOBankingRates.com: Houses Are Selling the Fastest in These 10 Real Estate Markets