This Illinois city (and 3 in Missouri) are bucking US home sale trends as local market heats up
High home prices and mortgage interest rates are holding down sales at a time when they’re normally on the rise: spring and summer.
However, several cities in Illinois and Missouri are bucking that trend, a new analysis shows. One Illinois locale and three Missouri places were named among “The 50 places where homes are selling the fastest” in the U.S.
The data journalism firm Stacker compiled a list of metros where homes are selling quicker than the national figure for median number of days on market, which in April was 36 days. That’s more than two weeks longer than the year before.
Using data from real estate brokerage Redfin, Stacker ranked 50 metros by the least number of days homes were listed for sale as of April. Ties were broken by the number of sales.
According to Slacker, median days on market offer clues about the quality of the individual listing and the local market it exists within.
“At a local level, a property that sits on the market for longer than the median length of time could signal to would-be-buyers that there is something undesirable about the listing,” the Slacker report states. “When homes sell faster, it can also be a sign that any given market is less buyer-friendly.”
All three of the top spots for quickest home sales were cities in Pennsylvania, according to Stacker.
Illinois and Missouri spots among fastest selling in US
No. 50: Springfield, Mo., had a total of 542 homes sold in April. The median sale price for units stood at $256,500 and the median days on the market there in April was 20 days.
No. 42: In the Missouri part of Kansas City, a total of 2,413 homes were sold in April. The median sale price there was $305,000, with a median days on market at 19.
No. 38: A total of 2,645 homes sold in April in nearby St. Louis. The median sale price was $250,000, with median days on market at 18.
No. 14: Rockford, Ill., saw 301 homes sell in April, with a median sale price of $160,000. The median days on market in April was 10.
What were the top 10 places where homes sold the fastest?
York, Pa.
Reading, Pa.
Lancaster, Pa.
Evansville, Ind.
Seattle, Wash.
Cincinnati, Ohio
Grand Rapids, Mich.
Harrisburg, Pa.
Fort Wayne, Ind.
