SEATTLE, April 17, 2018 /PRNewswire/ -- Home shoppers
should be prepared to move quickly when they find a home they want,
as homes sold at their fastest pace on record in 2017.
It took 81 days to sell the median U.S. home in 2017, nine days
faster than the year prior. The quickest selling month for the
typical home was June 2017, when it
took about 73 days for a home to sell, including closing. Since it
can take between four and six weeks to close a home sale, that
means that the typical home was on the market for around 30 days
before going under contract.
Buyers are facing a limited market this home shopping season, as
has been the case for the past three years. Inventory across the
country has fallen on a year-over-year basis for 37 consecutive
months, leaving fewer options for buyers. Last year, nearly a
quarter of all homes sold for more than the listed price, signaling
that tight competition may be leading to bidding wars and driving
prices higheri.
"As demand has outpaced supply in the housing market over the
past three years, buying a home has become an exercise in speed and
agility," said Zillow® Senior Economist Aaron Terrazas. "This is shaping up to be
another competitive home shopping season for buyers, who may have
to linger on the market until they find the right home but then
sprint across the finish line once they do. Being prepared –
working with a great agent, getting financing preapproved – can
help a buyer make a stand-out offer."
The typical buyer spends just over four months searching for a
home and makes two offers before successfully buying a home,
according to the 2017 Zillow Group Consumer Housing Trends
Reportii. Since homes in several markets sold in less
time than that, buyers should be ready to move quickly when they
find a home they want to purchase.
Homes sold faster in 2017 than they did the year before in
nearly all of the 35 biggest housing markets. In Houston, homes sold slightly faster in 2016
(80 days) than in 2017 (81 days). Homes in Miami sold in 110 days in both years.
The fastest-selling market in 2017 was San Jose, Calif., where the typical home sold
in 41 days. San Jose also
experienced the biggest drop in inventory over the past year, with
26.8 percent fewer homes to choose from than a year earlier. Homes
in San Jose sold fastest last year
in October, with a span of just 39 days from listing to
closing.
Metropolitan
Area
|
2017 Average Days
on Zillow
|
Fastest-Selling
Month
|
Days on Zillow
During Fastest-Selling Month
|
United
States
|
81
|
June 2017
|
73
|
New York / Northern
New Jersey
|
134
|
July 2017
|
122
|
Los Angeles,
CA
|
64
|
May 2017
|
59
|
Chicago,
IL
|
91
|
June 2017
|
82
|
Dallas, TX
|
55
|
May/June
2017
|
49
|
Philadelphia,
PA
|
97
|
June 2017
|
89
|
Houston,
TX
|
81
|
April/May
2015
|
65
|
Washington,
DC
|
75
|
May 2017
|
64
|
Miami, FL
|
110
|
June 2015
|
97
|
Atlanta,
GA
|
71
|
June 2017
|
63
|
Boston, MA
|
72
|
June 2017
|
67
|
San Francisco,
CA
|
43
|
April/May
2017
|
41
|
Detroit,
MI
|
73
|
June 2017
|
65
|
Riverside,
CA
|
74
|
June 2017
|
68
|
Phoenix,
AZ
|
66
|
October
2017
|
62
|
Seattle,
WA
|
47
|
May/June
2017
|
42
|
Minneapolis,
MN
|
69
|
May 2017
|
63
|
San Diego,
CA
|
56
|
May 2017
|
52
|
Saint Louis,
MO
|
74
|
July 2017
|
67
|
Tampa, FL
|
81
|
July/August
2017
|
77
|
Baltimore,
MD
|
94
|
June 2017
|
82
|
Denver, CO
|
52
|
June 2017
|
47
|
Pittsburgh,
PA
|
95
|
July 2017
|
83
|
Portland,
OR
|
60
|
May 2017
|
51
|
Charlotte,
NC
|
67
|
August
2017
|
61
|
Sacramento,
CA
|
54
|
May/June
2017
|
44
|
San Antonio,
TX
|
73
|
June 2017
|
66
|
Orlando,
FL
|
86
|
July 2017
|
78
|
Cincinnati,
OH
|
74
|
July 2017
|
68
|
Cleveland,
OH
|
80
|
July 2017
|
71
|
Kansas City,
MO
|
62
|
July/August
2017
|
58
|
Las Vegas,
NV
|
62
|
August/September
2017
|
58
|
Columbus,
OH
|
63
|
July 2017
|
57
|
Indianapolis,
IN
|
73
|
August
2017
|
66
|
San Jose,
CA
|
41
|
October/November
2017
|
39
|
Austin, TX
|
61
|
May 2017
|
53
|
Zillow
Zillow is the leading real estate and rental marketplace
dedicated to empowering consumers with data, inspiration and
knowledge around the place they call home, and connecting them with
the best local professionals who can help. In addition, Zillow
operates an industry-leading economics and analytics bureau led by
Zillow's Chief Economist Dr. Svenja
Gudell. Dr. Gudell and her team of economists and data
analysts produce extensive housing data and research covering more
than 450 markets at Zillow Real Estate Research. Zillow also
sponsors the quarterly Zillow Home Price Expectations Survey, which
asks more than 100 leading economists, real estate experts and
investment and market strategists to predict the path of the Zillow
Home Value Index over the next five years. Launched in 2006, Zillow
is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG), and
headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc.
i
https://www.zillow.com/research/home-sales-above-list-price-17875/
ii
https://www.zillow.com/report/2017/buyers/the-home-search-process/
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SOURCE Zillow