You’d better not have trouble making quick decisions because the real estate business is in a hurry! Even though there’s a housing shortage increasing prices across the country and the pandemic is not over yet, markets don’t seem to be slowing down. On the contrary, houses are being sold faster and faster. In April, properties spent 43 days on average in the market before a purchase. That’s nearly three weeks less than the same period last year!
That number comes from a report published by Realtor.com. They found that a property in the fastest market only stays in the listings for eight days, while the slowest remains there for about 79 days. As you can see, in any case, your clients (or yourself) have less than three months to decide to purchase on average.
Everyone knows that, in real estate, time is money, and apparently, that’s not just a saying! You need to make every minute count: the more organized you are, the best profit you can make. And that means having a pipeline of leads coming to you daily and improving your decision-making process, as well as having the right lenders and contractors at hand to seize every opportunity you come across.
If you’re kind of freaking out, well, don’t! Technology is at your disposal to automate steps, manage leads, and tidy up your business. You can choose proptech like the one provided by Real Estate IQ to receive leads on a daily basis, and even organize your entire activities. And the best part is that we’re present in some of the hottest markets (like Utah and Texas). Now that we gave you a solution, let’s look at the top 10 fastest (and slowest) markets to sell a house.
The top 10 fastest real estate markets
Four of the five fastest-moving metros on the list are in the Western U.S., though some parts of the Midwest and Northeast are also moving at a fast pace. Experts at Realtor.com observe that this is particularly interesting due to the fact that these areas usually heat up in the summer. Could this mean that they’re going to grow even hotter in the coming months? We’ll have to wait and see!
These are the top 10 fastest real estate markets:
- Ogden, Utah (median days on the market in April: 8)
- Manchester, New Hampshire (median days on the market in April: 10)
- Colorado Springs, Colorado (median days on the market in April: 12)
- Reno, Nevada (median days on the market in April: 15)
- Vallejo, California (median days on the market in April: 15)
- Columbus, Ohio (median days on the market in April: 16)
- Elkhart, Indiana (median days on the market in April: 16)
- Austin, Texas (median days on the market in April: 17)
- Topeka, Kansas (median days on the market in April: 19)
- Rochester, New York (median days on the market in April: 19)
Gladly, Real Estate IQ has the best products for Utah and Texas! If you work in the fastest real estate markets, you might want to take a look at our Premium Off Market Leads. It will give you daily lists of off market properties, plus the skip tracing information!
The top 10 slowest real estate markets
On the bottom part of the list, homes are moving slower, but in no way it means they’re bad options! Only that it might take a bit longer to close a deal. These are mostly areas economically affected by the pandemic, where the inventory is a little higher, giving buyers a bit more variety and time to choose.
These are the top 10 slowest real estate markets:
- Houma, Louisiana (median days on the market in April: 79)
- Rochester, Minnesota (median days on the market in April: 78)
- Miami, Florida (median days on the market in April: 72)
- Jackson, Mississippi (median days on the market in April: 71)
- Albany, New York (median days on the market in April: 70)
- Bloomington, Indiana (median days on the market in April: 70)
- Hickory, North Carolina (median days on the market in April: 70)
- Huntington, West Virginia (median days on the market in April: 69)
- Terre Haute, Indiana (median days on the market in April: 69)
- Salisbury, Maryland (median days on the market in April: 68)
In this case, if you’re looking for properties in Florida, we got you covered! Our Premium Off Market Leads will tip you on opportunities that haven’t hit the market yet, so you have more time to work with the leads and the chance to get a better discount!
Disclaimer: The blog articles are intended for educational and informational purposes only. Nothing in the content is designed to be legal or financial advice.
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