U.S. Cities Where Homes Sell the Fastest

Cities Where Homes Sell Fast
US-cities-where-homes-sell-the-fastest-cover.jpg
Although it’s unclear whether the overall U.S. housing market is on the mend, some are doing decidedly better than others, Some, in fact, managed to Even as home sales pick up, it is clear a significant number of homes purchased in today’s market are bought by investors looking to generate rental income, according to the While price trends are important, sellers also need to be aware of the length of time a property is likely to sit on the market before being bought. The faster that homes sell,
Photo: DreamPictures | Photodisc | Getty Images

Although it’s unclear whether the overall U.S. housing market is on the mend, some areas are doing decidedly better than others. Some, in fact, managed to miss the housing bust altogether. 

Even as home sales pick up, it is clear that a significant number of homes purchased in today’s market are bought by investors looking to generate rental income, according to the National Association of Realtors.

While price trends are important, sellers also need to be aware of how long a property is likely to sit on the market before being bought. The faster that homes sell, the faster an inventory backlog is cleared, suggesting heightened demand and an upward trajectory in prices. Additionally, if a home is on the market for an extended period, it may put off prospective buyers and force sellers to accept less-favorable offers.

To identify the cities where houses sold the fastest, real estate websiteZillow.comanalyzed local market information based on the median number of days a home was on the market. The numbers presented here are for homes sold between March 2011 and March 2012.

During this time, the national median for time on the market waas 129 days, while Hilton Head, S.C. (196 days), Poughkeepsie, N.Y. (201 days), and Ocean City, N.J. (202 days) were where homes sold the slowest.

Also in the analysis is the Zillow Home Value Index (ZHVI),which represents given city's median value of homes on the market. The information presented here also includes the proportion of listings with price cuts, the average amount those listings were reduced and the “final discount from list price” (the average amount negotiated off the original list price before the sale).

So, where do homes sell the fastest? Click ahead to find out!

By Paul ToscanoPosted 30 March 2012

10. (Tied) San Diego
US-cities-where-homes-sell-the-fastest-san-diego.jpg
Median time to sell: 105 days Zillow Home Value Index: $335,600 Listings with price cuts: 31% Median price cut amount: 7% Final discount from list price: 3%
Photo: Witold Skrypczak | Lonely Planet Images | Getty Images

Median time to sell: 105 days
Zillow Home Value Index: $335,600

Listings with price cuts: 31%
Median price cut amount: 7%
Final discount from list price: 3%

Example homes in San Diego from Zillow.

10. (Tied) Washington, D.C.
US-cities-where-homes-sell-the-fastest-washington-dc.jpg
Median time to sell: 105 days Zillow Home Value Index: $302,400 Listings with price cuts: 29% Median price cut amount: 6% Final discount from list price: 2%
Photo: Jeff Greenberg | Peter Arnold | Getty Images

Median time to sell: 105 days
Zillow Home Value Index: $302,400

Listings with price cuts: 29%
Median price cut amount: 6%
Final discount from list price: 2%

Example homes in Washington, D.C., from Zillow.

8. (Tied) Vallejo, Calif.
US-cities-where-homes-sell-the-fastest-vallejo.jpg
Median time to sell: 104 days Zillow Home Value Index: $186,700 Listings with price cuts: 24% Median price cut amount: 8% Final discount from list price: 2%
Photo: Getty Images

Median time to sell: 104 days
Zillow Home Value Index: $186,700

Listings with price cuts: 24%
Median price cut amount: 8%
Final discount from list price: 2%

Example homes in Vallejo from Zillow.

8. (Tied) Santa Cruz, Calif.
US-cities-where-homes-sell-the-fastest-santa-cruz.jpg
Median time to sell: 104 days Zillow Home Value Index: $451,800 Listings with price cuts: 34% Median price cut amount: 7% Final discount from list price: 3%
Photo: Aaronbrick | Wikipedia

Median time to sell: 104 days
Zillow Home Value Index: $451,800

Listings with price cuts: 34%
Median price cut amount: 7%
Final discount from list price: 3%

Example homes in Santa Cruz from Zillow.

6. (Tied) Austin, Texas
US-cities-where-homes-sell-the-fastest-austin.jpg
Median time to sell: 103 days Zillow Home Value Index: $166,600 Listings with price cuts: 28% Median price cut amount: 4% Final discount from list price: 5%
Photo: David Sucsy | Vetta | Getty Images

Median time to sell: 103 days
Zillow Home Value Index: $166,600

Listings with price cuts: 28%
Median price cut amount: 4%
Final discount from list price: 5%

Example homes in Austin from Zillow.

6. (Tied) Chico, Calif.
US-cities-where-homes-sell-the-fastest-chico.jpg
Median time to sell: 103 days Zillow Home Value Index: $170,200 Listings with price cuts: 34% Median price cut amount: 9% Final discount from list price: 4%
Photo: Downtown Chico | Facebook

Median time to sell: 103 days
Zillow Home Value Index: $170,200

Listings with price cuts: 34%
Median price cut amount: 9%
Final discount from list price: 4%

Example homes in Chico from Zillow.

5. Santa Rosa, Calif.
US-cities-where-homes-sell-the-fastest-santa-rosa.jpg
Median time to sell: 99 days Zillow Home Value Index: $316,400 Listings with price cuts: 32% Median price cut amount: 8%Final discount from list price: 2%
Photo: Anlace | Wikipedia

Median time to sell: 99 days
Zillow Home Value Index: $316,400

Listings with price cuts: 32%
Median price cut amount: 8%
Final discount from list price: 2%

Example homes in Santa Rosa from Zillow.

4. Honolulu
US-cities-where-homes-sell-the-fastest-honolulu.jpg
Median time to sell: 92 days Zillow Home Value Index: $484,300 Listings with price cuts: 21% Median price cut amount: 5% Final discount from list price: 2%
Photo: Dennis MacDonald | Photolibrary | Getty Images

Median time to sell: 92 days
Zillow Home Value Index: $484,300

Listings with price cuts: 21%
Median price cut amount: 5%
Final discount from list price: 2%

Example homes in Honolulu from Zillow.

3. San Francisco, Calif.
Dennis Flaherty | Photo Researchers | Getty Images

Median time to sell: 83 days
Zillow Home Value Index: $463,800

Listings with price cuts: 25%
Median price cut amount: 7%
Final discount from list price: 2%

Example homes in San Francisco from Zillow.

2. San Jose, Calif.
US-cities-where-homes-sell-the-fastest-san-jose.jpg
Median time to sell: 81 days Zillow Home Value Index: $545,500 Listings with price cuts: 24% Median price cut amount: 6% Final discount from list price: 1%
Photo: Bernd Geh | Photographer's Choice | Getty Images

Median time to sell: 81 days
Zillow Home Value Index: $545,500

Listings with price cuts: 24%
Median price cut amount: 6%
Final discount from list price: 1%

Example homes in San Jose from Zillow.

1. Midland, Texas
US-cities-where-homes-sell-the-fastest-midland.jpg
Median time to sell: 71 days Zillow Home Value Index: $154,400 Listings with price cuts: 32% Median price cut amount: 4% Final discount from list price: 1%
Photo: Getty Images

Median time to sell: 71 days
Zillow Home Value Index: $154,400

Listings with price cuts: 32%
Median price cut amount: 4%
Final discount from list price: 1%

Example homes in Midland from Zillow.