Source: USA Today —
The housing market might be in flux, but there still are pockets in the country where sellers are seeing their homes not just closing fast but also commanding higher prices than they did last year.
In fact, while time spent on the market increased year-over-year for most cities, that time decreased in five cities –
Davenport, Iowa, Ann Arbor, Michigan, Albany-Schenectady-Troy, New York, Shreveport-Bossier City, Louisianna and Hartford-East Hartford-Middletown, Connecticut – according to an analysis by Realtor.com.
On average homes spent a couple of days short of 10 weeks on the market in February. That’s up from February 2022, when homes spent about six and a half weeks on the market.
“Affordability is a key factor in markets that are seeing more activity which puts smaller markets in the Midwest and South at the top of the list when it comes to areas where sellers still have advantages,”Realtor.com Chief Economist Danielle Hale told USA TODAY.
As buyers and sellers gear up for the upcoming spring market, sellers who list their homes a bit earlier will have an advantage, says Hale.
This year, Hale believes the timeline for sales has moved up.
“We identify April 16-22 as the ideal time to list across several key metrics that signal market balance, including home prices, number of homes for sale, time on market, and buyer traffic,” says Hale.
Here’s where homes are selling faster than in most of the country and where the price per square foot has risen the most annually, according to the report.
The list is limited to just one metro per state to ensure geographic diversity.
1. Davenport, Iowa
February median list price: $208,700
Year-over-year increase in price per square foot: +38.4%
With a median listing price just below $209,000 in February, Davenport homes cost around half of the national median list price of $414,950, according to the most recent Realtor.com data.