If today’s housing market had a theme song, it could be the Badfinger classic that warns listeners: “If you want it, here it is, come and get it, but you’d better hurry ’cause it’s goin’ fast.”
Homes that sold in March were grabbed in an average of 13 days, according to new data from Zillow (NASDAQ:Z, ZG). While this is slightly slower than during March 2021 and March 2022, it was still much faster than the pre-pandemic norm.
Zillow noted that both the pricey coastal markets and the relatively affordable Midwest markets are recording extremely short times for listings that sell, with sold homes being acquired for a week or less in 17 major metros.
“Shoppers in the market today should expect competition, especially for attractive listings on the lower end of the price range — a rare opportunity these days,” said Skylar Olsen, Zillow’s chief economist. “That’s kept prices ticking upward in most areas, despite affordability challenges. There are places where new construction relieved some pressure, and where homeowners are less locked into their mortgage, but not in the nation’s most expensive metros. In costly areas, homeowners hold extensive mortgage debt at previously low rates, and the pressure is dialed up even further.”
But at the same time, Zillow noted that more than one in five sellers cut their list price in March, the largest share for this time of year in more than a decade. Places where cuts are the most common are Tampa, Phoenix, Jacksonville, San Antonio and Orlando.
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