It is December 2020 and homes in the US are selling as fast as they do in the spring. September 2020 marked one of the fastest months posting a median days on market (DOM) of 16 days, which was down from 28 the year prior and 6 days faster than May 2019.
Zillow research indicates while all homes are selling fast, the entry level homes (price range $186,000-260,000) lead the pack selling at a rate of 14 days, 6 days faster than September 2019.
Another surprise was the less expensive homes (prices less than $186,000) sold in 18 days, the slowest market beside luxury homes and larger homes. Researchers cite younger people and families are working hard to balance working from home with life would rather not invest time or money in renovating.
Factors contributing to this surge include:
- families looking for more space to accommodate working from home and schooling.
- Record low mortgage and interest rates
- Buyers are utilizing 3D home tours
Where's the action?
Here are a few of the lowest DOM in the month of September.
- Columbus (4 days)
- Cincinnati (4 days)
- Kansas City, MO (4 days)
- Indianapolis, IN (5 days)
Areas seeing the most days on market are:
- Nashville (36 days)
- New York (28 days)
- Virginia Beach, VA (28 days)
- San Antonio (27 days)
Thinking of selling your home? Your home may be on someone's holiday wish list - and a nice profit will be yours for the taking.
No comments:
Post a Comment