Albany, N.Y., homes went under contract in 8 days in Sept., followed by Rochester (9) and Grand Rapids, Mich. (9). In 8 Fla. metros, it ranged from 25-58 days.

SEATTLE – The U.S. supply-demand balance for real estate has shifted over the past year. In Albany, N.Y., the typical home sold in September went under contract in just eight days, making it the fastest market in the country, according to a report from Redfin. Next came Rochester, N.Y. (9), Grand Rapids, Mich., (9) Buffalo, N.Y. (11), San Jose, Calif. (12) and Seattle (12).

In all eight Florida metros included in the study, time-on-market grew year-to-year, with a low in Tampa of 25 days and a high in West Palm Beach of 58 days.

Florida metro – Median days on market – year-to-year change

  1. West Palm Beach – 58 days, 8 days longer year-to-year
  2. Miami – 51 days, no change year-to-year
  3. Fort Lauderdale – 51 days, 5 days longer year-to-year
  4. Jacksonville – 44 days, 8 days longer year-to-year
  5. Cape Coral – 43 days, 19 days longer year-to-year
  6. North Port – 42 days, 18 days longer year-to-year
  7. Orlando – 26 days, 5 days longer year-to-year
  8. Tampa – 25 days, 5 days longer year-to-year

Four of the six fastest turnaround markets have median home sale prices well below the national level of $412,081 – one reason homes in those metros are getting snatched up so quickly.

The typical home that sold in Rochester last month went for $235,000, making it the 4th most affordable metro in the nation. Buffalo ranked No. 8, with a median sale price of $255,000, and Albany and Grand Rapids ranked 21st and 24th, with median sale prices of $310,000 and $320,000, respectively based on a list of U.S. metropolitan areas with populations of at least 750,000.

“You might not think of Rochester as a hotspot, but people are still flocking into our area and supply remains very low,” says Kimberly Hogue, a Rochester Redfin agent. “Especially for someone coming with a big-city budget, paying $400,000 for a beautiful single-family home in a desirable neighborhood is a no brainer, and there just aren’t enough to go around. Even with mortgage rates near 8%, homes here are still affordable.”

The situation is a bit different in nearby Buffalo, according to local Redfin agent James Strzalkowski, who has observed signs that the market is beginning to slow.

“Buffalo was promoted for years as an affordable city with so much to offer, including cheaper labor, but our local economy is changing. Home prices and the general cost of living are catching up to other parts of the country,” he says. “We have a housing shortage in part because people can’t afford to move, but homes that are listed are starting to sit for longer and see price drops as mortgage rates rise and inflation impacts our city.”

Slowest markets in the U.S.

In New Orleans, the typical September home went under contract in 70 days, making it the slowest market in the country. Next came Honolulu (62), Austin, Texas (59), West Palm Beach, (58), McAllen, Texas (53) and Charleston, S.C. (53).

Homes in most of those markets have historically taken longer to sell than the typical U.S. home, but the outlier is Austin, where homes historically sold faster. Austin exploded in popularity during the pandemic as scores of remote workers moved in from expensive coastal cities to take advantage of the area’s relatively affordable housing. In turn, home prices skyrocketed, and many homebuyers were priced out.

© 2023 Florida Realtors®

Go to Source
Author: kerrys