Homes are selling in record time at an average of 43 days—20 days fewer than a year ago, according to realtor.com®’s latest Monthly Housing Trends Report. The market is experiencing Intense buyer competition, though inventory opened up slightly in April as more sellers started to list their homes. New listings, however, are still nearly 26% below pre-pandemic levels, the report shows.
In some parts of the country, listings are going from “just listed” to “sold” in what seems like a blink of an eye in real estate terms. Here’s where homes sold the fastest on average this month:
- Denver: 15 days
- Columbus, Ohio: 16 days
- Austin, Texas: 18 days
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As buyer demand remains high, listing prices soared 17.2% annually to a new high of $375,000, according to realtor.com®. “When compared to pre-pandemic levels, it is very clear we are still not on par with the number of sellers we saw in 2017 through 2019, which is helping to drive one of the most competitive seller’s markets of all time,” says Danielle Hale, realtor.com®’s chief economist. “Home prices are continuing to surge and sales are occurring nearly three weeks faster than a normal spring homebuying season.”
Hale predicts that more homeowners will list their homes over the coming months. But with 554,000 fewer homes on the market in April than a year ago and buyer demand at all-time highs, home prices will likely continue to reach new highs. Hale says prices likely will reach their peak in July or August.