RANKED: The Fastest And Slowest States To Sell Your Home (2024)

FAQs

What state sells houses the fastest? ›

California leads the nation for fastest home sales, with the average property snapped up in just 52 days. Compare that to Vermont, the slowest of all 50 states, where it takes nearly half a year — 161 days on average — just to lock down a buyer.

The Bay Area has the worst performing housing market in the nation, according to a new report.

Texas replaced California in 2023 as the strongest housing market by state. With an existing home inventory of 83,222, the available houses for sale have more than doubled since last year. It has seen a drop of about 6% in new construction and is now at 248,648 since 2022.

The average number of homes sold was down 35.4% year over year, with 21,512 homes sold in January this year, compared to 33,252 homes sold in January last year. The median days on the market was 53 days, up 21 days year over year. In January 2023, there were 138,803 homes for sale in Florida, up 36.1% year over year.

The hottest housing markets include those markets in North Carolina, Colorado and Texas that were also popular during the pandemic, including Raleigh and Durham, Denver and Austin. Markets to watch that improved the most between November and December 2022 include Portland, Oregon, Richmond, Virginia, and St.

The combination of record-fast home value growth to start the year and a record number of newly built homes increased the total market value of residential real estate in the U.S. in 2022, despite price drops to end the year. California remains untouchable on its perch as the most valuable housing market in the country ...

Among the most expensive cities that saw prices falling are Anaheim, California, with the median price of $1,132,000, down 1.6% from a year ago; Los Angeles, with the median price of $829,100, down 1.3%; and Boulder, Colorado, with the median price of $759,500, down 2.0%.

Leading the nation with the largest drop from the 2022 peak is San Francisco, where home prices have fallen nearly 17%.

The personal finance website ranked the top most attractive and active housing markets and found that Gainesville, Georgia, was No. 1.

Markets in Georgia, Tennessee, Florida and North Carolina are the strongest for sellers. Home values are decreasing across much of the U.S., but there has been little change in the Southeast. Other factors important to homeowners are appreciation, job growth, local population growth and unemployment rates.

What state has the cheapest houses 2023? ›

Mississippi

Mississippi, “The Magnolia State,” is the birthplace of Elvis Presley and the delta blues. It's also the cheapest state to buy a house in 2023. As of 2020, the total state population was 2,961,279, making it the 32nd most populated state. The most populated city is Jackson, with 153,701 residents.

Sellers can net thousands of dollars more if they sell during the peak months of May, June and July versus the two slowest months of the year, October and December, according to a 2022 report by ATTOM Data Solutions.

Spring is typically when most home selling activity begins, but home sales really heat up in the summer months. Real estate is all about location, though, and where you live may have an impact on the peak selling season for your home.

Are home prices in Florida dropping or rising? Over the past few years, home prices in Florida have skyrocketed. Per Redfin data, in the middle of 2020, the median sale price was $275,600 — by April 2023, that figure had jumped to $400,800.

Most experts do not expect a housing market crash in 2023 since many homeowners have built up significant equity in their homes. The issue is primarily an affordability crisis. High interest rates and inflated home values have made purchasing a home challenging for first-time homebuyers.

The most popular option for real estate licensees is real estate sales. Thousands of Floridians get their real estate licenses every year specifically to become real estate agents. And for good reason! Real estate agents can work flexible schedules, be their own bosses, and enjoy unlimited income potential.

The combination of record-fast home value growth to start the year and a record number of newly built homes increased the total market value of residential real estate in the U.S. in 2022, despite price drops to end the year. California remains untouchable on its perch as the most valuable housing market in the country ...

1. Mississippi. Coming in as the cheapest state to live in in the United States is Mississippi with a cost of living index score of 83.3. It also has the lowest average housing costs in the nation at 33.7% below the national average.

John Malone is the largest private landowner in the United States. Malone made his fortune as a media tycoon, building the company Tele-Communications, Inc, or TCI, and acting as its CEO before selling it to AT&T for $50 billion in 1999.

What four cities will have big home declines? ›

In four cities in particular, supply levels are above pre-pandemic levels, the bank said, which will result in greater price declines than the national average. They include: Phoenix, Arizona; San Francisco, California; Seattle, Washington; and Austin, Texas.

By the fourth quarter of 2024, the firm expects home prices to fall 19% in Austin, 16% in Phoenix, 15% in San Francisco, and 12% in Seattle.

Are we in a housing bubble right now? While a housing price correction is expected, we aren't in a housing bubble. Demand for homes remains high, and there are fewer home sellers than there were in 2022. And while the market is cooling, experts don't expect an actual housing crash or a housing bubble burst in 2023.

Late spring — specifically, the month of May — is the best time to sell a house. Homes sold in May net a 12.6 percent seller premium (the amount above the home's market value), based on ATTOM's analysis of single-family home and condo sales over the past 10 years.

Cities where homes were sold most quickly in the U.S. 2020-2021, by number of days. Columbus, OH, Denver, CO, and Indianapolis, IN are the top three cities where homes were sold most quickly in the United States in September 2021.

"While many parts of the U.S. are experiencing price declines, home values have held steady in the Southeast." Bankrate said Gainesville ranked No. 1 because homes in the area have appreciated 40% in one year, higher than any other location in the analysis.

After an offer is accepted, home sales typically require an additional 30- to 45- day closing period before they are officially sold. Therefore, the average time it takes to sell a house is 55-70 days in the U.S.

Lower Home Prices in December & January

Because demand for properties falls at this time of the year, houses sell at lower prices, making December and January the worst months to sell a home. For instance, the median home sale prices in December 2022 and January 2023 were $388,480 and $383,001, respectively.

Thursday is generally thought to be the best day of the week to list a house for sale. Studies show that homes listed on Thursdays are more likely to sell faster, and for a higher price.

But generally speaking, FRIDAY is the best day of the week to submit an offer on a home. Include in your offer a short acceptance period and try to have it under contract, at the proper terms, before the end of the weekend.

Where is biggest housing shortage in US? ›

Leading apartment owners in the U.S. 2022, by units owned

Starwood Capital Group, which was the largest owner in 2022 with 115,000 units, is a private investment firm headquartered in Miami, Florida.