Inventory may be tight, but in some cities across the country—including one SoCal hot spot—available homes are selling at quicker pace on par with 2022. According to new numbers out from Realtor.com, nationally, the median home listing was on the market for 49 days in the first week of October; slightly less than the time it took in October of last year.
There are, however, 10 cities where homes are selling significantly faster than they were a year ago!
Buffalo claimed the top spot, where the housing market has experienced a surge in recent months. Spurred on by below average prices, available listings spent just 50 days on the market, exchanging hands 13 days faster than the same time in 2022.
Phoenix followed at no. 2 with a median 78 days on the market and an improvement of 13 days from last year. Oxnard was the only California city to make the list, coming in third.
Here, homes are selling more quickly and for more than they did last year—the median list price is 7 percent higher than a year ago. However, given the median list price of $875,000 is still significantly less than in the Los Angeles metro area, about 60 miles east, homes in Oxnard were selling, on average, 11 days faster than they were in 2022.
Rounding out the top 10 were Boise, Las Vegas, Bridgeport, Harrisburg, Springfield, Cleveland and Portland (Maine).