BAM Key Details:

  • A new report from Redfin highlights the ten fastest housing markets in the U.S., led by Albany, NY, where the typical home went under contract in just eight days. 
  • The report also sheds light on the slowest markets. A typical home in Austin, TX—a former pandemic hotspot—now takes almost two months to go under contract. 

Homes in upstate New York are flying off the market in less than two weeks, while the typical home in Austin, TX now takes almost two months to go under contract. 

That’s the latest from a new report on Redfin, which highlights today’s fastest and slowest markets. And while buyers are still migrating to Florida, Miami and Fort Lauderdale rank among the top 10 slowest markets. 

Redfin-Days-on-marekt-Sept-2023-chart

Source: Redfin

The fastest selling markets in the U.S.

In September, the typical home in Albany, NY, went under contract in just over a week (8 days), making it the fastest housing market in the United States, followed closely by Rochester, NY, and Grand Rapids, MI. 

10 fastest U.S. markets:

  1. Albany, NY (8 days)
  2. Rochester, NY (9) 
  3. Grand Rapids, MI (9) 
  4. Buffalo, NY (11) 
  5. San Jose, CA (12) 
  6. Seattle, WA (12)
  7. Omaha, NE (13)
  8. Richmond, VA (13)
  9. Oakland, CA (14)
  10. Indianapolis, IN (14)

With the exceptions of Seattle and San Jose, all of the six fastest U.S. markets have median home sale prices below the national level of $412,081. And that’s one of the reasons homes in these markets are so quick to go under contract. 

Rochester, NY, is a great example with a typical home in this metro selling at $235,000 in September—making it the most affordable market in the country. Buffalo ranked at number eight with a median sale price of $255,000, while Albany and Grand Rapids ranked 21 and 24 with median sale prices of $310,000 and $320,000, respectively. Rankings are based on a list of U.S. metros with populations of 750,000 or more. 

Homes in affordable markets have grown more competitive as housing affordability worsens due to elevated mortgage rates and persistently high home prices. The average rate for a 30-year fixed mortgage reached 8% last week for the first time since 2000, significantly increasing the typical homebuyer’s monthly payment

You might not think of Rochester as a hotspot, but people are still flocking into our area and supply remains very low. 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.

Kimberly Hogue

a Redfin real estate agent in Rochester, NY

The typical home in Buffalo takes 11 days to go under contract—one day fewer than a year ago—but some local agents are noticing signs of slowing in the market. 

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. 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.

James Strzalkowski

a Redfin agent in Buffalo, NY

The slowest markets in the U.S.

In September, New Orleans was the slowest market in the nation, with the typical home taking 70 days to go pending—42 days longer than a year ago. 

13 slowest U.S. markets

  1. New Orleans, LA (70 days)
  2. Honolulu, HI (62)
  3. Austin, TX (59)
  4. West Palm Beach, FL (58)
  5. McAllen, TX (53)
  6. Charleston, SC (53)
  7. New York, NY (52)
  8. Miami, FL (51)
  9. Fort Lauderdale, FL (51)
  10. Chicago, IL (50) — tied with Nashville, TN (50) and San Antonio, TX (50)

At number two, Honolulu, HI, a typical home spent 62 days on the market in September—10 more than a year ago. And in Austin, days on market increased by 12 year over year to 59. 

During the pandemic, the typical home in Austin sold faster—before the surge in popularity sent home prices soaring, which priced out many homebuyers. In September, at $450,000 the typical Austin home sold for 9.2% more than the national median. 

Still, that gap has narrowed since last spring, when Austin prices peaked at 30% above the national median. 

Redfin-Median-sale-price-Sept-2023-chart

Source: Redfin

Read the full report for more information. 

Takeaways for real estate agents

This is information you’ll want to share with sellers to help them understand local market conditions—for example, why their home may not sell as quickly as the home of their friend/relative who lives in one of the faster markets. 

Knowing how quickly homes are being purchased—as well as the typical sale prices of those properties—will also give buyers a sense of the competition for available listings in their area.