September 20, 2011
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Although the U.S. housing market continues to struggle, many local markets are doing significantly better than the country as a whole, with some places virtually missing the housing bust altogether.
While shifts in home values are important in any market, it's important for sellers to determine the length of time a property can expect to be on the market before it will be sold. The faster that homes sell, the faster an inventory backlog can be cleared, suggesting heightened demand and an upward trajectory in prices. Additionally, if a home is on the market for an extended period of time, it may may turn off prospective buyers and force sellers to accept less-favorable offers.
To find the cities where this trend is the most extreme, real estate website Zillow.com analyzed the numbers to identify the cities where homes sell the fastest, according to the median number of days on the market. The numbers presented here are representative of home sales between mid-April and mid-July 2011.
During this time, the national median for time spent on the market stood at 117 days, while New York (168 days), West Palm Beach (175 days), and Indianapolis (180 days) were the cities where homes sold the slowest.
Also included in the analysis is the Zillow Home Value Index (ZHVI), which represents the median measure of home valuations covered by Zillow. The information presented here also includes the proportion of listings with price cuts, the average amount those listings were reduced, and the “final discount from list price,” which is the average amount that was negotiated off the original list price before the sale.
So, where do homes sell the fastest? Read ahead to find out!
5. (Tied) Oakland, California
Median time to sell: 81 days
Zillow Home Value Index: $316,400
Listings with price cuts: 26.17%
Average price cut amount: 8.70%
Final discount from list price: 1%
5. (Tied) Woodbridge, Virginia
Median time to sell: 81 days
Zillow Home Value Index: $230,500
Listings with price cuts: 20.54%
Average price cut amount: 5.66%
Final discount from list price: N/A
4. Alexandria, Virginia
Median time to sell: 74 days
Zillow Home Value Index: $402,500
Listings with price cuts: 33.30%
Average price cut amount: 4.47%
Final discount from list price: 2%
2. (Tied) Seattle, Washington
Median time to sell: 73
Zillow Home Value Index: $347,700
Listings with price cuts: 33.55%
Average price cut amount: 6.88%
Final discount from list price: 2%
2. (Tied) San Jose, California
Median time to sell: 73
Zillow Home Value Index: $494,500
Listings with price cuts: 26.16%
Average price cut amount: 5.58%
Final discount from list price: 1%
1. San Francisco, California
Median time to sell: 59
Zillow Home Value Index: $655,400
Listings with price cuts: 22.55%
Average price cut amount: 6.05%
Final discount from list price: 1%
While shifts in home values are important in any market, it's important for sellers to determine the length of time a property can expect to be on the market before it will be sold. The faster that homes sell, the faster an inventory backlog can be cleared, suggesting heightened demand and an upward trajectory in prices. Additionally, if a home is on the market for an extended period of time, it may may turn off prospective buyers and force sellers to accept less-favorable offers.
During this time, the national median for time spent on the market stood at 117 days, while New York (168 days), West Palm Beach (175 days), and Indianapolis (180 days) were the cities where homes sold the slowest.
Also included in the analysis is the Zillow Home Value Index (ZHVI), which represents the median measure of home valuations covered by Zillow. The information presented here also includes the proportion of listings with price cuts, the average amount those listings were reduced, and the “final discount from list price,” which is the average amount that was negotiated off the original list price before the sale.
So, where do homes sell the fastest? Read ahead to find out!
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| No. 5 (tied): Oakland, CA; Photo: Tim Griffith | Getty Images |
5. (Tied) Oakland, California
Median time to sell: 81 days
Zillow Home Value Index: $316,400
Listings with price cuts: 26.17%
Average price cut amount: 8.70%
Final discount from list price: 1%
 |
| No. 5 (tied): Woodbridge, VA; Photo: The Washington Post | Getty Images |
5. (Tied) Woodbridge, Virginia
Median time to sell: 81 days
Zillow Home Value Index: $230,500
Listings with price cuts: 20.54%
Average price cut amount: 5.66%
Final discount from list price: N/A
 |
| No. 4: Alexandria, VA; Photo: Washington Post | Getty Images |
4. Alexandria, Virginia
Median time to sell: 74 days
Zillow Home Value Index: $402,500
Listings with price cuts: 33.30%
Average price cut amount: 4.47%
Final discount from list price: 2%
 |
| No. 2 (tied): Seattle, WA; Photo: Danita Delimont | Gallo Images | Getty Images |
2. (Tied) Seattle, Washington
Median time to sell: 73
Zillow Home Value Index: $347,700
Listings with price cuts: 33.55%
Average price cut amount: 6.88%
Final discount from list price: 2%
 |
| No. 2 (tied): San Jose, CA; Photo: Bernd Geh | Photographer's Choice | Getty Images |
2. (Tied) San Jose, California
Median time to sell: 73
Zillow Home Value Index: $494,500
Listings with price cuts: 26.16%
Average price cut amount: 5.58%
Final discount from list price: 1%
 |
| No. 1: San Francisco, CA; Photo: Travelpix Ltd. | Photographer's Choice | Getty Images |
1. San Francisco, California
Median time to sell: 59
Zillow Home Value Index: $655,400
Listings with price cuts: 22.55%
Average price cut amount: 6.05%
Final discount from list price: 1%
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