Press Releases

Homes Sold Faster than Ever in 2017

Shrinking inventory limits options for buyers this home shopping season, leading to more competition

- It took 81 days to sell the typical U.S. home last year, including the time to close the sale.

- The single fastest-selling month in 2017 was June, when the typical U.S. home sold in 73 days.

- Homes sold faster in 2017 than in 2016 in nearly all of the biggest 35 housing markets last year.

Apr 17, 2018

SEATTLE, April 17, 2018 /PRNewswire/ -- Home shoppers should be prepared to move quickly when they find a home they want, as homes sold at their fastest pace on record in 2017.

It took 81 days to sell the median U.S. home in 2017, nine days faster than the year prior. The quickest selling month for the typical home was June 2017, when it took about 73 days for a home to sell, including closing. Since it can take between four and six weeks to close a home sale, that means that the typical home was on the market for around 30 days before going under contract.

Buyers are facing a limited market this home shopping season, as has been the case for the past three years. Inventory across the country has fallen on a year-over-year basis for 37 consecutive months, leaving fewer options for buyers. Last year, nearly a quarter of all homes sold for more than the listed price, signaling that tight competition may be leading to bidding wars and driving prices higheri.

"As demand has outpaced supply in the housing market over the past three years, buying a home has become an exercise in speed and agility," said Zillow® Senior Economist Aaron Terrazas. "This is shaping up to be another competitive home shopping season for buyers, who may have to linger on the market until they find the right home but then sprint across the finish line once they do. Being prepared – working with a great agent, getting financing preapproved – can help a buyer make a stand-out offer."

The typical buyer spends just over four months searching for a home and makes two offers before successfully buying a home, according to the 2017 Zillow Group Consumer Housing Trends Reportii. Since homes in several markets sold in less time than that, buyers should be ready to move quickly when they find a home they want to purchase.

Homes sold faster in 2017 than they did the year before in nearly all of the 35 biggest housing markets. In Houston, homes sold slightly faster in 2016 (80 days) than in 2017 (81 days). Homes in Miami sold in 110 days in both years.

The fastest-selling market in 2017 was San Jose, Calif., where the typical home sold in 41 days. San Jose also experienced the biggest drop in inventory over the past year, with 26.8 percent fewer homes to choose from than a year earlier. Homes in San Jose sold fastest last year in October, with a span of just 39 days from listing to closing.

Metropolitan Area

2017 Average Days on Zillow

Fastest-Selling Month

Days on Zillow During Fastest-Selling Month

United States

81

June 2017

73

New York / Northern New Jersey

134

July 2017

122

Los Angeles, CA

64

May 2017

59

Chicago, IL

91

June 2017

82

Dallas, TX

55

May/June 2017

49

Philadelphia, PA

97

June 2017

89

Houston, TX

81

April/May 2015

65

Washington, DC

75

May 2017

64

Miami, FL

110

June 2015

97

Atlanta, GA

71

June 2017

63

Boston, MA

72

June 2017

67

San Francisco, CA

43

April/May 2017

41

Detroit, MI

73

June 2017

65

Riverside, CA

74

June 2017

68

Phoenix, AZ

66

October 2017

62

Seattle, WA

47

May/June 2017

42

Minneapolis, MN

69

May 2017

63

San Diego, CA

56

May 2017

52

Saint Louis, MO

74

July 2017

67

Tampa, FL

81

July/August 2017

77

Baltimore, MD

94

June 2017

82

Denver, CO

52

June 2017

47

Pittsburgh, PA

95

July 2017

83

Portland, OR

60

May 2017

51

Charlotte, NC

67

August 2017

61

Sacramento, CA

54

May/June 2017

44

San Antonio, TX

73

June 2017

66

Orlando, FL

86

July 2017

78

Cincinnati, OH

74

July 2017

68

Cleveland, OH

80

July 2017

71

Kansas City, MO

62

July/August 2017

58

Las Vegas, NV

62

August/September 2017

58

Columbus, OH

63

July 2017

57

Indianapolis, IN

73

August 2017

66

San Jose, CA

41

October/November 2017

39

Austin, TX

61

May 2017

53

Zillow

Zillow is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Launched in 2006, Zillow is owned and operated by Zillow Group, Inc. (NASDAQ:Z and ZG), and headquartered in Seattle.

Zillow is a registered trademark of Zillow, Inc.

i https://www.zillow.com/research/home-sales-above-list-price-17875/
ii https://www.zillow.com/report/2017/buyers/the-home-search-process/

 

SOURCE Zillow

For further information: Lauren Braun, Zillow, [email protected]


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