Thursday marks the first day of spring, which means one thing — selling season.
Soon house hunters will emerge from their hibernation to snap up the best properties. Recent data from Realtor.com revealed five red-hot US metros where single-family homes are selling the fastest, and they’re all coastal hubs. Despite rapid-fire sales, however, median listing prices declined across the board.
Homes in San Jose, California topped the list with a median shelf life of just 22 days on the market. That’s well below the nationwide median of 66 days. The San Jose market is highly competitive and consistently ranks among the nation’s most expensive. Single-family homes in the Silicon Valley city clocked in at a median price of $1.3 million in February.
Just an hour’s drive away is the country’s second hottest market — San Francisco. Home prices in the notoriously pricey city by the bay hit a median cost of nearly $900,000 in February. The typical San Fran home only stayed on the market for 30 days last month.
Across the country, the third fastest-moving market was Boston, where homes lingered for as little as 33 days. Beantown sold big in February, with a median asking price of $839,450.
Besides Boston, Washington, DC is the only other metro outside of California that made the list. Properties in the nation’s capital tied with San Diego for a median of 34 days on the market.
Homes in sunny San Diego listed for a median of nearly $950,000. Properties in DC listed for around $580,000 last month, but tides may be turning for that market. All eyes remain on the ongoing real estate impacts of mass federal worker layoffs.
This recent data comes from Realtor.com’s monthly report on housing market trends. Despite the high demand seen in metros like San Jose and Boston, monthly data over the past year has broadly revealed a shift towards a buyer’s market.
Prices have slowed even in the top five fastest-selling metros. According to Realtor.com data, every single one of these cities saw year-over-year median listing price declines, ranging from a 9% drop in San Francisco to 1.8% dip in Boston.
The total number of for-sale nationwide homes is nearly 30% higher than last year, according to the February’s report, and the total number of unsold homes increased in the same period by almost 20%.
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