As we recently reported, homes are selling at a snail’s pace in some U.S. markets. But that is not true everywhere.
Some of the nation’s most affordable housing markets are red-hot, according to a new Redfin analysis of larger metropolitan areas.
Currently, the median home sale price across the U.S. is $412,081. In markets with median prices below that level, real estate sales are on fire.
As Redfin notes:
“Homes in affordable places have become more competitive as housing affordability has dwindled due to rising mortgage rates and still-high home prices.”
Here are the markets with populations of at least 750,000 where homes are selling in less than two weeks.
1. Albany, New York
As of September, homes in this metropolitan area:
- Were on the market for a median of 8 days — which reflects a year-over-year decrease of 5 days
- Sold for a median of $310,000
The median home sale price in Albany, the capital of New York, makes it the 21st-most affordable market of all those included in Redfin’s analysis. And that surely helps make the city a hot destination for buyers priced out of other markets due to rising mortgage rates.
2. Grand Rapids, Michigan (tie)
As of September, homes in this metropolitan area:
- Were on the market for a median of 9 days — which reflects a year-over-year decrease of 1 day
- Sold for a median of $320,000
Grand Rapids is another affordable housing market, ranking 24th in Redfin’s analysis based on its median home sale price.
Many people who want to leave Detroit look into buying a home in Grand Rapids, as we recently reported in “People Are Planning to Flee These 10 Cities: Here’s Where They’re Moving.”
2. Rochester, New York (tie)
As of September, homes in this metropolitan area:
- Were on the market for a median of 9 days — which is the same as one year prior
- Sold for a median of $235,000
Rochester is another surprising market where homes are selling briskly. Its median home sale price makes it the fourth-most affordable market included in Redfin’s analysis.
In a summary of Redfin’s findings, local real estate agent Kimberly Hogue says:
“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.”
Other metros where homes are selling fast
Here are the rest of the large metropolitan areas where Redfin found that homes spent less than two weeks on the market as of September 2023:
- Buffalo, New York: 11 days — which reflects a year-over-year (YOY) decrease of 1 day
- San Jose, California: 12 days — a YOY decrease of 16 days
- Seattle, Washington: 12 days — a YOY decrease of 9 days
- Omaha, Nebraska: 13 days — a YOY increase of 2 days
- Richmond, Virginia: 13 days — a YOY decrease of 2 days
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