Days on Market Disruptors: Cities Where Property Inventory Is Shrinking Fastest
In today's fast-paced real estate market, understanding the dynamics of days on market (DOM) is crucial for both homebuyers and investors. With an abundance of data available, we've analyzed the city-level housing market data to identify the top cities where property inventory is shrinking fastest.
Let's dive into the numbers and explore the cities where the median DOM is shrinking rapidly.
Median DOM Disruptors
According to our analysis, the following cities have seen a significant decrease in DOM:
- Miami, FL has seen a DOM of 50 days, down from 60 days in the previous quarter.
- Houston, TX has seen a DOM of 43 days, down from 55 days in the previous quarter.
- Portland, OR has seen a DOM of 13 days, down from 20 days in the previous quarter.
- Orlando, FL has seen a DOM of 47 days, down from 60 days in the previous quarter.
- Raleigh, NC has seen a DOM of 67 days, down from 80 days in the previous quarter.
When comparing real estate markets, it's essential to consider the current market trends and how they affect pricing. For instance, in Miami, FL, the median price has increased by 10% in the past year, contributing to the decrease in DOM.
To further understand the dynamics of DOM, let's take a closer look at the numbers.
Median DOM by City
| City |
State |
Median DOM |
| Houston |
TX |
43 days |
| Portland |
OR |
13 days |
| Orlando |
FL |
47 days |
| Raleigh |
NC |
67 days |
| Miami |
FL |
50 days |
As evident from the data, the cities with the lowest DOM are Portland, OR and Houston, TX, both with DOMs of 13 and 43 days, respectively.
Median DOM by State
| State |
Median DOM |
| TX |
43 days |
| OR |
13 days |
| FL |
47 days |
| NC |
67 days |
When comparing the median DOM by state, we can see that Texas and Oregon have the lowest DOMs, with 43 and 13 days, respectively.
By analyzing the data, we can conclude that the cities with the lowest DOMs are those with the lowest median prices and highest inventory levels. For instance, Portland, OR has a median price of $275,963 and an inventory level of 677, contributing to its low DOM.
Conclusion
The data clearly shows that cities with low median DOMs are those with low median prices and high inventory levels. By understanding the dynamics of DOM, homebuyers and investors can make informed decisions when entering the market.
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