Home Sale Velocity Hotspots: Where Are Properties Flying Off the Shelves?

In today's dynamic real estate market, understanding the speed at which homes sell is crucial for both buyers and investors. This analysis delves into markets with exceptionally low median days on market (DOM), indicating high demand and quick sales cycles. We'll explore several cities, comparing their median prices, homes sold, and days on market to identify the hottest markets.

Key Metrics for Identifying Hotspots

Several factors contribute to a market's velocity. Low days on market, high numbers of homes sold, and a healthy inventory are all indicators of a thriving real estate scene. Let's examine specific cities and their performance across these metrics.

Comparing Home Sale Velocity Across Cities

We'll analyze data from various cities to pinpoint those with the fastest home sale velocity. The following table summarizes key metrics for comparison:

City	State	Median Price	Homes Sold	Inventory	Days on Market
Phoenix	WA	$616,555	963	519	11 days
Houston	NC	$544,018	813	632	16 days
Seattle	FL	$585,263	544	1656	19 days
Atlanta	FL	$423,586	1088	2191	62 days
Charlotte	GA	$269,324	1049	1549	12 days
Tampa	TN	$371,330	565	1480	24 days

Detailed City Analysis

Phoenix, WA: A Market in High Gear

Phoenix, WA, stands out with a remarkably low median days on market of just 11 days. This indicates extremely high demand and rapid turnover. The median sale price in Phoenix is $616,555, and 963 homes were sold. However, the inventory is relatively low at 519, suggesting that demand is significantly outpacing supply, contributing to the quick sales.

Houston, NC: Fast Sales at a Competitive Price

Houston, NC, also boasts a fast-moving market, with homes staying on the market for a median of 16 days. The median sale price is $544,018, making it a slightly more affordable option compared to Phoenix. A total of 813 homes were sold, and the inventory sits at 632, indicating a balanced market with healthy demand.

Seattle, FL: A Balance of Price and Velocity

Seattle, FL, presents a market where homes sell in a median of 19 days. The median sale price is $585,263, and 544 homes were sold. Seattle has a higher inventory of 1656, suggesting a more balanced market compared to Phoenix, where buyers have more options but still experience relatively quick sales.

Atlanta, FL: Slower Sales Despite High Volume

In contrast, Atlanta, FL, shows a significantly slower pace, with homes staying on the market for a median of 62 days. Despite a high number of homes sold (1088), the higher inventory of 2191 contributes to the longer sales cycle. The median sale price in Atlanta is $423,586.

Charlotte, GA: Rapid Sales at a Lower Price Point

Charlotte, GA, is another hotspot with a median of just 12 days on the market. With 1049 homes sold and a median price of $269,324, Charlotte offers a more affordable entry point for buyers seeking quick sales. The inventory is 1549, suggesting a competitive market.

Tampa, TN: Moderate Velocity and Affordability

Tampa, TN, shows a moderate velocity with homes staying on the market for 24 days. The median sale price is $371,330, and 565 homes were sold. The inventory is 1480, indicating a balanced market with moderate demand and supply.

Comparing Median Prices and Days on Market

Let's compare the median prices and days on market across these cities to highlight the differences in market dynamics.

• Phoenix (WA) vs. Houston (NC): Phoenix has a higher median price of $616,555 compared to Houston's $544,018. Phoenix also has a faster sales velocity, with homes selling in 11 days compared to Houston's 16 days.
• Seattle (FL) vs. Atlanta (FL): Seattle has a median price of $585,263, while Atlanta's is $423,586. Seattle's homes sell much faster, with a median of 19 days on the market, compared to Atlanta's 62 days.
• Charlotte (GA) vs. Tampa (TN): Charlotte offers a lower median price of $269,324 compared to Tampa's $371,330. Charlotte also has a faster sales velocity, with homes selling in 12 days compared to Tampa's 24 days.

Additional Data Points

Looking at another dataset, we can see more market variations. For example, a Phoenix, NC, has a median sale price of $630,547 and homes stay on the market for 24 days. In contrast, a Denver, WA, has a median sale price of $204,010 and homes stay on the market for 41 days. Atlanta, GA, has a median sale price of $655,665 and homes stay on the market for only 17 days.

Conclusion

Understanding home sale velocity is essential for making informed real estate decisions. Cities like Phoenix, WA, and Charlotte, GA, demonstrate exceptionally fast sales cycles, indicating high demand and competitive markets. While median prices vary significantly across these hotspots, the common thread is the rapid pace at which properties are being sold. Investors and buyers should carefully consider these factors when evaluating opportunities in these dynamic markets.