Home Sales Velocity: Uncovering the Fastest-Moving Neighborhoods
In the dynamic world of real estate, understanding the speed at which homes sell is crucial for both buyers and sellers. This analysis delves into various markets to uncover areas where properties are moving exceptionally fast, indicating high demand and potential investment opportunities.
Understanding Home Sales Velocity
Home sales velocity, often measured by the median days on market (DOM), provides insights into market demand. A lower DOM suggests a hotter market where homes sell quickly, while a higher DOM indicates a slower market with more inventory.
Key Market Insights
Charlotte, AZ: The Speed Champion
Leading the pack is Charlotte, AZ, with a remarkably low median DOM of just 10 days. This indicates an extremely competitive market where homes are snatched up almost immediately. With a median sale price of $505,310 and 123 homes sold, Charlotte presents a compelling case for high demand.
Houston, WA: Fast-Paced and Pricey
Houston, WA, also boasts impressive sales velocity, with a median DOM of 15 days. The median sale price in Houston is $679,612, and 92 homes were sold. This combination of high price and quick sales suggests a strong market with affluent buyers.
Orlando, WA: High Demand, Quick Turnover
Orlando, WA, shows a median DOM of 14 days. The median sale price is $516,963, and 143 homes were sold. This indicates a very active market with homes selling rapidly.
Dallas, CA: A Balanced Market
Dallas, CA, presents a slightly slower but still competitive market with a median DOM of 17 days. The median sale price is $671,198, and 173 homes were sold. This suggests a market where demand is high, but buyers have slightly more time to make decisions.
Nashville, CO: Moderate Sales Velocity
Nashville, CO, has a median DOM of 35 days. The median sale price is $437,749, and 468 homes were sold. This indicates a more moderate pace compared to the faster markets.
Comparative Analysis
Let's compare these markets directly:
- Price Comparison: Houston, WA, has the highest median sale price at $679,612, while Denver, WA, has a significantly lower median price of $263,547.
- Sales Speed: Charlotte, AZ, leads in sales speed with a median DOM of 10 days, compared to Raleigh, GA, with a median DOM of 67 days.
- Homes Sold: Denver, WA, sold 544 homes, while Houston, WA, sold only 92 homes.
Detailed Market Data
To provide a comprehensive overview, here's a detailed table summarizing the key metrics for each city:
| City |
State |
Median Price |
Homes Sold |
Inventory |
Days on Market |
| Denver |
WA |
$263,547 |
544 |
238 |
63 days |
| Dallas |
CA |
$671,198 |
173 |
759 |
17 days |
| Orlando |
WA |
$516,963 |
143 |
1031 |
14 days |
| Houston |
WA |
$679,612 |
92 |
192 |
15 days |
| Charlotte |
AZ |
$505,310 |
123 |
825 |
10 days |
| Tampa |
CO |
$381,046 |
279 |
393 |
41 days |
| Raleigh |
GA |
$635,585 |
479 |
762 |
67 days |
| Miami |
TN |
$248,209 |
142 |
456 |
56 days |
| Nashville |
CO |
$437,749 |
468 |
788 |
35 days |
Additional Data Analysis
Looking at another dataset, we can compare Orlando, CO, with a median sale price of $483,293 and 444 homes sold, to Phoenix, CA, with a median sale price of $204,474 and 369 homes sold. While Phoenix has a lower price point, its DOM is significantly higher at 68 days compared to Orlando's 40 days.
Portland, CO, has a median sale price of $677,700 and a DOM of 43 days, indicating a slower market compared to Charlotte, AZ, but a higher price point.
Tampa, NC, shows a median sale price of $273,346 and a DOM of 50 days, suggesting a more balanced market compared to the faster-paced Charlotte.
Dallas, CO, has a median sale price of $469,185 and a DOM of 67 days, indicating a slower market compared to Dallas, CA, which has a median DOM of 17 days and a median sale price of $671,198.
Conclusion
Understanding home sales velocity is essential for making informed decisions in the real estate market. Cities like Charlotte, AZ, and Houston, WA, demonstrate high demand and quick turnover, while others like Raleigh, GA, and Phoenix, CA, offer a more relaxed pace. By analyzing these trends, buyers and sellers can better navigate the market and identify potential opportunities.
