The US market’s ticking up. Property inventories are slowly disappearing from the markets, and there’s less available to buyers.
Why? It’s because of the pandemic. More people are opting to buy homes (and better ones at that), especially with the shift towards a remote work lifestyle.
The result has been a rise in sales prices. But that’s good news if you’re a property owner, since it means you can cash out fast!
But you’re probably wondering if it’s really time to sell, or if it’s best to wait. That’ll depend on where your property’s located, and making that decision is something we’ll help you with.
Below we have a list of America’s top 10 cities for home selling. If you’re property’s there, then you might want to consider listing it!
Top 10 Cities For Selling Home in The USA
#1: Oakland, California
To be expected, where historically, demand for Oakland housing has always been high. However, the demand through the first half of 2021 has hit a peak.
Oakland metro’s sales-to-list pricing ratio hit 101%. Coupled with buying habits in that location (buyers willing to pay more for a home than its listing price), the frenzy won’t seem to end.
The sales list prices for Oakland property has also gone up, reaching a new record of 110.8%. This puts the location’s sale price at 11% higher than average.
Listings don’t stay that long either. Around 80.2% of Oakland homes fly off the market within 2 weeks of being listed. This is also a record, compared to May last year’s 49%.
#2: Austin, Texas
The past 10 years have brought growth to Austin’s economy. Its population now exceeds 1 million, and that comes with rising demand for real estate.
May last year shows a different picture from current demand. Back then, ratios for sales-to-list were 98.9%. This means that on average, home owners offered slight price discounts on homes purchased.
Today, the situation’s different. Austin’s May 2021 figures have gone up, especially in the Metro area, with sales-to-list ratios at 108.9%. This 10% increase means that buyers now pay more for the listing they see (in essence bidding up).
#3: Rochester, New York
Up state has seen a price hike through the past year. Rochester ratio for sales-to-list prices went up by 9.5%, reaching 109.7% this year.
Homes that were sold within 2 weeks of listing have also increased in percentage. May this year saw at least 88% of Rochester’s homes being sold within 2 weeks.
#4: San Francisco, California
San Francisco’s Bay Area has always been expensive. But compared to past years, the price hikes in 2021 stand out.
May 2020’s sales-to-list ratios were 101.4%. This went up by May 2021, reaching 108.4%, marking a 7% increase. The demand increase has also led to a drop in available property inventory.
As of now, San Francisco only has 1.2 months of home supply for sale. This is at least half of 2020’s values, where 3.7 months of supply was available.
#5: San Jose, California
Being an attractive property city, San Jose is a natural inclusion. In fact, the stats show how hot the property market is there.
Between May 2020 and 2021, the sales-to-list ratios rose by 7.5%, reaching 107.8%. Also, the number of homes to leave San Jose’s market rose drastically. With May 2020’s values being at 40.9%, 2021’s have exceeded the 2/3 mark.
#6: Seattle, Washington
Seattle has one of America’s highest price spikes. The spikes are so high they’re challenging those of San Francisco’s Bay Area.
Seattle’s metro area saw a sales-to-list ratio rise of 7.3%, reaching 107.7% in May 2021. Also, homes in Seattle are disappearing fast.
During May 2020, only 63% of homes disappeared within two weeks of being listed. But by 2021, that number had risen to 86%.
#7: Grand Rapids, Michigan
Another fast growing real estate market. Michigan has always had one of the largest growth rates in the Midwest. However, Grand Rapids was always an exception with its stable price levels, until recently.
May 2020’s sales-to-list ratio was at 99.2%. So sales prices weren’t too different from listing prices.
Today, that ratio is at 105%. Additionally, the percentage of homes leaving market within two weeks is going up. May 2020 saw a rate of 65.4%. Today, that number is at 81.5%.
#8: Buffalo, New York
Buffalo’s housing market is similar to Rochester’s. 2021 has seen a massive price jolt and increase in-demand. Last year, the sales-to-list ratio was 99.9%. This year’s at 106.7%.
Number of homes disappearing within two weeks have also gone up. May 2020 saw less than 66% of homes disappearing within that timeframe. May 2021 has seen an increase, reaching 80%.
#9: Denver, Colorado
Denver’s housing market activity has gone up throughout the past. Denver’s metro area has especially seen a rise in demand for inventory.
May 2021’s numbers show that sales inventory was at 2241 homes, compared to last year’s 7300 homes. This makes supply almost a third of what it was last year.
Also, homes are disappearing quickly in Denver’s metro area. Over 86% of homes are leaving market within two weeks of being listed. This is higher than last year’s values, which were at 61%.
Finally, sales-to-list ratios have gone up. Last year, they were at 99.3%. This year, they’ve reached 105%.
#10: Eugene, Oregon
Oregon has developed a hot housing market through the past few years. Eugene’s market seems to stand out from all of those in Oregon.
The percentage of homes disappearing within two weeks has drastically gone up. With May 2020’s values being 57.5%, this year’s values are at 82.6%.
The sales-to-list ratios have also seen a similar hike. May 2020 saw a ratio of 99.85, but this year, they’re at 105.4%. Inventory available has also gone down, with May 2021 reaching 290 homes, compared to 2020’s values of 642 homes.