Metros where homes are selling the fastest | Credible


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Metros where homes are selling the fastest

So much of life was slowed or halted altogether by the COVID-19 pandemic, from school plans to job changes to travel dreams. But housing markets have been sizzling in many parts of the country.

People who suddenly were forced to work from home found they didn’t necessarily have to live within commuting distance of their workplace. Workers found themselves wanting extra space for home offices, and families craved more room for children to study remotely and play outside safely.

Low mortgage rates helped stoke home-buying interest. But on the supply side, the number of homes for sale in spring 2021 has dropped by more than 28% from last year, according to industry figures. Many homeowners, especially older people, have been reluctant to put their houses on the market during a global health crisis. New construction, meanwhile, has been stymied by a rise in lumber prices—up a whopping 180% over last year—and a shortage of labor under the restrictions of protective COVID-19 protocols.

With such a skewed imbalance of supply and demand, sellers find themselves inundated at open houses and getting multiple offers for their homes within hours. Bids come pouring in well over the asking price, and houses on the market are snapped up before most buyers can even make a thoughtful decision, much less an offer. Such a vigorous seller’s market has propelled housing prices out of reach for many would-be purchasers. As of February 2021, the median sale price of homes was $288,667.

U.S. housing markets are so red hot that Credible decided to take a closer look and compile a list of 20 metro areas where homes are selling the fastest. Credible used data from Zillow and ranked homes according to the average number of days they were listed before there was a pending sale in December 2020, the most recent month in which data was available for all metros. Ties are broken by the median sale price of homes in February 2021, ranked from lowest to highest prices.


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#20. Louisville-Jefferson County, Kentucky

– Average days homes are listed before a pending sale (December 2020): 25

– Median sale price of homes in February 2021: $211,633 (29.1% less than national median)

– Houses for sale in February 2019: 4,994 (-34.7% change between 2019-2021)

– Houses for sale in February 2020: 4,761 (-31.5% change between 2020-2021)

– Houses for sale in February 2021: 3,262

Extremely low supply has driven the quick pace of the Louisville housing market. Older homeowners have been reluctant to move during the COVID-19 pandemic, opting to wait for safer times. At the same time, low mortgage rates have motivated a lot of first-home buyers, clamoring for inventory.


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#19. Memphis, Tennessee

– Average days homes are listed before a pending sale (December 2020): 25

– Median sale price of homes in February 2021: $215,817 (29.6% less than national median)

– Houses for sale in February 2019: 6,044 (-47.1% change between 2019-2021)

– Houses for sale in February 2020: 5,219 (-38.7% change between 2020-2021)

– Houses for sale in February 2021: 3,200

Housing inventory in Memphis was low before the pandemic and then dropped even lower. In the fall of 2020, for example, there were 30% fewer listings in the tri-county area of Shelby, Fayette, and Tipton than there were a year earlier. In part, demand has been driven by out-of-state investors buying residential real estate in Memphis for rentals. Major employers in the area include FedEx, founded in Memphis in the 1970s.


Sean Pavone // Shutterstock

#18. Harrisburg, Pennsylvania

– Average days homes are listed before a pending sale (December 2020): 25

– Median sale price of homes in February 2021: $205,333 (31.9% less than national median)

– Houses for sale in February 2019: 1,847 (-32.6% change between 2019-2021)

– Houses for sale in February 2020: 1,834 (-32.1% change between 2020-2021)

– Houses for sale in February 2021: 1,245

The housing market in Harrisburg is benefiting from so many people working from home due to COVID-19. That sweeping change has motivated home buyers to consider…



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