This Is The American City Where Homes Are Selling Fastest

By Douglas A. McIntyre Published Jun 18, 9:29AM EDT

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This Is The American City Where Homes Are Selling Fastest — © ablokhin / iStock Editorial via Getty Images

The housing market has exploded over the last two years. According to the carefully followed S&P Case-Shiller Index, home prices have moved up by 20% a month year over year for most months so far in 2022.

Much of the increase has been due to low mortgage rates. The rate on a 30-year fixed mortgage has been as low as 3%. That period is over. Rates have hit almost 6%.

Another reason for the increase is the new mobility of many Americans. As they work from home due to the COVID-19 pandemic, there have more choices about where to live. Popular destinations have such high levels of demand for houses that they only stay on the market for days.

To determine the city where homes are selling the fastest, 24/7 Wall St. reviewed data from Realtor.com’s Monthly Housing Trends Report for May 2022. Homes sold in May 2022 in the 50 largest metropolitan areas in the U.S. were ranked based on the median days on the market.

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Homes in America have never been more expensive. In May, the U.S. median list price hit a new record high of $447,000. Homes in major cities can be much more costly. In most of the cities on this list, the typical home costs $500,000, if not much more.

Even as home prices have increased, demand has remained high. In most of the 25 cities on this list, the median days to sale has declined by at least seven days from May 2021 to May 2022.

Raleigh, NC is the place where homes are selling the fastest. Here are the details:

> Median days on market, May 2022: 9 days
> Chg. in median days on market, May 2021-May 2022: -11 days (5th fewest most out of 50)
> Median list price, May 2022: $494,000 (18th highest out of 50)
> Increase in median list price, May 2021-May 2022: +21.2% (13th highest out of 50)
> Population: 1,362,997

Click here to read These Are The Cities Where Homes Are Selling Fastest

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.