This Is the City Where Homes Are Selling Fastest

By Douglas A. McIntyre Updated Jul 6, 9:49AM EDT · Published Jul 5, 9:25AM EDT

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This Is the City Where Homes Are Selling Fastest — © josephleenovak / Flickr

The real estate explosion in American has driven the prices in many housing markets to all-time highs. Inventories have become so tight in some housing markets that there are bidding wars for individual homes. The activity has been driven by a small number of factors. The first is that mortgage rates remain near historic lows. Another is that working from home has caused people to move from America’s large coastal cities to places with lower costs of living and better lifestyles. Finally, incomes for middle and high-income Americans have grown, despite the early economic effects of the pandemic.

Realtor.com looked at the markets where homes sold the fastest in April based on the median number of days a home was on the market. The national figure was 42 days during the month. One of Realtor.com’s experts had advice based on this pace. George Ratiu, senior economist at Realtor.com said:

For buyers looking for a home in today’s fast-moving housing markets, it’s important to be prepared to move quickly. Having financing lined up, knowing the neighborhood, and sticking to their budget’s upper limit would help to make a stressful experience more manageable.

Realtor.com found the cities where homes sold the fastest were those where many people from the West Coast have decided to relocate. The universe for the study was the nation’s 250 largest cities.

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Ogden, Utah, topped the list with the median number of days a home was on the market at a remarkably low eight days in April. The median listing price for a home was high by national standards at $489,950. Other destinations for west coast residents on the list included Reno and Colorado Springs.

While there is no proof of a relationship between demand for homes and low unemployment, Ogden does have one of the lowest jobless rates in the country based on Bureau of Labor Statistics data. The unemployment in the metro area in May was an extraordinarily low 2.6%, one of the lowest in the nation.

Click here to read about the county with the most expensive homes in America.
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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.