Two days left!
San Jose, CA, emerged as the fastest-moving market in the U.S. in February. A typical home there waited for a buyer for just 22 days, even though the median home list price in the wealthy Silicon Valley hot spot stood at an eye-watering $1.3 million.
No. 2 on our list of the swiftest real estate markets in the nation is yet another high-priced Silicon Valley tech hub. The largest city in California’s Bay Area, San Francisco saw its for-sale homes linger on the market last month for a median of 30 days, or less than half of the national figure.
A typical home in San Francisco during that time had a median list price of $899,944, down 9% compared with February 2024.
“Large coastal markets continue to see homes sell quickly as high-earning home shoppers flock to these business hubs,” says Hannah Jones, senior economic research analyst at Realtor.com.
Looking across the country to the East Coast, the historic city of Boston had the third-fastest market pace in the U.S., with just 33 median days on the market for a typical home, despite the relatively high price tag of $839,450.
“The East Coast markets have not seen inventory recover to pre-pandemic levels, which keeps market pace snappy,” says Jones.
Some 430 miles southwest of the famous New England college town, the nation’s capital of Washington, DC, saw the fourth-fastest home selling times in February, with a typical property staying on the market for a mere 34 days.
It remains to be seen whether the large-scale purge of the federal government, led by Elon Musk’s Department of Government Efficiency, would have a chilling effect on the DC real estate market in the coming months.
The latest data analyzed by Realtor.com economists and compiled in the weekly housing trends report revealed a rapid surge in for-sale inventory in DC, which has the nation’s highest share of federal workers, at 11%.
San Diego rounds out the list of the nation’s top five fastest-moving markets, according to Realtor.com data. A for-sale home in the beachside metro with a population of 1.38 million people, located on the border with Mexico, sat on the market for a median of 34 days last month.
The median list price in San Diego was $949,995, down 4.7% year over year.
“The West Coast markets are better supplied [than the East Coast] but continue to be highly competitive as still-strong demand keeps these markets moving at a brisk pace,” according to Jones.
Based on the Best Time To Sell report from Realtor.com, homeowners in San Jose, San Francisco, Washington, DC, and San Diego should be getting ready to list their properties by March 23 if they want to get a bigger payout, while taking advantage of higher-than-normal demand, less competition, and fewer price reductions.
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1.3 million is considered “eye watering” for San Jose??
I was born and raised in San Jose; you don’t want to buy in an area with the median price.