Monday Market Update: 5 Cities Where Homes Are Selling Faster Than 2022

Not all 2023 housing trends are created equal – see where the pace has picked up this year.

Real estate in 2023 is different compared to years past, and most buyers feel like they have more time to look around. But slow is not the pace of the game for every region, and Realtor.com® recently released a list of 5 cities among the biggest 250 metropolitan areas where homes are selling faster today than they did in 2022.

Cities with fewer days on market this year all have one thing in common – they are all in the Rust Belt and Midwest where homes are ‘mostly cheaper’ according to Realtor.com®. On the flip side and not surprisingly, homes are sitting on the market longer in more expensive parts of the country.

We have included graphics of both ends of the housing spectrum below, and encourage you to read ‘The Cities Where Homes Are Still Selling at Breakneck Speed—and the Ones Where Sales Have Slowed Down Most.’

Median sales prices for all housing types are down an average of 0.2% year-over-year (the breakdown is actually down 0.7% for SFRs and up 2.5% for condos). On the West coast, home prices are down 5.6% year-over-year. While no homeowner feels positive in general about home price declines, recall that home prices surged 20-35% in many Bay Area locales in the last 4-5 years. Thus a decline of less than 6% is more of a sign of cyclical market normalization rather than a red flag against home as a long-term financial investment.

We encourage you to read more in this news release from NAR® last week and remember that market changes are all relative. Please consult with your trusted real estate and financial advisors before you decide not to make a move - or to make very strategic one!

All our best,

Bobbi & Team

Bobbi Decker
DRE#00607999

Broker Associate, Bobbi Decker & Associates
650.346.5352 cell
650.577.3127 efax
www.bobbidecker.com
NAR Instructor….“Designations Create Distinctions”
CIPS, SRS, ABR, CRS, SRES, GRI, CLHMS, REI, AHWD, RSPS, MSLG

Bobbi Decker & Associates fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. For more information, please visit: http://portal.hud.gov/