The post-pandemic housing market continues to be one of extremes, with home sales surging in some areas and languishing in others. Homes sell the fastest in Grand Rapids, Michigan, where the typical house sits on the market for just 13 days, according to a new study from Clever Real Estate that exam ined the housing market in the 50 most-populous U.S. metros. On the other end of the spectrum, Miami is the slowest-selling market, with homes taking a median of 69 days to sell. Local Conditions Are Key Local inventory plays a key role in how fast or slow homes sell in a given market. For example, Austin, Texas, has experienced rapid growth but has a slow-selling market with a high inventory that includes 4.5 months of housing supply. Meanwhile, fast-selling markets, such as San Jose and Seattle, have struggled with low inventory, possessing just 1.3 and 1.5 months of supply, respectively. There are often other factors at play, too, such as the local labor market. In San Jose, where the median home value is $1.5 million, home sales have increased 16.57% between 2023 and 2024. Local agent Julie Wyss attributes the recent surge to young tech employees who’ve been priced out of nearby areas that are even more expensive than San Jose. “They are millennials, both husband and wife in the tech industry,” Wyss said, describing the typical San Jose home buyer. “They cannot afford the even higher prices of homes [in areas] closer to work, such as Mountain View, Sunnyvale, Cupertino, and even Campbell, so San Jose is the most affordable going south of the hub of the tech industry. “These home buyers’ typical combined incomes are around $700,000 per year, so they can afford an expensive home, and since inventory is low, they are bidding up the home prices.” Yet inventory doesn’t tell the whole story. Despite 1% real estate agent commissions and companies that buy houses for cash, enticing many sellers to enter the market, some places remain resistant to turnover. Surveying the fastest and slowest markets in America suggests that real estate is mostly local. Cities With the Slowest Home Sales In the 10 slowest-selling cities, homes sit on the market for about 57 days — more than a week longer than the national median of 37 days. This may not seem like a big disparity, but statistics show the longer a home sits on the market, the more likely it is the seller will have to cut the price. The 10 slowest-selling markets are: Miami, FloridaAustin, TexasJacksonville, FloridaSan Antonio, TexasBirmingham, AlabamaNashville, TennesseePittsburgh, PennsylvaniaNew York, New YorkPhoenix, ArizonaChicago, Illinois In Miami, where homes sit on the market for a median of 69 days, demand has plummeted, with home sales declining 5.24% from 2023 to 2024. The second-slowest market, Austin, is another desirable city that’s been hit with a slowdown. Home sales declined 0.65% from 2023 to 2024, with homes sitting on the market for a median of 66 days. The third-slowest market is Jacksonville, meaning two of the three slowest U.S. markets are in Florida. In Jacksonville, homes take a median of 63 days to sell. Home sales also dropped at the third-highest rate, declining 3.18% from 2023 to 2024. In fourth and fifth place are two affordable Southern cities. In fourth-slowest San Antonio, the median home price is only $308,000, which is 34% lower than the national median of $470,000. Still, homes take 62 days to sell. It’s a similar story in Birmingham, Alabama. Despite a median home price of only $286,000, homes languish on the market for 57 days. Cities With the Fastest Home Sales In the 10 fastest markets, homes take a median of only 20 days to sell, compared to 37 days nationwide. The 10 fastest-selling markets are: Grand Rapids, MichiganBuffalo, New YorkSeattle, WashingtonSan Jose, CaliforniaRichmond, VirginiaBoston, MassachusettsIndianapolis, IndianaSacramento, CaliforniaSan Diego, CaliforniaFresno, California In second place behind Grand Rapids is Buffalo, New York, where modestly priced homes of $250,000 sell in only 14 days. While home prices in the two fastest markets are both more affordable than the national median, the next two are among the most expensive in the U.S. In third-place Seattle, where the median home value is $823,000, homes sit on the market for only 15 days. What’s more, home sales spiked 8.67% between 2023 and 2024. In fourth place is San Jose. Despite the median home value of $1.5 million, the average San Jose home takes only 16 days to sell. Home sales spiked 16.57% between 2023 and 2024, by far the largest increase among all 50 cities studied. In fifth place is Richmond, Virginia, where homes sell in a median of 18 days, and overall sales increased 1.45% between 2023 and 2024. The Slowest- and Fastest-Selling States The slowest-selling state is Hawaii, where homes linger on the market for 80 days, which is double the national median of 40 days. In a close second is Montana, where homes take 78 days to sell. In third is Louisiana. Despite an affordable median home value of only $245,000, homes sit on the market for around 69 days, and home sales fell 2.46% from 2023 to 2024. In fourth is another Southern state, South Carolina, where homes sit on the market for a median of 65 days. Florida follows in fifth place. Despite its reputation as a booming state, homes take a median of 61 days to sell, or more than 50% longer than the national median. Among states where homes sell the fastest, Massachusetts has the most rapid sales. Homes sell in only 22 days, despite a relatively high median price of $716,000. In second is Nebraska, where homes spend only 24 days on the market, followed by Washington, where homes take a median of 25 days to sell. In fourth is Alaska, where home sales increased 1.07% between 2023 and 2024, and homes take only 26 days to sell despite a remote, forbidding climate. The fifth fastest-selling state is Kansas, where homes spend only 27 days on the market before selling. Overall, homes in the fastest-selling states spend just 28 days on the market, compared to the national median of 40 days. ...read more read less