These Three Michigan Cities are Where Homes Sell the Fastest
We live in an "I want it and I want it now" society. If you've sold or even had your home on the market since 2020, you know things have been moving quickly. When the market was at it's hottest it was rare that a 'for sale' sign would even appear in front of a house before it was sold.
Inventory vs. Median Days on the Market
Homes are still spending less time on market when compared to years past. The St. Louis Federal Reserve did the research and found in 2021, during peak summer season, the average US home spent just 36 days on the market. Compare that to the same time period in 2017 and it took twice as long to sell a home.
In today's market, spending more than the average amount of time for sale in a given area can be seen as an issue with prospective buyers. Is there an issue with the home? Maybe it isn't priced to match the area? Your best bet is to find yourself a good realtor.
Stacker.com, using information compiled by Redfin, crunched the data to find the fastest selling metro-areas in the United States based on sales in November 2022. They put together the Top 50 fastest selling markets for homes and three Michigan cities making the cut. One of those appears in the Top 10 selling metro areas in the country.
Here Michigan's fastest selling real estate markets:
#49 Detroit, Michigan
- Median days on the market: 31
- Total homes sold: 1,492
- Median sale price: $163,000
#46 Warren, Michigan
- Median days on the market: 31
- Total homes sold: 2,357
- Median sale price: $259,900
#10 Grand Rapids, Michigan
- Median days on the market: 17
- Total homes sold: 847
- Median sale price: $270,000
LOOK: This is where homes are selling the fastest right now
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