Cities where houses sell fastest near Stockton
The U.S. government stimulus response to the COVID-19 pandemic superheated the U.S. housing market. Between the Federal Reserve cutting interest rates and soaring values, homes have been flying off the market at a pace not seen in recent history.
Low interest rates turned real estate into bloodsport over the last two years as first time homebuyers were forced to compete with deep-pocketed investors able to offer cash upfront and waive due diligence like inspections.
Homes have been selling so quickly, there's hardly any reason to put that "For Sale" sign up in the front yard.
In 2020, homes spent an average of just about three weeks on the market, according to Zillow. By Spring 2021, nearly half of U.S. homes were selling in less than a week.
Homebuying demand has dropped this year as the Fed discusses interest rate hikes. Still, housing inventory is hitting the market, as many sellers see a last chance to cash in on the red-hot market. Buyers continue snapping up properties rapidly, in anticipation that mortgage rates will climb even higher.
Stacker compiled a list of cities where homes are closing the fastest using data from Redfin. Cities are ranked using a weighted average of the days listed for sale for every month between April 2021 and March 2022. The same system was used to created a weighted average median home sale price.
#9. Country Club, CA
- Day to close: 13.3
- Price: $365,635
#8. Stockton, CA
- Day to close: 12.4
- Price: $414,808
#7. Ripon, CA
- Day to close: 11.9
- Price: $615,195
#6. Lodi, CA
- Day to close: 11.6
- Price: $481,195
#5. Escalon, CA
- Day to close: 10.4
- Price: $515,620
#4. Lathrop, CA
- Day to close: 10.0
- Price: $621,232
#3. Manteca, CA
- Day to close: 9.4
- Price: $582,964
#2. Mountain House, CA
- Day to close: 9.3
- Price: $955,367
#1. Tracy, CA
- Day to close: 9.1
- Price: $710,966
