Bay Area Homes Selling Faster Than Anywhere in the Country

 

Agents in the trenches know all too well that if you don’t make an offer quickly when the right home comes along in the hot Bay Area housing market you’ll be left in the dust. But what they may not realize is just how quickly homes are selling here compared to the other hot spots around the country, such as Austin, Texas, Seattle, and Los Angeles.

An interesting new report by Realtor.com shows that the San Jose and San Francisco metro areas are tied for second place in the U.S. for fastest sales. Homes in those two cities were only on the market for a median of 36 days in September vs. three months for the national average.

To find the number one market for fastest sales in the entire country you don’t have to travel far – just across the Bay Bridge. The Oakland metro area tops the national ranking with a median of 35 days on the market!

As the Silicon Valley Business Journal noted in a story this week, Oakland’s rise to the top of hot housing markets may be the result of “skyrocketing prices in San Francisco and Silicon Valley sending prospective buyers fleeing to farther-flung Bay Area housing markets…”

According to the report, Oakland had the most inventory of the three local markets, with 4,175 homes on the market as of September, compared to 2,050 in the San Jose area and 2,397 in San Francisco. Median home prices were $500,000 in Oakland, $718,000 in San Jose and $949,000 in San Francisco.

Other strong housing markets on the list were Denver with a median of 37 days on market, Washington D.C. with 40 days, Seattle with 51 days, and Los Angeles and Austin tied with 56 days on market.