With all signs pointing to an ongoing housing recovery, many home owners across the country are wondering if now is finally the time to sell. The answer is — as is so often the case with this recovery — “it depends.”
Market conditions are highly variable, but using realtor.com’s site listing data, we’ve identified five markets where low median age of inventory combined with rising listing prices indicates that the answer to the selling question may very well be yes.
5. Seattle, WA A home listed in Seattle today will spend less than a month on the market, a pace that ties for fifth fastest in the nation. Add in rising median listing prices — $379,950 as of last month, up 19% from last year — and the Emerald City’s recovery on the seller side comes into sharp focus.
4. Denver, CO Homes in the mile-high city also spend a median of 29 days on market, a number that has plunged 42% as the market has heated up over the past year. Median listing prices have risen to $282,000 as of April, up a relatively modest 4.48% over last year but still strong enough to cement Denver’s position as a top sellers’ market.
3. San Francisco, CA The city by the Bay sets the pace for the top three sellers’ markets, all of which are in the San Francisco Bay Area. With median days on inventory at 28, and median prices up 20% year over year to $819,900, San Francisco proves itself to be a resilient market that continues to bounce back.
2. San Jose, CA Silicon Valley is on the rise again, and with the continued success of tech companies and stocks comes a hot real estate market. Median days on market are down to 27, half the time of 2012, and median prices are up 35% year over year, reaching $675,000 in April.
1. Oakland, CA To say that the torrid Oakland market is hot is an understatement. A seller listing a home in Oakland can expect the house to spend just 15 days on the market (a full 12 days fewer than San Jose) and to net a median price of $484,900 — up a whopping 47% from a year ago. With these numbers, it’s easy to see why Oakland is the top sellers’ market in the U.S.