With the homebuying season in full swing, many owners want to know whether they should sell their homes or hold out for a better market.
Most experts agree that high mortgage rates have kept the market stagnant. However, data from Clever Real Estate reveals the housing market in the U.S. differs significantly by region. In some parts of the nation, homes sit on the market for months, while in others, they are in escrow within days.
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With the fate of rates in question, hopeful sellers will have to rely more on things like inventory to determine whether they should sell. Here are the five states where homes are selling the quickest.
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Massachusetts
Massachusetts leads the nation with the fastest-selling homes on the market. According to Clever, homes in the Bay State spend an average of 22 days on the market. Low inventory is the propelling factor behind this quick turnaround. The state has a housing supply that would last only 1.9 months.
For sellers, the low inventory keeps home prices high. The median home price in the state is $629,000, well above the national average of $429,000. Potential sellers may want to act fast to take advantage of the red-hot rocket.
Sales in the state increased 2.57% in 2024 over the previous year. Metro areas near Boston, such as Springfield, are not only top markets in the state but also in the country, as reported by Realtor.com.
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Nebraska
The second fastest-selling state in the nation is Nebraska. On average, homes spend just 24 days on the market. With only two months of housing inventory, low supply is a driving force behind the hot market.
While high mortgage rates may be stunting home sales in other areas of the country, sellers in the Cornhusker State continue to benefit from high demand and lower-than-average home prices that attract buyers. The median home price in Nebraska is $289,000, significantly less than the national average.
Washington
Ranking third on the list, homes in the State of Washington stay on the market for just 25 days. Low housing inventory, enough for just over two months, helps to move houses quickly in the state.
Buyers are not deterred by a high median home price, likely due to a higher-than-average median household income. The average home costs around $636,000, and the average household income is $94,605.
While some potential sellers may hold out hope for a substantial drop in mortgage rates, the Fannie Mae (FNMA/OTCQB) Economic and Strategic Research (ESR) Group anticipates the rate will be reduced to 6.3% in 2025 and 6.2% in 2026.
Alaska
Home sales continue to grow in the northernmost state of Alaska. Homes stay on the market for a median of 26 days. As with the other states ranking high on the list for fastest selling, Alaskan home sellers benefit from low inventory.
The state has a housing supply of just 2.4 months. Lower than average median home prices ($380,000) and higher than average median income ($86,631) help to keep the market in the state healthy for sellers hoping to sell quickly.
Kansas
In Kansas, homes stay on the market for a median of 27 days. The midwestern state has the lowest housing inventory of all states at just 1.5 months. Potential sellers can take advantage of the lack of supply and housing prices below the national average to entice buyers and move property quicker than 45 other states.
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This article originally appeared on GOBankingRates.com: 5 States Where Homes Sell the Quickest — Should You Sell?
