Two Pennsylvania metros ranked in the top 3 fastest-selling housing markets
U.S. homes for sale stayed on the market for a median of 51 days in May. But homes in two Pennsylvania metros sold in less than half that time.
The spring housing market is traditionally one of the busiest times of year for homeowners and buyers. But across the country, home sales are down and properties are lingering on the market.
U.S. homes stayed on the market for a median of 51 days in May, up from 45 days at the same time last year, according to an analysis of Realtor.com data by HomeAbroad, a platform catering to global investors.
It’s further evidence that across the country, markets are shifting to become a bit more friendly to homebuyers, who have more time to make decisions about what is usually the largest purchase of their lives.
But two metropolitan areas in Pennsylvania — Lancaster and Reading — ranked in the top three fastest-selling housing markets in May. From initial listing to the signing of a contract, homes took 23 days to sell in Lancaster and 21 days in Reading.
The numbers of days on market in these metros were down about 20% from the same time last year, further bucking national trends.
Six of the top 10 fastest-selling markets in the country in May were in the Northeast.
HomeAbroad looked at the number of days on market for homes featured on multiple listing services in more than 900 metropolitan areas.
In the slowest market — Raymondville, Texas — homes took a median of 151 days, or about five months, to sell.