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s the calendar flips to spring, a new season of frenzied house hunting is about to unfold. According to Realtor.com's latest data, five coastal metropolises are leading the charge in rapid-fire sales, with single-family homes flying off the market at an unprecedented pace.
At the forefront of this buying frenzy is San Jose, California, where homes are selling at a blistering rate of just 22 days on average. This is significantly faster than the national median of 66 days and a testament to the city's highly competitive real estate landscape. With a median price tag of $1.3 million in February, it's no wonder San Jose consistently ranks among the nation's most expensive cities.
Just an hour's drive north lies another California powerhouse: San Francisco. Here, homes are selling at a pace of 30 days on average, with a median price of nearly $900,000 in February. Boston rounds out the top three fastest-moving markets, where properties lingered for just 33 days last month and commanded a median asking price of $839,450.
Washington, D.C., and San Diego also made the cut, with properties selling at a rate of 34 days on average in both cities. While prices are still sky-high in these metros – with San Diego's median listing price reaching nearly $950,000 and Washington, D.C.'s hitting around $580,000 – the data suggests that even these top-tier markets may be experiencing a shift towards a buyer's market.
Realtor.com's monthly report reveals that despite the high demand in these metros, prices have actually slowed over the past year. In fact, every single one of these cities saw year-over-year median listing price declines, ranging from 9% in San Francisco to 1.8% in Boston. Meanwhile, the total number of for-sale nationwide homes has increased by nearly 30% compared to last year, and the number of unsold homes has risen by almost 20%.
