Top 10 Cities for Home Sellers: West Is Best
Higher sale prices + fewer days on the market + lack of properties available = home seller heaven. These top metros will surprise you.
The hot real estate market of 2013 is cooling off a bit in 2014, but it’s still thriving way out West. In fact, eight of the Top 10 Best Cities for Home Sellers are in the western part of the U.S., and the top three are in California. That’s according to research done by ZipRealty, a prominent online residential real estate brokerage firm and real estate marketing solutions provider.
"The real estate markets in the western region soared compared to the rest of the country in 2013, based on data we compiled over the past year in our Housing Trends Report," said Lanny Baker, CEO of ZipRealty. "While we expect these metros to outperform once again this year, it should be at a more measured pace."
ZipRealty ranked the top 10 metros based on three evenly weighted housing metrics: median sales prices, median days on market and total housing inventory per capita.
Here’s the breakdown of the top three markets:
San Francisco Bay Area
• Median home sales prices increased nearly 35% over 2012.
• Homes stayed on the market for an average of 19 days.
• 1.1 homes were available per 1,000 people.
• Median home sales prices increased 32% over 2012.
• Homes stayed on the market for an average of 15 days.
• 3.3 homes were available per 1,000 people.
• Median home prices increased 20% in 2013 over 2012.
• Homes stayed on the market for an average of 24 days.
• 1.9 homes on average were available per 1,000 people.
See If Your City Made the Top 10View All 10 Photos
These numbers are great
news for sellers in the top markets, but not so much for your average buyer. It
appears to be the price you pay for living in what are currently considered to
be desirable markets, for one reason or another. To give you an idea of what
it's like in the rest of the country, the National Association of Realtors
reported that median home sales prices increased on average over 11.5% in 2013,
homes stayed on the market for an average of 35 days, and 1.1 homes were
available per every 1,000 people.
More Tips and Inspiration for Home Sellers:
- 16 Inspiring Curb Appeal Transformations
- 10 Things That Make Buyers Bite
- Room-by-Room Staging Strategies
- 10 Foods for a Delicious Open House