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Though inflation and rising interest rates have slowed many real estate markets across the country, those with the financial firepower to do so are still snapping up prime properties in tech epicenters and second-tier cities across the country at lightning speed.
According to data gathered by Mansion Global from Realtor.com, luxury homes in California’s Silicon Valley are flying off the market and selling faster than they were in 2022. More specifically, residences in the San Jose, Sunnyvale, and Santa Clara metropolitan areas found buyers in just 39 days, which is two days quicker than last year.
Seattle also ranked among the nation’s fastest-paced luxury housing markets, with properties in the tech hub closing in just 43 days. That’s actually one week slower than this time last year; however, the stats are still impressive given that the total number of multimillion-dollar residential transactions in the U.S. has dropped.
Luxury homes in cities such as Seattle are selling faster than the rest of the country
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It’s not just tech hotspots like Seattle and Silicon Valley that are seeing homes being scooped up at a rapid rate but also smaller, second-tier urban areas. The third fastest-moving market was Nashville, Tennessee. Though houses in Music City aren’t moving as briskly as last year, when homes spent a median of 39 days on the market, they’re still being sold in a respectably quick 47 days.
“The intel on the seller’s market is that it is still relatively good for most sellers…when we saw last year, two weeks was a long time last year for the most part. Now we are looking at sometimes two months,” Amanda Peterson of Ashton Real Estate Group of RE/MAX Advantage tells news outlet WKRN.
On the flip side, there are cities where the slowdown is more pronounced and homes are taking longer to sell. In the Stamford, Connecticut, metro area, for example, homes in the tony towns of Greenwich and Darien, as well as Torrington, lingered on the market for 114 days before they were sold. That might not be good news for sellers in some of Constitution State’s pricier zip codes, but it’s certainly good news for buyers who would like to avoid a bidding war.
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