Nowadays, homes are sitting on the market a lot longer than they have been in the past, mainly because it’s a buyers market.
There’s simply too much supply and not enough demand, despite the record low interest rates and home price declines.
Factor in lengthy underwriting turn times and the fact that financing is hard to come by, and you’ve got a lot of stagnating property.
However, some areas seem to be selling faster than others, according to a report from Forbes.
The Forbes Luxury Housing Index, which tracks the 500 most expensive zip codes in the country, found that homes currently average 115 days on the market, while the 10 fastest-selling zip codes average only 66 days.
The quickest selling zip is Redwood City, CA, which is populated with million-dollar homes, but considered entry-level compared to neighboring cities with multi-million dollar price tags.
For this reason, homes are selling quicker, averaging only 40 days on the market, which Forbes attributes to less affluent homeowners being forced to sell while more wealthy owners can afford to wait it out.
Below is a list of the top ten fasting selling luxury home markets by zip code:
1. Redwood City, CA (94065) Average Days on Market: 39
2. Woodmere, NY (11598) Average Days on Market: 51
3. Coral Gables, FL (33146) Average Days on Market: 53
4. Palo Alto, CA (94303) Average Days on Market: 61
5. Great Neck, NY (11021) Average Days on Market: 66
6. Oakland, CA (Rockridge, 94618) Average Days on Market: 67
7. Larchmont, NY (10538) Average Days on Market: 70
8. Great Neck, NY (11020) Average Days on Market: 71
9. Hastings-on-Hudson, NY (10706) Average Days on Market: 71
10. San Francisco (Richmond District, 94118) Average Days on Market: 72
As you can see, real estate varies greatly based on location. Some markets may be completely locked up, while others are selling like it’s going out of style.
That’s why it’s vital to have knowledge of local real estate and trends, rather than paying attention to the national numbers.