The Redfin Fastest Real Estate Markets Report ranks 22 markets across the country measured by the percentage of homes that went under contract within two weeks of their debut in April 2013. The metrics include single-family homes, condos, and townhouses.
Other key findings:
- The fastest-moving market in April was San Jose (Silicon Valley), California, where nearly two-thirds of new listings were under contract within two weeks, and there was less than one month of supply.
- The slowest-moving markets were Triangle, NC (Raleigh-Durham) andPhiladelphia, each of which saw 10% of homes under contract within two weeks.
- Denver is the only market among the five fastest that is not in California.
- Atlanta and Philadelphia are the only metro areas considered buyer’s markets, with 6.9 and 8 months of supply respectively.
- Miami has shown the most dramatic acceleration over the last year, with a 149% increase in the percentage of homes going under contract in two weeks, followed by Atlanta at 123%.
- Miami also led the nation with the largest (45%) month-over-month increase in the rate of homes going under contract in 14 days, followed by Denver at 15%.
- The Chicago and Phoenix markets slowed down in the last year, with 22% and 16% drops in their respective rates of homes going under contract within two weeks.
- In the last month, four markets decelerated, seeing a month-over-month decline in the percentage of homes that went under contract in 14 days. They were Chicago(-23%), Las Vegas (-3%), Phoenix (-2%), and Dallas (-1%).
Below is a ranking of 22 real estate markets by speed, measured by the percentage of homes that went under contract within two weeks of their debut in April 2013.
Table 1: Speed by Market, April 2013
| Speed Ranking | Market | Pending in 2 Weeks | Pending in 1 Week | # Flash Sales | Months of Supply |
|---|---|---|---|---|---|
| #1 | San Jose, CA | 65% | 20% | 48 | 0.9 |
| #2 | San Francisco, CA | 57% | 20% | 81 | 1.5 |
| #3 | Ventura, CA | 53% | 34% | 14 | 1.4 |
| #4 | Sacramento, CA | 52% | 29% | 30 | 1.2 |
| #5 | Denver, CO | 51% | 34% | 48 | 1.6 |
| #6 | Los Angeles, CA | 51% | 30% | 236 | 1.4 |
| #7 | Washington, DC | 50% | 37% | 210 | 2.3 |
| #8 | San Diego, CA | 49% | 30% | 63 | 1.4 |
| #9 | Inland Empire, CA | 48% | 31% | 88 | 1.8 |
| #10 | Seattle, WA | 47% | 34% | 52 | 1.8 |
| #11 | Austin, TX | 46% | 35% | 110 | 2.2 |
| #12 | Portland, OR | 41% | 30% | 67 | 2.5 |
| #13 | Houston, TX | 38% | 25% | 106 | 2.6 |
| #14 | Phoenix, AZ | 38% | 27% | 196 | 2 |
| #15 | Baltimore, MD | 32% | 22% | 49 | 4.1 |
| #16 | Dallas, TX | 32% | 21% | 170 | 3.2 |
| #17 | Atlanta, GA | 25% | 14% | 46 | 6.9 |
| #18 | Miami, FL | 19% | 12% | 22 | 4.7 |
| #19 | Chicago, IL | 15% | 9% | 150 | 5.4 |
| #20 | Las Vegas, NV | 12% | 7% | 8 | 4 |
| #21 | Philadelphia, PA | 10% | 4% | 10 | 8 |
| #22 | Triangle, NC | 10% | 6% | 35 | 4.7 |
| National | 33% | 20% | 1,880 | 3.5 |