Seattle, Spokane homes among fastest-selling in US

New real estate rules start this week

A new set of real estate rules went into effect this week, affecting both buyers and sellers.

SEATTLE - Seattle is one of the fastest-moving real estate markets in the U.S., with homes selling in an average of just nine days, according to a recent study by Joybird.

The city tied for third place with Albany, NY, and Allentown, PA, in a ranking of 100 U.S. cities where homes are selling the fastest.

The analysis, which examined Redfin data from over 47,000 homes sold in the largest U.S. cities as of July 2024, found that the average home in the country stays on the market for 35 days. However, Seattle’s market is moving at a significantly faster pace, driven by the region's booming tech industry and limited housing supply. The city’s strong economy, bolstered by the presence of major companies like Amazon and Microsoft, continues to push demand, resulting in quick sales.

"The competition is fierce," the study noted, with Seattle homes receiving an average of four offers, illustrating just how intense the market has become.

Top U.S. cities where homes are selling the fastest

Grand Rapids, MI - 6 days on the market
Wichita, KS - 8 days on the market
Seattle, WA tied with Albany, NY and Allentown, PA - 9 days on the market
Richmond, VA tied with Omaha, NE - 10 days on the market
Spokane, WA - 11 days on the market

A map of cities where homes are selling the fastest and slowest. (Joybird)

Seattle housing market trends

Seattle’s rapid home sales reflect broader trends in the city’s housing market. With a tech-driven economy attracting new residents and a constrained housing supply, Seattle's demand for homes remains high. This dynamic keeps properties moving quickly and maintains pressure on prices, making it a competitive market for buyers.

Across the U.S., Grand Rapids, Michigan, topped the list with homes selling in just six days on average, while Wichita, Kansas, followed at eight days. Seattle’s performance, alongside Albany and Allentown, shows that it remains a seller's market, with high demand continuing to outpace supply.

In contrast, cities like Miami and New Orleans are seeing homes linger on the market much longer — 84 days and 82 days, respectively — underscoring the variability in real estate markets across the country.

Seattle’s and Spokane's rankings among the fastest home-selling cities highlight their robust housing demand, fueled by economic growth and limited inventory.

For buyers and sellers alike, staying informed about market trends can be crucial to navigating Washington's dynamic real estate landscape.