5 Hot Markets Heat Up Housing in October
During the month of October, homes sales on ForSaleByOwner remained steady from September despite a national “cool down” in housing.
According to the National Association of Realtors, home sales were up 3.9 percent over the previous year, but down 3.4 percent from September. Existing home sales saw a median sale price of $219,600, with a median time on market of 57 days.
Home sales on ForSaleByOwner saw an increase of nearly 2 percent from the previous month, with the median sales price also increasing to $225,000 from $219,000. Median time on market increased from 45 days in September – 4 days less than the national average – to 60 days, with a home selling on ForSaleByOwner every 45 minutes. It’s estimated that home sellers saved an average of $15,060 by selling with ForSaleByOwner during October.
Strong performance in several key markets contributed to a healthy by-owner housing market. These markets included:
- San Francisco, CA – The median sale price for homes in this market was $763,500, with a median time on market of only 6 days.
- Houston, TX – Homes sold on ForSaleByOwner were on the market for 10 days before a sale and sold for $230,000.
- Miami-Ft. Lauderdale, FL – Homes sold in Miami only spent 15 days on market and sold at a median price of $400,000.
- Lafayette, LA – With a median sale price of $195,000, homes in this area of Louisiana sold at a median pace of 18 days.
- Orlando, FL – At a median home value of $258,000 and median time on market of 22 days, homes for sale by owner in Orlando performed better than September.
The first two weeks of November indicate that the market may be slowing down – a common trend within real estate as northern states go through the holidays and seasonal shifts. So far this shift is subtle, with median time on market maintaining a 60-day pace and median home value only $500 lower than October.
Have thoughts on how the market will fair as we officially enter the holiday season? Let us know in the comments.