Top 10 States for By-Owner Home Sales in 2015
In 2015, a home sold on ForSaleByOwner.com every 48 minutes.
Nationally, home sellers saved an average of $14,307 in agent commissions by using ForSaleByOwner.
Additionally, sales on ForSaleByOwner achieved a median time on market as low as 30 days during the height of the home selling season – 12 days faster than homes sold using a real estate agent during the same period.
While sellers saw success across the United States, 10 states rose to the top for by-owner home sales as a result of hot metropolitan markets, strong economies and increased migration among other factors.
Let’s take a look at what made these ten states so successful for home sellers doing it on their own.
Dallas-Forth Worth, Houston and San Antonio were just a few of the hot markets that propelled Texas to the top of our list. All three metropolitan areas saw a median time on market of 30 days for all of 2015.
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Between 2014 and 2015 Florida saw roughly 200,000 people migrate from other states, which likely contributed to strong demand for real estate across the state. Miami-Fort Lauderdale achieved a median time on market of just 27.5 days with the median home sale value increasing 15 percent year-over-year to $374,000.
Low inventory in markets across the state helped to contribute to increased median sales prices in markets like Lafayette and New Orleans, which were up 2.4 percent and 4.5 percent respectively to $205,000 and $225,0000 from the previous year.
A large part of Illinois’s success in 2015 was due to the sizzling housing market in Chicago, which saw home sales up about 8.1 percent. The median time on market for homes sold on ForSaleByOwner in Chicago decreased by 33 percent year-over-year.
Real estate in Southeast Michigan saw a drastic recovery in 2015, with housing prices back to prerecession levels across the area. On ForSaleByOwner, median sales price increased 4 percent from the previous year to $240,875 and median time on market in 2015 dropped to 30 days down from 61 for the entirety of 2014.
6. New York
Record sales prices were seen in New York City during 2015 and that was certainly no exception on ForSaleByOwner. The median sales price jumped by 8 percent year-over-year during the height of the home selling season.
Increased sales in areas like Cincinnati led to lowered inventory and increased sales prices. In Cincinnati, sales on ForSaleByOwner increased by 30 percent over the previous year and in Cleveland median sales price increased by nearly 8 percent during the hottest months of the home selling season.
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8. North Carolina
Although foreclosure rates began to increase slightly in certain areas of the state, the overall market remained healthy with the number of homes sold on ForSaleByOwner in 2015 increasing 5.5 percent over the previous year for Raleigh and other areas.
Atlanta was a particularly hot market for sellers on ForSaleByOwner. Home sales in the defined metropolitan area increased almost 15 percent from the previous year.
Sellers across the state of Wisconsin experienced success in their sales, but Milwaukee saw the most pronounced growth year-over year with sales increasing 8.2 percent and median sales price growing 11.4 percent.