A new study from real estate experts at Agent Advice analyzed data for the average time homes in the U.S. are on the market and found that properties in Arizona sell at a faster rate than most other states.
In Arizona it takes an average of 35.5 days to sell a home, putting the state in fifth place. Massachusetts and New Hampshire share the top spot, with homes in each state taking an average of 32 days to sell from listing.
In second place is Washington state, with homes being sold typically after 33 days. In third place is Tennessee, where homes take an average of 33.5 days to be sold. The fourth fastest rate of sale is 34 days in Colorado.
“If you are looking to sell your home, there are many things to consider that might help you get a sale sooner, like opting to sell your home in the spring or summer months over Winter as well as taking your time to do thorough research regarding how many other homes in your area are on the market and at what prices,” says Chris Heller, co-founder of Agent Advice.
Home sales fell about 12% and available listings on the market declined 5.5% in the past year from May 2023, according to Arizona Realtors. Still, the housing market reflects growth and opportunity. In its Emerging Trends in Real Estate 2023 report, consulting firm PwC listed Phoenix as one of the year’s top 10 real estate markets.
The median sales price for homes in Arizona is $434,700 according to Redfin, a Seattle-based corporation that provides residential real estate brokerage and mortgage origination services. In a housing market report, there were 29,635 homes for sale in Arizona in September 2023 and 20.2% of those homes were sold above list price.