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SALT LAKE CITY — Even though the U.S. housing market is amid a slowdown due to high interest rates, these days pacing over 7%, homes are still selling — and some states are seeing them sell faster than others.
While houses in hot spot areas like the West were selling in a matter of days or weeks during the height of the pandemic housing rush, now they're taking much longer, closer to a month.
Utah — even though its prices have declined from their peak last spring — recently ranked as the "easiest" state to sell a home, with the fastest average time to close in 2023. Six of the top 10 are in the West.
That's according to a recent analysis of Zillow data by real estate agents at RubyHome Real Estate, which ranked Utah No. 1 for having an average of 27.07 days to close in 2023.
The analysis used Zillow data detailing the time to close a sale in each state and then compiled the data to show the 10 states where homes sell the fastest.
Here's how the RubyHome rankings fall for the top 10 quickest states to tell a home in 2023, according to a news release:
The national average to close on a home is 33.5 days, though that figure can fluctuate due to market conditions, according to the RubyHome analysis.
"For a fast sale, looking at pricing a home competitively and realistically is essential, utilizing strategies such as dropping the price below a rounded number," a RubyHome spokesperson said in a prepared statement.
Cities in Utah and Idaho have been among the areas that have seen the most dramatic year-over-year price cuts amid the national housing market correction. Sales in the Beehive State have also slowed significantly — but a yearslong housing shortage has also kept prices stubbornly high, even amid high interest rates.
"In hot markets where sales activity is high, selling a home can take longer than the average due to a limited workforce of property appraisers and inspectors," the RubyHome spokesperson said. "The number of homes on the market can also affect the time it takes to close a sale, with rural areas becoming more popular and affordable than inner-city areas."
