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"This year, there are more homes for sale relative to the number of buyers, so a buyer is more likely to have their first offer accepted, while sellers are having to wait longer for their home to sell," said Redfin chief economist
At the other end of the spectrum,
Buyers' Time on Market, Median for 3-Month Period Ending in February
Metro Area |
Median Length |
Median Length |
Median Buyer |
Atlanta, GA |
69 |
74 |
5 |
Austin, TX |
73 |
68 |
-5 |
Baltimore, MD |
71 |
68 |
-3 |
Boston, MA |
84 |
87 |
3 |
Chicago, IL |
84 |
83 |
-1 |
Dallas, TX |
64 |
69 |
5 |
Denver, CO |
78 |
68 |
-10 |
Houston, TX |
92 |
75 |
-17 |
Los Angeles, CA |
72 |
72 |
0 |
Miami, FL |
62 |
79 |
17 |
New York, NY |
115 |
128 |
13 |
Philadelphia, PA |
116 |
88 |
-28 |
Phoenix, AZ |
66 |
57 |
-9 |
Portland, OR |
67 |
68 |
1 |
Riverside, CA |
72 |
67 |
-5 |
Sacramento, CA |
83 |
71 |
-12 |
San Diego, CA |
70 |
68 |
-2 |
San Francisco, CA |
70 |
59 |
-11 |
San Jose, CA |
59 |
56 |
-3 |
Seattle, WA |
64 |
57 |
-7 |
Washington, D.C. |
83 |
69 |
-14 |
National |
76 |
73 |
-3 |
Buyers this year are also having to see fewer homes in person and write fewer offers before successfully landing a home. Nationally, buyers toured an average of about 10 homes this winter before closing on a home, and made an average of 1.6 offers, compared to touring about 11 homes and making 1.8 offers a year ago.
"The housing market isn't as daunting for first-time homebuyers," added Fairweather. "If you put in a fair offer, there is a good chance that offer will be accepted. Also, because mortgage interest rates are lower than they've been in over a year, homebuying is more affordable, especially in expensive places like
Homebuyers in
Tours and Offers, Average for 3-Month Period Ending in February
Metro Area |
Avg. # |
Avg. # |
Avg. # |
Avg. # |
Avg. # |
Avg. # |
Atlanta, GA |
18.8 |
12.2 |
-6.6 |
1.6 |
1.5 |
-0.1 |
Austin, TX |
13.0 |
11.0 |
-2.0 |
1.6 |
1.8 |
0.2 |
Baltimore, MD |
13.4 |
11.3 |
-2.1 |
1.5 |
1.7 |
0.2 |
Boston, MA |
7.0 |
7.0 |
0.0 |
1.7 |
1.9 |
0.2 |
Chicago, IL |
11.1 |
11.8 |
0.7 |
1.7 |
1.5 |
-0.2 |
Dallas, TX |
14.8 |
13.5 |
-1.3 |
1.8 |
1.9 |
0.1 |
Denver, CO |
12.3 |
9.4 |
-2.9 |
1.5 |
1.4 |
-0.1 |
Houston, TX |
11.4 |
12.6 |
1.2 |
1.8 |
1.9 |
0.1 |
Los Angeles, CA |
9.4 |
9.4 |
0.0 |
2.1 |
1.8 |
-0.3 |
Miami, FL |
13.0 |
10.5 |
-2.5 |
1.6 |
1.4 |
-0.2 |
New York, NY |
10.3 |
12.1 |
1.8 |
2.0 |
2.1 |
0.1 |
Philadelphia, PA |
10.4 |
10.5 |
0.1 |
1.7 |
1.6 |
-0.1 |
Phoenix, AZ |
16.3 |
12.4 |
-3.9 |
1.9 |
1.5 |
-0.4 |
Portland, OR |
8.9 |
9.2 |
0.3 |
1.8 |
1.6 |
-0.2 |
Riverside, CA |
11.6 |
10.8 |
-0.8 |
2.0 |
1.8 |
-0.2 |
Sacramento, CA |
10.6 |
11.0 |
0.4 |
2.2 |
1.7 |
-0.5 |
San Diego, CA |
10.3 |
9.6 |
-0.7 |
2.2 |
1.5 |
-0.7 |
San Francisco, CA |
6.7 |
7.3 |
0.6 |
1.8 |
1.5 |
-0.3 |
San Jose, CA |
8.3 |
10.2 |
1.9 |
2.0 |
1.3 |
-0.7 |
Seattle, WA |
10.5 |
9.9 |
-0.6 |
1.9 |
1.5 |
-0.4 |
Washington, D.C. |
12.8 |
10.8 |
-2.0 |
1.9 |
1.8 |
-0.1 |
National |
10.9 |
10.2 |
-0.7 |
1.8 |
1.6 |
-0.2 |
To view the full report, complete with additional charts and insights please visit: https://www.redfin.com/blog/homebuyers-finding-homes-faster-2019/.
About Redfin
Redfin (www.redfin.com) is the technology-powered real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 85 major metro areas across the U.S. The company has closed more than
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
View original content to download multimedia:http://www.prnewswire.com/news-releases/redfin-average-2019-homebuyer-spends-3-fewer-days-searching-tours-1-less-home-than-last-year-300821869.html
SOURCE Redfin
Redfin Journalist Services: Michaela Morales, 206-588-6863, press@redfin.com