Fast-Closing Real Estate: Data Reveals the U.S. States Where Homes Sell the Quickest
Discover the states where homes are flying off the market. From Rhode Island to Hawaii, find out from our expert which states sell the quickest and which take their time
Key Findings:
- U.S. states like Rhode Island, Connecticut, and New Hampshire offer fast-moving opportunities for investors and buyers
- Slower markets such as Hawaii, Florida, and Louisiana present challenges that require strategic patience
- Property expert suggests whether you are buying or selling a home, understanding the intricacies of the local market is crucial
The U.S. states of Rhode Island, Connecticut, and New Hampshire are the fastest-moving markets in the country for selling a house, a new study from SoCal Home Buyers reveals, despite the challenges faced by the real estate industry in a post-pandemic economy.
The study also shows that some states face the slowest home sales, with unique challenges that can significantly extend the time it takes to close a deal. Hawaii tops the list, followed by Florida and Louisiana.
The study takes an in-depth look at the U.S. states where homes move the fastest, as well as those where the process is more drawn out, offering opportunities and challenges for buyers and investors eager to jumpstart their real estate business.
In June of this year, existing-home sales tumbled by as much as 5.4 percent, with the median sales price increasing to the highest ever recorded, according to the National Association of Realtors.
“Real estate is all about timing. In markets where homes sell quickly, being prepared and acting fast can lead to significant gains. Conversely, in slower markets, it’s important to have a strategy in place to navigate the longer sales cycles,” property investment expert Doug Van Soest, from SoCal Home Buyers, says.
The Top 10 States With The Fastest House Sales
| Rank | State | Average Time to Sell (Days) |
| 1 | Rhode Island | 54 |
| 2 | Connecticut | 57 |
| 3 | New Hampshire | 59 |
| 4 | Massachusetts | 60 |
| 5 | New Jersey | 63 |
| 6 | Illinois | 64 |
| 7 | Ohio | 64 |
| 8 | Washington | 64 |
| 9 | Maryland | 65 |
| 10 | Minnesota | 65 |
Rhode Island (54 Days)
Rhode Island, the smallest state in the U.S., is located in the New England region. Known for its sandy shores and seaside Colonial towns, Rhode Island offers a unique blend of coastal living and historical charm.
“Rhode’s relatively quick home sales is likely due to its desirable location as well as limited housing inventory, which unsurprisingly creates a competitive market. The state presents an appealing opportunity because of its fast-paced market dynamics,” Doug says.
Connecticut (57 Days)
Situated in the southernmost part of New England, Connecticut is known for its picturesque landscapes and affluent suburbs.
The state’s proximity to major urban centers like New York City makes it a popular choice for commuters seeking suburban living.
“The quick turnover in Connecticut’s real estate market may be driven by its strategic location and the demand for suburban homes,” Doug says. “Connecticut is an attractive market, especially for properties that appeal to city dwellers seeking more space.”
New Hampshire (59 Days)
New Hampshire, with its scenic mountains and lakes, offers a tranquil living environment. Despite its rural charm, the state has a robust real estate market, particularly in areas close to the Massachusetts border.
“The fast home sales in New Hampshire could be due to the influx of buyers from neighboring states seeking lower property taxes and a quieter lifestyle. For those interested in frequent property transactions, New Hampshire’s market provides opportunities to buy and sell swiftly, benefiting from the state’s appealing living conditions,” Doug notes.
The 10 States With The Slowest House Sales
| Rank | State | Average Time to Sell (Days) |
| 1 | Hawaii | 99 |
| 2 | Florida | 96 |
| 3 | Louisiana | 95 |
| 4 | Arizona | 93 |
| 5 | Mississippi | 91 |
| 6 | Arkansas | 89 |
| 7 | New Mexico | 89 |
| 8 | Alabama | 87 |
| 9 | Wyoming | 86 |
| 10 | Montana | 83 |
Hawaii (99 Days)
Known for its stunning beaches and tropical climate, Hawaii is a dream destination for many. However, the state’s real estate market is characterized by longer selling times, possibly due to its remote location and higher property prices.
Doug notes: “Hawaii home buyers and sellers should be prepared and not surprised for a potentially lengthy process, because the state’s specific market conditions can slow down transactions. Factors such as limited land availability and high costs can contribute to the slower pace of sales.”
Florida (96 Days)
Florida, famous for its warm weather and tourist attractions, has a diverse real estate market. The slower sales in Florida might be influenced by seasonal fluctuations and the state’s large inventory of vacation homes, which can take longer to sell.
Louisiana (95 Days)
Louisiana, with its rich cultural heritage and vibrant cities like New Orleans, offers a unique housing market.
“The slower progress of home sales in the state could be due to various economic factors and regional market conditions,” Doug notes.
Expert Insight: Doug Van Soest on Accelerating Home Sales
“While these state-level trends are enlightening, savvy investors should dig deeper into micro-market data. Look for emerging neighborhoods within slower-moving states that buck the trend.
“For instance, in Florida, focus on up-and-coming areas attracting young professionals or retirees. In fast-moving markets like Rhode Island, consider properties just outside the hottest zones – they often offer better value and catch up in appreciation.
“Additionally, in states with longer selling times, explore creative financing options like lease-options or seller financing to make your offers more attractive. Remember, every challenge in real estate is an opportunity if you approach it strategically.”
Link
Story credit: (https://socalhomebuyers.com/)
About SoCal Home Buyers
SoCal Home Buyers is a professional Real Estate Investment company, founded by Husband & Wife, Doug & Andrea Van Soest. They help homeowners with Real Estate they need to sell quickly, or that’s causing a problem.
Methodology
The number of June 2024 existing-home sales was taken from the National Association of Realtors.
The data was collected from https://www.realtor.com/research/data/ taking the average days on the market in each state, then applying 35 days to close on top to determine the average time to sell a house from listing to completion.
35 days were calculated based on the fact that a sale involving a mortgage takes 47 days on average: https://www.valuepenguin.com/mortgages/average-time-to-close-on-a-house
This was then compared with the fact that 68% of purchases (according to the most recent available data) involved a mortgage: https://www.floridarealtors.org/news-media/news-articles/2024/03/all-cash-buyers-surge-decade-high
Cash purchases without a mortgage take between 7-10 days to close, we chose a middle value of 10 days for this, since there was not a single figure available: https://socalhomebuyers.com/how-long-does-it-take-to-close-on-a-house-with-cash
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