Austin Business Journal writes, "Home sales have slowed in many cities across the country — including some Covid-era hotspots — but some communities are bucking the trend and seeing houses sell more than 40% faster than they did pre-pandemic.
That's according to The Business Journals' second-quarter analysis of the nation's hottest housing markets based on quarterly listing and sales data from Intercontinental Exchange.
ZIP code 49629 in Elk Rapids, Michigan, was the fastest-selling housing market in the nation for the second quarter. Homes in Elk Rapids spent an average of 23 days on the market.
The small, waterfront community — approximately 17 miles from Michigan vacation hotspot Traverse City — provides easy access to nearby Elk Lake and Grand Traverse Bay. While the average list price was $544,415, homes sold for $667,106 on average.
According to The Business Journals' research, days on the market were down 82%, or 107 days, compared to the second quarter of 2024.
Two other Michigan housing markets were among the fastest-selling in the nation. Homes in ZIP code 48301 in Bloomfield Hills sold in 33 days on average, while those in ZIP code 48362 in Lake Orion sold in 36 days.
That said, it was the Seattle metro that brought the heat in the second quarter. Among the markets ranking among the nation's hottest markets for the second quarter, Seattle accounted for five of the 10 fastest-selling ZIP codes.
In Seattle proper, homes in ZIP code 98177 — where the average sale price was $1.5 million — sold in 32 days. In nearby 98199, homes that traded at an average price of $1.4 million sold in 36 days.
Other Seattle-area ZIP codes that saw fast turnarounds were 98043 Mountlake Terrace (33 days), 98040 Mercer Island (36 days) and 98020 Edmonds (36 days).
Inventory is up in many parts of Seattle, but home prices continue to rise, and houses are selling quickly. In ZIP code 98177, the average sale price rose 56% — from $933,738 to $1,457,826 — when compared to the same period in 2019.
When looking more broadly at all ZIP codes, California, Michigan, Wisconsin and Washington were well represented near the top of the list of fastest-selling ZIP codes.
Pandemic hot spots 'coming back to Earth'
While residential real estate trends are often hyper-local, economists are constantly mapping larger patterns.
The Sunbelt and other pandemic-era hotspots saw home prices surge wildly over the last few years, leaving many existing homeowners thrilled with their newfound equity. That bubble, however, may be bursting in some areas.
“Florida and Texas are standing out in that they have a lot of inventory and prices are falling because demand is weak. Prices went up too much and the rate of in-migration has slowed,” said Selma Hepp, chief economist at Cotality. “I think it’s coming back to earth now. These [areas] have seen the most price appreciation and it’s gotten overvalued, and now we’re seeing more realistic alignment between what people can afford and what homes are selling for.”
When homes sit on the market for a while, owners often are forced to make tough decisions. Many homeowners who are not in a hurry to sell choose to delist, while those who must sell ultimately end up slashing prices.
Delistings skyrocketed 47% year-over-year in June.
“We attribute that to misaligned expectations,” Hepp said. “Buyers are seeing a lot more inventory and they want to negotiate, whereas sellers want the price their neighbor got last year, so we see a bit more of the delisting happening as a result. But it’s also individual: If somebody needs to sell, the home will stay on the market, and they’ll lower the price.”"
Source: Austin Business Journal
Written by: Joanne Drilling
Published: October 2, 2025
Posted by Grossman & Jones Group on
Leave A Comment