Buyers are seeking affordability as the highest mortgage interest rates in two decades cut into budgets.
According to a new study from Redfin, Albany, New York, is the fastest-selling metropolitan area in September, with a median price of $310,000.
The typical home in Albany went under contract in only eight days. In fact, several upstate New York areas are fast-selling, including Rochester and Buffalo, with an average of nine days on the market before going under contract in Rochester and 11 days in Buffalo. Grand Rapids, Michigan, saw an average of nine days on the market. San Jose and Seattle saw an average of 12 days on the market before contracting.
Meanwhile, the slowest-selling metro area was New Orleans, with an average of 70 days on the market.The fastest markets typically have median home sale prices below the national level of $412,081, with the exception of San Jose and Seattle. The average home in Rochester last month was $235,000, which was the fourth most affordable area in the country.
SEE MORE: More buyers getting cold feet as home costs rise
Nicholas Perlet, a real estate agent with RE/MAX Realty Group in Greater Rochester, noted that most of his listings have sold in days over asking. He employs a strategy called delayed negotiations, where a home is listed on the market for a few days for buyers to tour and view with their agents, with a best and final offer due for all prospective buyers by the same deadline.
Buffalo, ranked eighth on the list, had a median sale price of $255,000. Grand Rapids had a median sale price of $320,000.
The study is based on metropolitan areas with populations of at least 750,000.
The average 30-year-fixed mortgage rate reached 8% last week, the highest in 23 years.
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