Fastest Houses in the West: Austin Real Estate Selling Faster than in Any other U.S. City

California-based ZipRealty Inc.(Nasdaq: ZIPR), an online real estate brokerage and research company, analyzed numbers from the Multiple Listing Service (MLS). They released their findings which showed residential real estate is selling faster in Austin than in any other real estate market in the country at the moment. According to the data of all the homes for sale in Austin, half of them are selling in 10 days or fewer.

A report on the analysis in the Austin Business Journal states that “The median number of days a house is on the market is different from the average days on the market, which is the matrix commonly cited by the Austin Board of Realtors.” In the Austin real estate market, single family houses are selling on average in 39 days. That data comes form ABOR’s most recent report. The differing statistics are most likely attributed to homes selling very quickly in some areas, where homes may be spending more days on the market than in other areas.

Another important finding in the report was that Austin real estate comes in second for median home value with a 14 percent year-over-year increase to $266,000.  To come to these findings, ZipRealty analyzed real estate market trends in 23 metro areas at the end of the second quarter. The report stated that the “median days on market in these metros remained relatively steady at 29 days, compared to 27 days as of June 30, 2013.”