New York’s obtained the juice, snagging 4 of the nation’s fastest-selling housing markets in January 2025, even because the broader US housing market trudges alongside at its slowest clip since pre-COVID days.
Redfin’s newest information reveals properties nationwide took a median of 56 days to seek out patrons — up per week from final yr and the longest wait since January 2020. However the Empire State’s metro areas are defying the sluggish development, closing offers at a breakneck tempo and stealing the highlight from slower areas.
Main the cost is Rochester, the place properties flew off the market in a median of simply 13 days, the quickest within the nation.
Close by Buffalo wasn’t far behind, with properties snapped up in 16 days. Albany, the state’s capital metropolis, clocked in at 25 days, and Lengthy Island’s Nassau County rounded out New York’s sturdy exhibiting among the many high 10 quickest markets.
Allentown, Pennsylvania, additionally hit the quick lane with 24 days, alongside Richmond, Virginia, at 27 days.
New York’s dominance in speedy gross sales factors to strong demand, probably fueled by relative affordability and regular financial exercise in these metros in contrast with pricier coastal hubs.
“These areas are post-industrial,” Kirsten Jordan, of the Corcoran Group, advised The Submit — and, certainly, Rochester and Buffalo are each within the Rust Belt. “They’d this growth within the [20th century], the place individuals had been constructing properties and dwelling there and dealing in factories, after which they left because the industrialization left.”
This left behind a provide of older, typically fixer-upper properties that stay inexpensive, with median costs aligning nearer to the nationwide vary of “300 and one thing thousand {dollars},” she famous. “That makes an enormous distinction, particularly for younger individuals who simply wish to stabilize their dwelling prices proper now.”
In the meantime, the nationwide slowdown was stark in elements of the Solar Belt, significantly South Florida.
Fort Lauderdale properties lingered for a median of 92 days, with Miami shut behind at 89 days — each of which had been booming markets throughout the pandemic.
Austin and West Palm Seaside every posted 87 days, whereas Honolulu hit 84 days, putting them among the many nation’s slowest markets.
Different elements, together with a scarcity of properties, additionally contribute as to why properties are promoting the quickest within the area.
“The northeast, and significantly New York, continues to be challenged by the dearth of stock which has stored days on market decrease than markets within the Solar Belt states,” appraiser Jonathan Miller, of Miller Samuel, added. “Popping out of the pandemic, vital home migration southward brought about overbuilding in these areas and drew extra listings into the marketplace for sale.”
Florida claimed 4 of the ten slowest-selling metros, with most others within the South, signaling a cooling in areas that surged throughout the pandemic-era shopping for frenzy.
“Proper now with Florida, the price of carrying these properties goes up a lot due to insurance coverage,” Jordan added, highlighting flood and pure catastrophe protection as main bills. “You’re not coping with these loopy numbers up in New York due to the truth that we’re not seeing as a lot of these points almost about hurricanes.”
Florida’s metro areas additionally face infrastructure pressure.
“In case you’ve been to Miami lately … you actually must drive round between the hours of 10 a.m. and three p.m., in any other case you’ll be able to’t get wherever,” Jordan mentioned.
Add to that the rising prices of full-service buildings, and the attraction dims in comparison with New York’s single-family properties, the place “you’re not paying a doorman or something like that,” she added.
The distinction underscores a bifurcated market, the place native elements like pricing and job progress drive outcomes.
The distinction with Texas, one other gradual mover, is equally telling. Austin’s 87-day median displays a cooling from its COVID-era growth.
However unsustainable demand and job shifts led some to rethink their strikes, not like in New York, the place “there’s a primary type of stabilization of what individuals suppose that they’re gonna must pay to dwell in these locations,” Jordan famous.
New York’s quick markets profit from “good strong infrastructure and high quality of life,” Jordan mentioned, fostering sustained demand.
