Five Housing Markets On the Rise
In five markets, homes are going under contract in less than two weeks on average, despite a broader national housing market slowdown. Which cities are bucking the trend and why?


For almost a year and a half, the housing market has slowed to a crawl as inventory remained low and record-high mortgage rates scared off potential buyers. However, a new report from Redfin shows a subtle rise in new listings, which makes the first increase since July of 2022. And in certain affordable housing markets, listings are flying off the shelf in as little as eight days.
Are home listings picking up?
In the four weeks ending October 22nd, Redfin reported a 0.3% increase in new home listings compared to last year. While it might seem too small to celebrate, this is the first increase in listings in almost 18 months. The months of supply (a measure of housing inventory) also inched ahead by 0.2 points to 3.5 months of supply, which is the highest since February. While the figure is still a ways off from a balanced supply of 4 to 5 months, progress is progress.
Despite the subtle increases in home listings, buyers aren’t budging unless the deals are good. The near 30-year low in mortgage applications still indicates that buyers are waiting for conditions to improve more substantially before dipping a toe in the housing arena. With mortgage rates hovering around a 23-year high at 7.76% as of November 5th, and elevated home prices, it’s easy to see why potential buyers are still hesitant. However, buyers currently in the running for a new home might benefit from price drops.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
As home prices climb across the country, higher-priced homes are sitting on the market longer while buyers opt for more budget-conscious options. In response, sellers are adjusting prices in yet another record-setting juncture. As of October 22nd, 6.8% of listed homes dropped their prices.
Which cities are bucking the trend and why?
Affordability remains a major concern for potential homebuyers in this high-rate environment. Markets with the fastest-selling homes typically have lower prices. In these five major housing markets, homes are going under contract in under two weeks on average. What’s making buyers snatch up these homes so quickly? They’re affordable and most fall under the national average home price of $412,081 except for Seattle, which surpasses the national average.
Overall Rank | Metro Area | Median Days on Market | Median Home Sale Price |
1 | Albany, NY | 8 | $310,000 |
2 | Rochester, NY | 9 | $235,000 |
3 | Grand Rapids, MI | 9 | $320,000 |
4 | Buffalo, NY | 11 | $255,000 |
5 | Seattle, WA | 12 | $769,990 |
With people gravitating towards more affordable areas, competition for homes there is rising with it. Competition is also likely to bring price increases. Austin, TX is a prime example. The city gained popularity during the pandemic for its affordable housing and buyers purchased as quickly as possible while driving prices through the roof. Last Spring’s peak saw home prices of almost 30% more than the average home. Today, Austin is one of the slowest metro areas with a median of 59 days on the market, a Redfin study showed, and prices stretched ahead of the national average by over 9%.
Related Content
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Seychelle is a seasoned financial professional turned personal finance writer. She’s passionate about empowering people to make smart financial decisions by combining 10 years of finance industry experience with solid research and a wealth of knowledge. Seychelle is also a Nav-certified credit and lending expert who has explored money topics such as debt consolidation, budgeting, credit, and lending in her work for publications including GOBankingRates, LendEDU, and Credible.
-
Are COVID Shots Still Covered By Medicare?
Getting the new COVID-19 vaccine covered by Medicare isn't as easy this year as it was in the past. Here's what you need to know before you take a trip to your pharmacy.
-
How Digital Platforms Are Changing the Way You Invest in Gold
Investing in gold is easier than ever thanks to digital platforms. Learn how online tools are lowering costs, increasing transparency and making gold accessible to all investors.
-
Can You Afford a Million-Dollar Home on a $250,000 Salary?
It’s more than the sticker price — mortgage rates, down payments, taxes and debt all factor into whether a million-dollar home fits your budget.
-
Why a Landmark Real Estate Commission Settlement Hasn’t Lowered Costs for Homebuyers
The 2024 NAR settlement promised commission transparency and negotiation —but one year later, average fees remain unchanged. See why change has been slow and what it means for homebuyers and sellers.
-
Lock or Float? How to Decide on Your Mortgage Rate
Mortgage rates move daily, here’s how to know if you should lock in a rate now or let it float until closing.
-
The Role of a Mortgage Underwriter in Buying a Home
From fast-track approvals to manual reviews, here’s what to expect (and how to avoid delays) in the underwriting process.
-
My Mortgage Rate is 6.5%. Should I Refinance If Rates Fall By Half a Point
A half-point dip may not be enough to offset closing costs. Here's the magic number that makes refinancing pay off.
-
How Home Appraisals Work — and What the Final Value Means
From comps to contingencies, here’s what a home appraisal reveals about your property’s true worth.
-
Should You Sell Your House Now or Wait? What to Consider
With rates holding steady and market shifts ahead, here's how to decide whether to list your house or wait.
-
The 28% Rule for Housing: Does It Still Work in Today’s Market?
Rising home prices and stubborn mortgage rates put this long-standing rule to the test.