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24/7 Wall St.: American Cities Where Homes Sell Fastest

7. San Francisco, Calif.

Average no. of days on market: 45
Median home price: $725,000 (the highest)
Population: 4,335,391 (17th highest)

While Detroit’s median home listing price is less than $100,000, the median home price of $725,000 in the San Francisco area is the highest measured in the report. Yet, despite the high prices of homes, there isn't too much idle time on the market as the average home is sold in 45 days. San Francisco’s housing market is backed by a relatively strong labor market. The 7.5% unemployment rate is below the 8.2% unemployment rate in the United States and the 10.8% rate in California. The area’s median family income of $98,500 as of the end of 2011 is also significantly higher than the national average of $63,000.

More From 24/7 Wall St.:
Fastest-Growing Cities in America
America's Sickest Housing Markets
Best Cities for Millennials

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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