During my years reporting on real estate and personal finance matters, I’ve learned that it’s important to pay close attention to some very specific housing market changes.
Some granular data points — in addition to watching shifts in mortgage rates and the average price of houses — reveal a lot about the health of the market to buy and sell homes.
Real estate technology company Zillow has released a new report containing a number of key examples of these data findings worth considering.
First, though, let’s look at current mortgage rates.
The April 24 average 30-year fixed-rate mortgage (FRM) was 6.32%, maintaining a 0.03% range for the entire week, according to Mortgage News Daily (MND).
“The sideways drift reflects uncertainty surrounding the next phase in the Iran war,” wrote Mortgage News Daily chief operating officer Matthew Graham. “Prospects for negotiations were called into question for most of the week, but improved somewhat on Friday”.
“A successful end to the war would likely bring some additional improvement for rates, but the true test would be the longer-term realities for oil prices and their impact on inflation,” Graham added.
Zillow reports major housing market changes
The fast pace of pandemic‑era home sales has faded, leaving the U.S. housing market split in two, Zillow explained.
Well‑priced, highly appealing listings are still moving quickly, though that segment is narrowing. Many other properties are sitting on the market longer than they have in years.
The pattern resembles the pre‑pandemic landscape, suggesting the market is settling into a more typical rhythm.
“The divide reflects a market where buyers have more choices and more leverage than they have had in years, and where homes that stand out are rewarded while others wait,” Zillow wrote.
Zillow finds new homebuying and selling shifts
The following are some key, specific new findings in Zillow’s research:
- Nationally, 18.5% of homes went under contract within seven days in February 2026, based on a Zillow analysis.
- In the fastest-moving metros — St. Louis, Hartford and Seattle — more than one‑third of listings reached pending status within a week.
- Homes that went pending within seven days were 2.6 times more likely to close above the asking price than the typical February 2026 listing.
- Among these fast-moving homes, 44.3% sold above list price, compared with 17.1% of all homes.
- The divide between how quickly sold homes go under contract and how long active listings remain on the market reached its widest point for any March since 2020.
- The typical sold home went pending after 19 days, while the median active listing had been on the market for 56 days.
(Source: Zillow)
Zillow says change points to more balanced housing market
The widening split between quick sales and slow‑moving listings signals a shift back toward a more balanced housing market, Zillow says.
“Challenging financial conditions have limited the pool of buyers, who are more choosy than during the pandemic,” Zillow wrote. “Yet, those buyers still in the market are benefiting from more options and bargaining power. Sellers whose listings check every box sell quickly, while others linger.”
More on mortgages, housing market:
- Zillow sounds alarm mortgage rates, housing market
- Berkshire Hathaway HomeServices predicts housing market pivot
- Redfin sends strong message on mortgage rates
The split shows up differently across the country, Zillow explains.
Several Midwest metros — including St. Louis, Cincinnati and Kansas City — see at least 3 in 10 homes go under contract within a week, helped by relatively affordable prices that keep demand strong.
In contrast, Sun Belt markets where inventory has climbed, such as Austin, San Antonio, Charlotte and Jacksonville, have fewer than 1 in 10 homes selling that quickly.
“Buyers in these markets have far more options and less incentive to make an immediate offer,” wrote Zillow senior economist Orphe Divounguy.
Home selling trends in largest U.S. housing markets
Zillow outlined homeselling trends in the U.S., listing data in the 10 largest markets, in order of size:
- In New York, the median home reached pending status in 25 days in March, the median active listing was 49 days old, and 5.6% of homes sold within seven days in February, with 53.4% of those quick sales closing above list compared with 33.9% of all homes.
- In Los Angeles, the median time to pending was 18 days in March, active listings had a median age of 40 days, and 14.4% of homes sold within seven days in February, with 56.1% of those fast sellers closing above list compared with 32.3% of all homes.
- In Chicago, the typical home went pending in 8 days in March, active listings had a median age of 26 days, and 25.0% of homes sold within seven days in February, with 58.5% of those quick sales closing above list compared with 24.7% of all homes.
- In Dallas, the median home went pending in 25 days in March, active listings had a median age of 52 days, and 13.6% of homes sold within seven days in February, with 36.5% of those fast sellers closing above list compared with 9.6% of all homes.
- In Houston, the median time to pending was 34 days in March, active listings had a median age of 73 days, and 11.9% of homes sold within seven days in February, with 28.1% of those quick sales closing above list compared with 7.5% of all homes.
- In Washington, D.C., the typical home went pending in 7 days in March, active listings had a median age of 24 days, and 33.5% of homes sold within seven days in February, with 62.1% of those fast sellers closing above list compared with 28.1% of all homes.
- In Philadelphia, the median home went pending in 9 days in March, active listings had a median age of 27 days, and 28.2% of homes sold within seven days in February, with 60.7% of those quick sales closing above list compared with 29.2% of all homes.
- In Miami, the median time to pending was 53 days in March, active listings had a median age of 104 days, and 8.9% of homes sold within seven days in February, with 19.4% of those fast sellers closing above list compared with 4.9% of all homes.
- In Atlanta, the typical home went pending in 33 days in March, active listings had a median age of 59 days, and 8.6% of homes sold within seven days in February, with 36.1% of those quick sales closing above list compared with 12.7% of all homes.
- In Boston, the median home went pending in 8 days in March, active listings had a median age of 18 days, and 28.7% of homes sold within seven days in February, with 69.6% of those fast sellers closing above list.
(Source: Zillow)
