{"id":49239,"date":"2016-05-25T15:46:57","date_gmt":"2016-05-25T22:46:57","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=49239"},"modified":"2020-10-06T17:08:17","modified_gmt":"2020-10-07T00:08:17","slug":"indycar-real-estate-races-what-are-the-fastest-markets","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/indycar-real-estate-races-what-are-the-fastest-markets\/","title":{"rendered":"IndyCar Real Estate Races: What Are the Fastest Markets?"},"content":{"rendered":"

With the 100th running of the Indy 500 coming up over Memorial Day weekend, speed and history are the names of the game. Will upstart Simon Pagenaud win it this year? Or will Juan Pablo Montoya take the crown? Either way, is Penske now the best team? <\/span>
\nWith the races approaching, we couldn\u2019t help but think about another speed event: home sales. This spring has been red hot and many buyers are finding that they need to jump on homes quickly to close the deal. Last month, the typical home spent 47 days on the market. That\u2019s nine days fewer than last year. And competition for those homes was strong, with 22.5 percent selling for more than what homeowners asked.<\/span>
\nBut what about cities where IndyCar races are held? We looked at the median number of days homes spent on the market in those cities in April to rank the fastest IndyCar housing markets below.<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Rank<\/th>\nIndyCar Markets<\/th>\nMedian Sale Price<\/th>\nMedian Days on Market<\/th>\nSold in Two Weeks or Less<\/th>\n<\/tr>\n<\/thead>\n
\u00a01<\/td>\nSan Francisco, CA
\n<\/a>(GoPro Grand Prix of Sonoma)<\/span><\/td>\n		$1,200,000<\/td>\n19<\/td>\n29.9%<\/td>\n<\/tr>\n<\/tbody>\n
\u00a02<\/td>\nBoston, MA
\n<\/span><\/a>(Grand Prix of Boston (CANCELLED))<\/span><\/td>\n		$360,000<\/span><\/td>\n20<\/span><\/td>\n24.3%<\/span><\/td>\n<\/tr>\n<\/tbody>\n
\u00a03<\/td>\nDallas-Fort Worth, TX
\n<\/a><\/span>(Firestone 600)<\/span><\/td>\n		$228,000<\/td>\n24<\/span><\/td>\n24.7%<\/span><\/td>\n<\/tr>\n<\/tbody>\n
\u00a04<\/td>\nDetroit, MI
\n<\/a><\/span>(Chevrolet Dual in Detroit)<\/span><\/td>\n		$151,500<\/span><\/td>\n29<\/span><\/td>\n27.6%<\/span><\/td>\n<\/tr>\n<\/tbody>\n
\u00a05<\/td>\nLos Angeles, CA
\n<\/a><\/span>(Grand Prix of Long Beach)<\/span><\/td>\n		$530,000<\/span><\/td>\n34<\/span><\/td>\n21.3%<\/span><\/td>\n<\/tr>\n<\/tbody>\n
\u00a06<\/td>\nPhoenix, AZ
\n<\/a><\/span>(Phoenix Grand Prix)<\/span><\/td>\n		$225,000<\/span><\/td>\n47<\/span><\/td>\n19.1%<\/span><\/td>\n<\/tr>\n<\/tbody>\n
\u00a07<\/td>\nIndianapolis, IN
\n<\/a><\/span>(Indy 500)<\/span><\/td>\n		$150,000<\/span><\/td>\n52<\/span><\/td>\n15.7%<\/span><\/td>\n<\/tr>\n<\/tbody>\n
\u00a08<\/td>\nTampa, FL
\n<\/a><\/span>(Firestone Grand Prix of St. Petersburg)<\/span><\/td>\n		$179,000<\/span><\/td>\n53<\/span><\/td>\n17.6%<\/span><\/td>\n<\/tr>\n<\/tbody>\n
\u00a09<\/td>\nPhiladelphia, PA
\n<\/a><\/span>(ABC Supply 500)<\/span><\/td>\n		$225,000<\/span><\/td>\n53<\/span><\/td>\n11.1%<\/span><\/td>\n<\/tr>\n<\/tbody>\n
\u00a010<\/td>\nColumbus, OH
\n<\/a><\/span>(Honda Indy 200 at Mid-Ohio)<\/span><\/td>\n		$174,000<\/span><\/td>\n57<\/span><\/td>\n7.1%<\/span><\/td>\n<\/tr>\n<\/tbody>\n
\u00a011<\/td>\nMilwaukee, WI
\n<\/a><\/span>(Road America)<\/span><\/td>\n		$182,500<\/span><\/td>\n73<\/span><\/td>\n4.6%<\/span><\/td>\n<\/tr>\n<\/tbody>\n
\u00a012<\/td>\nBirmingham, AL
\n<\/a><\/span>(Grand Prix of Alabama)<\/span><\/td>\n		$185,000<\/span><\/td>\n75<\/span><\/td>\n8.1%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

San Francisco<\/span><\/a>\u2014<\/span>the nearest large metropolitan area to the <\/span>GoPro Grand Prix of Sonoma<\/span><\/a>\u2014<\/span>had the fastest market, with a typical home spending just 19 days on the market and one in three homes selling in two weeks or less. San Francisco buyers are actually enjoying a little more breathing room this year than last, when half of homes went under contract within 14 days. Redfin agents report that homes that would have gone off the market in a handful of days last year are now staying on the market for two to three weeks before finding a buyer. <\/span>
\nIn<\/span> Boston<\/span><\/a>\u2014<\/span>the home of the ill-fated<\/span>\u00a0Grand Prix of Boston<\/span><\/a>\u2014<\/span>the housing market is speeding up this year. Redfin agent <\/span>Eileen Lorway<\/span><\/a> says sellers who waited until this year to list their homes are benefiting from the increased intensity of the market.<\/span>
\n\u201cAfter initially listing a year ago, one of my clients ended up taking their home off the market in order to make upgrades before selling,\u201d Lorway said. \u201cWe put it back on the market this year and within six days received 11 offers, one of which was $47,000 over the asking price. Changing their plan and waiting to sell was a blessing in disguise.\u201d<\/span>
\nLorway said it\u2019s not uncommon for her clients\u2019 homes to sell in less than a week. <\/span>
\nIndianapolis<\/span><\/a>, the host of the Indy 500, finished in the middle of the pack. Homes in Indy sold eight days faster than at this time last year, with 19 percent fewer homes for sale, leading to an inventory crunch. \u00a0<\/span>
\n“Many buyers are discouraged by the limited selection of homes for sale and are willing to wait for something better to come up later this spring,” said Redfin agent <\/span>Jake Johnson<\/span><\/a>. \u201cThose who need to move now, however, are contributing to the market acceleration by relying on technology like Redfin Instant Updates and offering on well-priced homes within hours of their market debut.\u201d <\/span>
\nUnlike an IndyCar race, an ideal housing market drives in the middle of the pack<\/span>\u2014<\/span>not too fast and not too slow. Housing markets often accelerate to speeds like those we\u2019re seeing in San Francisco when demand far exceeds supply. High speeds are often accompanied by escalating prices and risky competitive strategies like waived inspection contingencies. There\u2019s only one winner in a bidding war, so many homebuyers are essentially excluded from the market, and some would-be sellers don\u2019t list their homes for <\/span>fear of not being able to find or win another in time<\/span><\/a>. When homes sit on the market for too long, the overall supply of houses becomes stagnant and homeowners can\u2019t get the necessary capital to move up to a new home. In a moderately paced housing market, home sellers have a better chance of getting fair market price for their homes, and buyers aren\u2019t as likely to overpay in rapid-fire deals.<\/span>
\nNote: The ranking does not include the IndyCar Grand Prix at the Glen, Iowa Corn 300 or Honda Indy Toronto because they take place outside of Redfin\u2019s service area.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

IndyCar races are taking place across the country, but which of those cities have the fastest real estate markets? <\/p>\n","protected":false},"author":13312,"featured_media":49267,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,14],"dashboard":[],"coauthors":[],"class_list":["post-49239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-industry"],"acf":[],"yoast_head":"\nIndyCar Real Estate Races: What Are the Fastest Markets? - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"IndyCar races are taking place across the country, but which of those cities have the fastest real estate markets? 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