DALLAS -- Increased demand for homes in the Dallas market has houses selling at a rapid rate, according to a new real estate report by Redfin.com.
In March, more than one in 10 homes sold within three days of going up on the market, the report said. Dallas ranks fifth in the country just behind Portland, Ore., where 14.5% of homes sold in less than 72 hours.
Just one month prior, 38.8% of Dallas-area homes sold within two weeks of being listed.
The Redfin report mentions the high demand and low inventory as two causes for the quick sales. The report also said population growth in metropolitan areas has more buyers looking for houses. The D/FW market saw a 1.6% population increase from March 2013 to March 2014.
Denver, Colo., has the fastest-selling housing market in the U.S. Twenty-seven percent of homes there were bought within the 72-hour window, according to Redfin.com.
Analysts from Redfin.com warned buyers to be prepared for competitive situations through the spring.