I just had this problem too. I got much faster tests by using dj-inmemorystorage. 
The quick way of setting this up is by creating a test_settings.py in the same folder as your settings:
from settings import *
DEFAULT_FILE_STORAGE = 'inmemorystorage.InMemoryStorage'
...and calling ./manage.py test --settings=project.test_settings to run the tests.
My preferred way is to set up a custom test runner:
In project/test_runner.py:
from django.conf import settings
from django.test.runner import DiscoverRunner
class FastTestRunner(DiscoverRunner):
    def setup_test_environment(self):
        super(FastTestRunner, self).setup_test_environment()
        # Don't write files
        settings.DEFAULT_FILE_STORAGE = 'inmemorystorage.InMemoryStorage'
        # Bonus: Use a faster password hasher. This REALLY helps.
        settings.PASSWORD_HASHERS = (
            'django.contrib.auth.hashers.MD5PasswordHasher',
        )
Note: This also sets the PASSWORD_HASHER, because it significantly improves User creation time. This should NOT be set in production.
In project/settings.py:
TEST_RUNNER = 'project.test_runner.FastTestRunner'
The requirements:
pip install dj-inmemorystorage
UPDATE: changed from django-inmemorystorage to dj-inmemorystorage.
UPDATE 2: Removed django-discover-runner, as it's now the default test runner in django, and fixed the link to the PASSWORD_HASHER related blog post.