Thinking about selling your house? Here's some encouraging news: while the housing market isn't as frenetic as it was during the 'unicorn' years, where homes flew off the shelves, they're still selling faster than average.
Data from Realtor.com paints a clear picture of the median days houses spend on the market from 2017 to the present. Days on the market, according to Realtor.com, measure the time from listing to either closing or removal from the market. This metric offers insight into the speed of home sales compared to typical years.
When analyzing the most recent data (shown in green), it's evident that homes are selling faster than usual (shown in blue). Only during the abnormal 'unicorn' years (shown in pink) did homes sell even faster than they are now. Realtor.com notes:
"Homes spent 69 days on the market, three days shorter than last year and over two weeks shorter than pre-COVID-19."
What Does This Mean for Sellers?
Homes are selling faster than the seasonal norm, indicating the potential for a swift sale of your own property. This trend is attributed to increased buyer interest due to lower mortgage rates, coupled with a shortage of available homes. Mike Simonsen, Founder of Altos Research, observes:
". . . 2024 is starting stronger than last year. And demand is increasing each week."
The latest data suggests that now is a favorable time to sell your home. The housing market is showing robust activity compared to typical seasonal patterns. For the most up-to-date information on your local market, consider reaching out to a real estate agent.