If you've been thinking about selling your house, you may be wondering if now is a good time. Although the market isn't as hot as the frenzy of a few years ago, homes are still selling faster than normal.
The graph below shows median days on market data from Realtor.com for January of each year from 2017 through 2024. Days on market measures how long it takes for a home to sell from when it's first listed. This shows how quickly homes are selling compared to more typical years.
The most recent data, shown in green, reveals homes are selling faster now than the historical norm, shown in blue. In fact, only the unusual “unicorn” years, in pink, had faster selling times. According to Realtor.com:
“Homes spent 69 days on the market, which is three days less than last year and more than two weeks less than before the COVID-19 pandemic.”
What This Trend Means For Sellers
Homes are selling faster than average right now, so your home may sell quickly too. More buyers are looking now because mortgage rates have dropped, but inventory is still low.
Mike Simonsen, Founder of Altos Research, notes:
“2024 is starting stronger than last year. And demand is increasing each week.”
Current data suggests now may be an opportune time to sell. The market appears stronger than typical for this time of year. To learn more about your local conditions, connect with a real estate agent.
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