Homes Are Continuing to Sell Rapidly

Houses Are Still Selling Fast

Considering putting your house on the market? Here's some reassuring news. Although the housing scene isn't as feverish as it was during the peak years when homes vanished from listings in a blink, they're still moving faster than the average pace.

The graph below, sourced from Realtor.com, illustrates the median days houses spend on the market for each January from 2017 up to the latest available figures. For Realtor.com, "days on the market" signifies the duration between a house being listed for sale and either its closing or removal from the market. This metric offers insight into the swiftness of home sales relative to typical years:

 

In the most recent data (depicted in green), it's evident that homes are changing hands faster than the usual rate (illustrated in blue). In fact, the only times when houses moved even quicker were during the extraordinary 'unicorn' years (highlighted in pink). According to Realtor.com:

“Homes spent 69 days on the market, which is three days shorter than last year and more than two weeks shorter than before the COVID-19 pandemic.”

What Does This Mean for You? Homes are selling faster than the typical pace for this season — and yours might follow suit. This uptick is fueled by increased buyer interest spurred by lowered mortgage rates, yet the supply of available homes still falls short. Mike Simonsen, Founder of Altos Research, notes:

“. . . 2024 is starting stronger than last year. And demand is increasing each week.”

Bottom Line

Considering selling your home? Recent data suggests that now could be an opportune time. The housing market appears more robust than its usual state for this time of year. To stay informed about the latest developments in your local market, reach out to a real estate agent.

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