Houses Are Still Selling Fast
Considering putting your home on the market?
Here's the Good News:
While the housing market may not be as feverish as it was during the peak years of rapid sales, homes are still moving swiftly. The graph below, sourced from Realtor.com, illustrates the median days on the market for each January from 2017 up to the latest available data. In Realtor.com's terminology, 'days on the market' refers to the duration between listing a house for sale and its closing date or removal from the market. This metric offers insight into the pace of home sales compared to typical market conditions:
Analyzing the latest data (displayed in green), it's evident that homes are selling at an accelerated pace compared to the typical trend (depicted in blue). Remarkably, the current rate of sales exceeds even those observed during the extraordinary 'unicorn' years (highlighted in pink). According to Realtor.com:
"Homes spent an average of 69 days on the market, marking a three-day reduction from last year and more than a two-week decrease from pre-COVID-19 levels."
What Does This Mean for You?
With homes selling faster than usual for this season, there's a strong possibility that your property could also sell rapidly. This heightened pace is fueled by increased buyer interest following the decline in mortgage rates, yet the supply of available homes remains limited. Mike Simonsen, Founder of Altos Research, affirms:
"2024 is off to a stronger start compared to last year, with demand steadily rising each week."
Bottom Line
If you're contemplating selling your home, the latest data strongly suggests that now is an opportune time. The current state of the housing market appears notably robust for this time of year.
