Are you considering selling your house? If so, you might be pleasantly surprised by the current state of the housing market. While not quite as frenzied as the "unicorn" years of rapid sales, homes are still moving faster than usual. Let's dive into the latest data to understand just how quickly homes are selling and what this means for you as a potential seller.
The Trend of Fast-Selling Homes
To grasp the pace of home sales, let's examine the median days on the market for homes, using data sourced from Realtor. This metric tracks the time from a house being listed for sale to either its closing date or the date it's taken off the market. Looking at the data spanning from 2017 to the present, we can see a clear trend:
The most recent data, depicted in green, indicates that homes are selling faster than usual, as shown by the blue line. Interestingly, the only periods when homes sold even faster were during the abnormal "unicorn" years, illustrated in pink. According to Realtor, homes now spend approximately 69 days on the market, which is three days less than the previous year and over two weeks shorter than pre-pandemic levels.
Implications for Sellers
What does this mean for prospective sellers like you? It suggests that the current market conditions are favorable for selling your home quickly. With more buyers entering the market due to lower mortgage rates and limited inventory, there's heightened demand for available homes. Mike Simonsen, Founder of Altos Research, confirms this, noting that demand is on the rise week by week in 2024.
