Houses Are Still Selling Fast
Are you considering putting your house on the market? Well, here’s some positive information for you. Although the real estate market is not as hectic as it was during the ‘unicorn’ years when homes were selling at an unprecedented pace, they are still selling faster than the average rate.
The chart presented below utilizes data sourced from Realtor.com to illustrate the median days a property spends on the market for each January from 2017 to the most recent available figures. According to Realtor.com, the days on the market represent the duration from when a house is listed for sale until its closing date or the date it is removed from the market. This metric can help give you an idea of just how quickly homes are selling compared to more normal years:
Upon reviewing the latest data (displayed in green), it becomes evident that homes are being sold at a swifter pace compared to the typical trend (depicted in blue). Remarkably, the only instances when houses experienced an even faster rate of sale than the present scenario were during the unconventional ‘unicorn’ years (illustrated 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?
Residences are currently selling at an accelerated pace compared to the usual rate for this season, and there’s a good chance your house might follow suit. This is attributed to an increased demand for home purchases, driven by the recent decline in mortgage rates. However, the supply of available homes remains insufficient to meet the growing demand. Mike Simonsen, Founder of Altos Research, says:
“. . . 2024 is starting stronger than last year. And demand is increasing each week.”
Bottom Line
If you’re considering whether now is an opportune moment to list your home for sale, the latest data indicates that it is indeed favorable. The current state of the housing market seems more robust compared to its typical performance during this season. For the most recent updates on the developments in our local market, let’s connect.
