Houses Are Still Selling Fast

Have you been thinking about selling your house? If so, heres some good news. While the housing market isn't as frenzied as it was during the unicorn years when houses were selling quicker than ever, theyre still selling faster than normal.

The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.com, days on the market means from the time a house is listed for sale until its closing date or the date its taken off the market. This metric can help give you an idea of just how quickly homes are selling compared to more normal years:

When you look at the most recent data (shown in green), it's clear homes are selling faster than they usually would (shown in blue). In fact, the only years when houses sold even faster than they are right now were the abnormal unicorn years (shown 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 norm for this time of year and your house may sell quickly too. Thats because more people are looking to buy now that mortgage rates have come down, but there still arent enough homes to go around. Mike Simonsen, Founder of Altos Research, says:

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

Bottom Line

If youre wondering if its a good time to sell your home, the most recent data suggests it is. The housing market appears to be stronger than it usually is at this time of year. To get the latest updates on whats happening in your local market, connect with a real estate agent.

Venessa James - Broker Associate    

ABR, ALHS, CHMS, MCNE, LUXE, SFR, SRS  

Platinum Experience Group - KW Professionals 

(281) 889-8292 platinumexperiencegroup.com

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