Have you been thinking about selling your house? If so, here’s 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, they’re 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 it’s 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. That’s because more people are looking to buy now that mortgage rates have come down, but there still aren’t 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
Moreover, the digital transformation of real estate processes has accelerated the speed at which homes are bought and sold. Online listings, virtual tours, and digital marketing strategies have streamlined the search and purchase experience for both buyers and sellers, enabling transactions to occur swiftly.
However, the fast-paced nature of the housing market also presents challenges. Buyers may face increased competition, leading to bidding wars and higher prices. Additionally, sellers must navigate the market dynamics to ensure they receive fair value for their properties.
As the housing market continues to evolve, it’s essential for buyers, sellers, and industry professionals to stay informed and adaptable. Understanding market trends, leveraging technology, and seeking expert guidance can help navigate the complexities of buying and selling homes in a fast-paced environment. Ultimately, the continued enthusiasm for homeownership underscores its enduring appeal and significance in people’s lives.
If you’re wondering if it’s 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 what’s happening in our local market, let’s connect.
