If you’ve been contemplating putting your house on the market, you might be pleasantly surprised by the current state of affairs in the real estate market. While the frenzy of the ‘unicorn’ years may have subsided, homes are still changing hands at a brisk pace, faster than what’s considered normal. This trend is indicative of a market that continues to show resilience and strength, even in the face of uncertainties.
Let’s take a closer look at the numbers.
The graph below, sourced from Realtor.com, tracks the median days on the market for homes from 2017 to the most recent available data. Days on the market, in Realtor.com’s context, refer to the duration from listing to closing or removal from the market. It’s a vital metric providing insights into the speed of home sales relative to typical market conditions.
When analyzing the latest data (highlighted in green), it’s evident that homes are selling faster than the historical average (depicted in blue). Remarkably, the only periods when homes sold even quicker were during the anomalous ‘unicorn’ years (illustrated in pink). According to Realtor.com, homes spent an average of 69 days on the market in the latest reporting period. This figure is three days shorter than the preceding year and more than two weeks swifter than pre-pandemic levels.
What does this mean for potential sellers like you?
The accelerated pace of home sales indicates a robust market, characterized by heightened demand and limited inventory. Mortgage rates have descended, prompting more prospective buyers to enter the market. However, the supply of available homes hasn’t kept pace with this increased demand. Mike Simonsen, Founder of Altos Research, affirms this trend by stating that 2024 is commencing with greater momentum than the previous year, with demand intensifying week by week.
In essence, if you’ve been contemplating selling your home, the current data suggests that now could be an opportune moment to do so. The market conditions favor sellers, with homes fetching attention and offers relatively swiftly compared to the usual seasonal norms. However, staying informed about local market dynamics is crucial. Connecting with a real estate professional can provide you with the latest insights and guidance tailored to your specific circumstances.
In conclusion, the real estate landscape is dynamic, and seizing the right opportunity can significantly impact your selling experience. With homes continuing to sell briskly, it’s prudent to evaluate your options and consider whether the time is right to list your property. As the market evolves, staying informed and proactive will be key to making informed decisions and achieving your real estate goals.