Properties Continue to Sell Rapidly

Have you been considering selling your house? If so, here's some positive news. While the real estate market is not as frenzied as it was during the ‘unicorn’ years when properties were selling faster than ever, they are still selling more rapidly than usual.

The following graph, based on data from Realtor.com, illustrates the median days on the market for each January starting from 2017 up to the most recent available figures. According to Realtor.com, "days on the market" refers to the duration from when a house is listed for sale until its closing date or the date it's removed from the market. This metric can provide insight into the pace at which homes are selling compared to typical years.

Examining the latest data (depicted in green) reveals that homes are selling at a faster rate than usual (indicated by blue). Remarkably, the only periods when houses sold at an even swifter pace than present were during the extraordinary 'unicorn' years (displayed in pink). As per Realtor.com:

"Homes were on the market for 69 days, marking a three-day reduction from the previous year and over two weeks shorter than the period before the onset of the COVID-19 pandemic."

What Does This Mean for You?

Properties are selling at a faster pace than usual for this time of year, and your home may also sell quickly. This is due to increased buyer interest following the decline in mortgage rates, coupled with a shortage of available homes. Mike Simonsen, the Founder of Altos Research, suggests that the current market conditions are favorable for sellers.

2024 is off to a stronger start than last year, and demand is increasing each week."

Bottom Line

If you're considering whether it's a favorable time to sell your home, the most recent data indicates that it is. The housing market seems to be stronger than usual for this time of year. To stay updated on the current situation in your local market, it's advisable to engage with a real estate agent.