The Hot Seller's Market: Why Houses Are Still Selling Fast

Are you considering selling your house in today's real estate market? Here's some great news: While the frenzied pace of the housing market during the 'unicorn' years has slowed down, homes are still selling at a faster-than-normal rate. In this blog, we'll delve into the data and trends to help you understand just how quickly homes are selling in the current market.

The Data: Median Days on Market

To gauge the speed of home sales, we'll turn to the median days on the market, a crucial metric that measures the time between a house being listed for sale and either its closing date or the date it's taken off the market. We'll examine data from January for each year, starting from 2017 up to the most recent numbers available.

The Current Trend

When we analyze the most recent data (highlighted in green), it becomes evident that homes are selling faster than the historical norm (represented by the blue line). In fact, the only times when houses sold even faster than they are right now were during the 'unicorn' years (illustrated in pink).

According to Realtor.com, the median days on the market for homes in the current market is 69 days. This is three days shorter than the previous year and more than two weeks shorter than before the COVID-19 pandemic hit. The data underscores the brisk pace of today's real estate market.

Expert Insights

Mike Simonsen, the Founder of Altos Research, provides valuable insights into the current market dynamics:

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

What Does This Mean for Sellers?

If you've been contemplating selling your home, the data suggests that now could be an excellent time to do so. Homes are selling faster than the typical pace for this time of year. This can be attributed to increased buyer activity, driven by lower mortgage rates, coupled with a limited housing supply.

Conclusion

In today's real estate market, homes are still selling at a brisk pace, indicating a strong seller's market. If you're considering selling your property, the current conditions are in your favor. To stay updated on the latest developments in our local real estate market, don't hesitate to get in touch with us. We're here to help you make informed decisions and navigate the exciting world of real estate.

Reference:

  • Realtor.com: [Link to the Source](insert link to Realtor.com source)