Quick-Selling Homes
Are you contemplating putting your house on the market? If you are, here’s some positive news. Although the housing market isn’t as frenetic as it was during the ‘unicorn’ years, when houses were selling faster than ever before, they are still selling more rapidly than the typical pace.
The graph below, using data from Realtor.com, illustrates the median days on the market for every January from 2017 to the latest available numbers. Days on the market, as defined by Realtor.com, denote the duration from when a house is listed for sale until its closing date or withdrawal from the market. This metric provides insight into how swiftly homes are selling relative to normal years:
Looking at the most recent data (illustrated in green), it's evident that homes are selling faster than usual (depicted in blue). In fact, the only years when houses sold even quicker than the present pace were during the exceptional ‘unicorn’ years (depicted 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 Imply for You?
Homes are selling faster than the usual rate for this period – and yours might sell swiftly too. This is because more individuals are keen to purchase now that mortgage rates have decreased, yet there still aren’t enough homes available. Mike Simonsen, Founder of Altos Research, notes:
“. . . 2024 is starting stronger than last year. And demand is increasing each week.”
If you’re contemplating selling your home, the latest data suggests it could be an opportune time to do so. The housing market seems to be more robust than usual for this time of the year. For the most recent updates on your local market, it’s advisable to connect with a real estate agent.
Contact us at (907) 694-3434 to learn more!