Houses Are Still Selling Fast

Houses Are Still Selling Fast

Have you been thinking aboutselling your house? If so, here's some good news. While the housing market isn't as frenzied as it was during the'unicorn' yearswhen houses were selling quicker than ever, they're still selling faster than normal.

The graph below usesdatafromRealtor.comto tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. ForRealtor.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).AccordingtoRealtor.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 areselling fasterthan the norm for this time of year and your house may sell quickly too. That's because more people are looking to buy now thatmortgage rateshave come down, but there still aren'tenough homesto go around. Mike Simonsen, Founder ofAltos Research,says:

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

Bottom Line

If you're wondering if it's a good time tosell 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 thelatest updateson what's happening in our local market, let's connect.