Houses Are Still Selling Fast
Have you been thinking about buying a house? If so, you may want to take action! While the housing market isn’t as frenzied as COVID’s ‘unicorn’ years, they’re still selling faster than normal; and inventory levels aren’t helping.
The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.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). 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 Mean for You?
Homes are selling faster than the norm for this time of year – and a house you’re interested in may sell quickly too. That’s because more people are looking to buy now that mortgage rates have come down, but there still aren’t enough homes to go around. Mike Simonsen, Founder of Altos Research, says:
“. . . 2024 is starting stronger than last year. And demand is increasing each week.”
The recent shift in the market has spurred on buyers motivated by lower interest rates and catching pricing near the bottom. So, if you’re savvy buyer who’s been watching rates and are getting ready to make the leap, the most recent data suggests now is a good time, but you need to get all your ducks in a row so that you can act quickly. Let’s connect on what steps you need to take and how you can best position yourself to be the winning offer. To get the latest updates on what’s happening in our local market, just reach out.