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It sounds simple, but do you know what constitutes the average for days on market? Those things can be different depending on a variety of variables, whether you’re a seller or buyer.
First, think about the actual marketplace. What is happening in the neighborhood? Think of it as supply and demand. Are there more buyers than sellers? What time of year is it? Is inventory low or high?
Industry trends based on market conditions in a given city, state, or the country can affect it, too. Right now, we're seeing fewer Baby Boomers buying. In fact, they're starting to downsize more consistently. At the same time, we're experiencing millennials moving away from renting and toward purchasing. The cycle has a tendency to continue itself.
"The cycle has a tendency to continue itself."
These are the big things that make up the average days on market, but there are also economic factors. Interest rates, down payment amounts, and even political events (like elections) come into play. Nationally, average days on market is hovering around two months. In aggressive neighborhoods though, homes can sell in as fast as a day. Conversely, they could also take much longer than 2 months.
If you have any questions about these trends, we'd love to be your real estate resource. Give me a call; I'd love to speak with you. As always, if you're thinking about buying or selling a home, we'd love to work with you!
