Houses Are Still Selling Fast: A Positive Outlook for Sellers

Thinking about putting your house on the market? Well, here's some encouraging news for you. While the housing market may not be as frenzied as during the ‘unicorn’ years, when homes seemed to fly off the shelves, the current scenario is still quite favorable for sellers.

According to data sourced from Realtor.com, the graph illustrates the median days on the market for every January from 2017 to the latest available numbers. The term "days on the market" refers to the duration between a house being listed for sale and its closing date or removal from the market. This metric provides valuable insights into the pace of home sales compared to typical years:

When examining the most recent data in green, it's evident that homes are selling faster than the usual pace shown in blue. Remarkably, the only years where houses sold even quicker were the extraordinary ‘unicorn’ years, as indicated in pink. According to Realtor.com, homes spent an average of 69 days on the market, three days shorter than the previous year and over two weeks shorter than the pre-COVID-19 pandemic period.

So, what does this mean for potential sellers like you? Well, the accelerated pace of home sales is a result of increased buyer interest, driven in part by lower mortgage rates. However, the supply of available homes hasn't kept up with this surge in demand. Mike Simonsen, Founder of Altos Research, notes that 2024 is off to a stronger start than the previous year, with demand steadily increasing each week.

In essence, if you're contemplating selling your home, the latest data strongly suggests that now is a favorable time to do so. The housing market appears to be defying seasonal norms, presenting an opportune moment for sellers. To stay updated on the latest developments in our local market, let's connect and navigate the exciting dynamics of the current real estate landscape together! 🏠📈 #RealEstate #HomeSelling #MarketTrends

2-7-2024