Time On Market Improves For 1st Time In Years

Time On Market Improves For 1st Time In Years

When homes are selling quickly, home buyers need to be prepared. If they aren’t, they risk losing a home they’re interested in to a better prepared buyer who got to it first.

That was a common occurrence during the frenzied days of last year’s housing market. A good home for sale could be off the market in a matter of days, which meant buyers needed to be ready to act fast. Fortunately, the market has calmed down since then.

In fact, according to one new analysis, the number of days homes typically spend on the market just improved for the first time in two years. The data, from the National Association of Realtors’ consumer website, shows homes for sale now typically spend five more days on market than they did last year at the same time. That’s the first improvement since June 2020.

But while that’s undoubtedly good news for prospective home buyers, it doesn’t mean they can take too much time. The typical home still sells 22 days faster than it did between 2017 and 2019. (source)

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