Homes are still selling faster than normal...

Are you contemplating putting your home on the market? Here's some encouraging news: while the housing market isn't experiencing the same frenzy as the 'unicorn' years, when homes were snatched up faster than ever, they're still selling at an accelerated pace compared to usual.

Using data from Realtor.com, the graph below illustrates the median days on the market for each January from 2017 to the most recent available figures. For Realtor.com, "days on the market" refers to the duration from when a house is listed for sale until its closing date or when it's taken off the market. This metric offers insight into how swiftly homes are selling relative to typical years:

When examining the latest data (shown in green), it's evident that homes are selling faster than the usual pace (depicted in blue). In fact, the only times when homes sold even faster than they do now were during the unusual '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 seasonal norm, indicating that your home might sell swiftly too. This is because more prospective buyers are entering the market due to reduced mortgage rates, yet the supply of homes remains limited. Mike Simonsen, Founder of Altos Research, notes:

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

Bottom Line
If you're contemplating selling your home, the latest data suggests that now could be an opportune time. The housing market appears to be more robust than usual for this time of year. For the most current insights into your local market conditions, consider reaching out to a real estate agent.

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