According to recently released data from the National Association of Realtors (NAR), the median amount of time a home spent on the market hit an all-time low of only three weeks in 2017.
The time homes spent on the market hit an all-time low in 2017 at just three weeks, the National Association of REALTORS® reports. A low inventory of homes for sale mixed with strong buyer demand has helped to keep market times low from 2014 to 2017.
During the height of the housing boom from 2001 to 2005, homes sold within a month of being listed. But as the housing market began to slow in 2006, the median time jumped to six weeks, and then to 10 weeks by 2009.
Tight inventories and a lack of construction of homes has helped to keep homes selling faster in recent years, NAR notes.
Strong buyer demand, a good economy, and a low inventory of new and existing homes for sale created the perfect storm to accelerate the time between listing and signing a contract. The time needed to sell a home has dropped substantially since its highest mark of 11 weeks in 2012.
The chart below shows the median weeks on the market from 1987 to today.
If you are a homeowner who is debating whether or not to list your home for sale, know that national market conditions are primed for a quick turnaround!
Meet with a local Redco real estate agent who can explain to you exactly what’s going on in your area, today!