In the monthly REALTORS® Confidence Index Survey, the National Association of REALTORS® asks members “For the last house that you closed in the past month, how long was it on the market from listing time to the time the seller accepted the buyer’s offer?”
Properties stayed on the market for fewer days in October 2016 compared to one year ago amid strong demand and tight supply. Nationally, properties sold in October 2016 were typically on the market for 41 days (39 days in September 2016; 57 days in October 2015). In many states, half of the properties that sold in August–October 2016 were on the market for less than 31 days. Local conditions vary, and the data is provided for REALTORS® who want to compare local markets against other states and the national summary. Looking at changes in this value over the last few years, in most states the median length of time that properties stay on the market continues to fall amid tight inventory conditions.[2] Nationally, short sales were on the market for the longest time at 99 days, while foreclosed properties typically stayed on the market for 50 days. Non-distressed properties were typically on the market for only 39 days. [1] Respondents were asked “For the last house that you closed in the past month, how long was it on the market from listing time to the time the seller accepted the buyer’s offer?” The median is the number of days at which half of the properties stayed on the market. In generating the median days on market at the state level, we use data for the last three surveys to have close to 30 observations. Small states such as AK, ND, SD, MT, VT, WY, WV, DE, and D.C., may have fewer than 30 observations. [2] The data shown here are states with observations of at least 150 over the rolling three-month period. [3] Days on market usually refers to the time period from listing date to contract date. Powered by WPeMatico
Nationally, 43 percent of properties were on the market for less than a month.[3] Only nine percent of properties were on the market for six months or longer.