47% of Homes Are Selling in under a Month
In some cities across the country, homes are selling faster than ever.
Nationally, properties typically stayed on the market for 34 days in June the shortest number of days since the National Association of REALTORS® started following in May 2011. Short sales spent the most time on the market at 129 days, foreclosures sold in 39 days, and non-distressed homes were available for 33 days. NAR reports that 47 percent of homes sold in under a month in June.
The real estate brokerage Redfin's barometer is showing the median time on the market dropped to just 26 days in June, the most shortest time on record. In some hot housing markets, homes were selling in 11 days or less.
Denver homes sold in six days or less in June; Seattle's average was nine days; Portland was 10 days; and Boston was 11 days, as indicated by Redfin.
Be that as it may, a few urban communities are seeing longer offering times. Case in point, the average time for homes in Brownsville, Texas was 122 days; Myrtle Beach, S.C., was 105 days; Miami was 75 days; and metro New York 68 days, as per June information from realtor.com®, which is based off of data from nearby MLSs across the nation.
The strength of the local economy, employment and income growth, and low inventories of homes for sale compared to demand are all factors that lead to faster selling times, according to economists.