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April 26, 2017

Properties Typically Sold Faster at 34 Days in March 2017 Amid Tight Supply

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?”

Amid strong demand and tight supply, properties sold in March 2017 were typically on the market for a shorter period compared to one year ago. The median days on market was 34 days (45 days in February 2017; 47 days in March 2016), based on the March2017 REALTORS® Confidence Index Survey Report.[1]

Properties that sold in January–March 2017 were typically on the market for less than 31 days in 12 states and in the District of Columbia. Looking at the values over the last few years, in most states the median length of time that properties stay on the market has trended downwards, though the graphs also show that days on market in some states fluctuates seasonally.[2]

days on market

 

west

midwest

south

northeast

The length of time that properties are on the market has fallen as demand has outpaced the inventory of homes for sale. In 2011, properties were typically on the market for 97 days.

distressed

Nationally, 48 percent of properties that sold in March 2017 were on the market for less than a month (42 percent in February 2017; 42 percent in March 2016).[3] Only 11 percent of properties were on the market for six months or longer (10 percent in February 2017; 13 percent in March 2016).

time


[1]The survey asks, “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.

[2]To increase the number of observations for each state, NAR uses data from the last three surveys. The selected states shown in these charts are those with approximately 150 observations.

[3] Days on market usually refers to the time from listing date to contract date.

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