Adjusting Our Thinking About Time On Market


Adjusting Our Thinking About Time On Market
By Scott Rogers • August 11, 2023
For the past three years we have seen most homes going under contract very quickly. The median days on market (# days between list date and under contract date) has been at or below seven days for 33 out of the past 36 months. But now, some properties seem to be lingering on the market a bit longer than they might have over the past few years. A few related thoughts come to mind based on recent conversations with a variety of sellers, future sellers and fellow agents... [1] The median was always just the median - not the all. :-) When the median days on market was five days -- which it was for about a year -- that didn't mean all homes were going under contract within five days -- it meant that at least half of them were. Thus, there were plenty of homes that were taking longer than five days to go under contract. [2] In the six months leading up to the start of the Covid-19 pandemic, we were seeing median days on market between 14 days and 21 days. As such, if (or when) we see the median days on market figure start to drift upwards there is a lot of room for it to rise before it gets to levels we were seeing prior the past 3.5 crazy years. [3] Flipping backwards five (and six) years -- the median days on market was 29 days (in the 12 months leading up to and including July 2018) and was 42 days (in the 12 months leading up to and including July 2017). [4] It will be a jarring reality for some (or many) home sellers over the next few years if it is taking a month or two for houses to go under contract -- instead of just a week or two. [5] If or as the market continues to adjust relative to how quickly homes are going under contract -- we are going to have to adjust our thinking about "time on market" -- and realize that just because a house isn't under contract within a week, or two, or three -- that doesn't mean it's a terrible house that nobody will ever want to buy. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 24, 2024 (unless otherwise noted).
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