OK, False Alarm, Most Homes Are Still Selling Very Quickly


OK, False Alarm, Most Homes Are Still Selling Very Quickly
By Scott Rogers • December 8, 2023
Yesterday I took a look at a very small data set (homes going under contract the week prior) and noticed that new homes were selling very quickly and resale homes were not... Median Days On Market For Listings Going Under Contract In The Past Week: All (44) Homes = median of 6 days (22) New Homes = median of 0 days (22) Resale Homes = median of 38 days As a result, I decided to dig deeper into the data to see if the (somewhat artificially) low days on market for new homes was obscuring a more significant upward shift in median days on market for resale homes. And... as shown above... the new home data doesn't seem to be obscuring much. Blue Line = All Homes (new and resale) Orange Line = Resale Homes As you can see, these two trends tend to track pretty closely together over time. As such... disregard any hasty conclusions you or I drew yesterday about resale homes selling much more slowly than new homes. Yes... there are some resale homes that are taking quite a while to sell... but for the most part, resale homes continue to sell very quickly. 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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