The National Association of Realtors recently reported the new median time on the market for homes across the country, and it’s eight weeks shorter than it was five years ago.
Guess how long it takes for a home to sell, on average, right now.
That’s right, three weeks. And that’s just the median time on market (half are above and half below that), so a huge number of homes are selling much faster even. In 2012, the median time on the market for a sale was eleven weeks, and the dramatic difference now just speaks to the tight inventory and slow construction across the country that we’ve been referring to for the past few years. According to the NAR, an average of about 1.2 million new homes had been built historically, prior to the last decade, but only 800,000 so far this year, and much less on average over the last ten. So the NAR’s president attributes the current the shortage to – “a decade of underproduction” – that, and the fact that a growing economy and job growth have increased home buying overall, which is the good news!
It’s all good news really, for anyone thinking of listing a home for sale right now. But what if you’re out there looking to buy? Well, now more than ever it’s important to have the help of a good Realtor, so make sure you talk to us about your needs right away! Contact us any time – whether you’re buying or selling, we’re here to help you keep up with this fast moving market!