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In the monthly REALTORS® Confidence Index Survey, NAR asks REALTORS® “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 map below shows the median days on market of respondents about their sales from June-August 2015: August 2015 REALTORS® Confidence Index Survey.[1]
Properties typically sold within a month in Washington, Oregon, California, Utah, Colorado, North Dakota, Texas, Michigan, Massachusetts, and the District of Columbia. In Vermont, properties were typically on the market for longer than 90 days when sold. Nationally, properties that closed in August 2015 were typically on the market for 47 days (42 days in July 2015; 53 days in August 2014).11 Days on market typically increase after June due to the seasonal slowing down in demand. Respondents reported that it typically took another 42 days to close the sale. All real estate is local. State-level data is provided for REALTORS® who may want to compare local markets against the state and national summary.
[1] The median days on market is the value such that half of properties stayed in the market below the median days and half of properties stayed on the market above the median days.
11 Respondents were asked “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.
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