Properties Sold Faster in 2016 at 43 Days

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?”

REALTORS® reported that properties typically stayed on the market for fewer days than in 2015, according to the December 2016 REALTORS^® Confidence Index Survey Report, a monthly survey of REALTORS® about their sales activity and local market conditions.[1] In 2016, properties stayed on the market for 43 days (50 days in 2015). The length of time 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.

During October—December 2016, properties were typically on the market for less than 31 days in Washington, Oregon, California, Alaska, Utah, Nebraska, Massachusetts, and 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 vary seasonally.[2]

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[1]The author acknowledges Danielle Hale, Managing Director, Housing Research; Meredith Dunn, Research Communications Manager; and Amanda Riggs, Research Survey Analyst for their comments. Any errors are attributable to the author.

[2]To increase the number of observations for each state, the analysis is based on a 3-month rolling period. The states shown in these charts are those with approximately 150 observations.