Have you been thinking about selling your house? If so, here’s some good news. While the housing market isn’t as frenzied as during the ‘unicorn’ years when houses sold quicker than ever, they’re still selling faster than normal.
The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 through the latest numbers available.
For Realtor.com, days on the market mean from when a house is listed for sale until its closing date or when it’s taken off the market. This metric can help give you an idea of just how quickly homes are selling compared to more normal years:
When you look at the most recent data (shown in green), it’s clear homes are selling faster than they usually would (shown in blue). The only years when houses sold even faster than now were the abnormal ‘unicorn’ years (shown in pink).
According to Realtor.com:
“Homes spent 69 days on the market, which is three days shorter than last year and more than two weeks shorter than before the COVID-19 pandemic.”
What Does This Mean for You?
Homes are selling faster than the norm for this time of year – and your house may sell quickly, too. That’s because more people are looking to buy now that mortgage rates have come down, but there still aren’t enough homes.
Mike Simonsen, Founder of Altos Research, says:
“. . . 2024 is starting stronger than last year. And demand is increasing each week.”
Bottom Line
If you’re wondering if it’s a good time to sell your home in Chicago, Illinois, the most recent data suggests it is. The housing market appears stronger than usual at this time of year. Let’s connect to get the latest updates on what’s happening in our local market.
