Recent statistics by the National Association of Realtors show that the length of time a home is on the market has a major effect on how much it sells for. The duration of time in which homes are listed for sale has been steadily falling over the last couple years, with a 25% decrease in listing time over 2015. This can be attributed to buyers losing faith in their future as well as an overall slowdown in total inventory. You can go here https://www.martinlegacyholdings.com/sell-my-house-fast-in-martinez-ga/ to read more.
Currently, homes take an average of 57 days to sell across the US. This is good news for buyers and sellers as it represents a substantial decrease when compared to the peak of 108 days in 2007. However, there is a serious caveat to this overall trend. Right now, homes are selling at about nationwide average pricing level. This means that sellers are not receiving the market value for their homes which makes it harder for them to break even. Furthermore, there is evidence that the National Association of Realtors’ data on median home sales price and median number of days on market is not entirely accurate. This is a major problem that can be remedied by using statistics offered by Zillow.
Comparing Median Sales Prices and Days on Market by City
According to Zillow’s analysis, the median sales price and days on market for all houses in the US have not followed the same trend as seen nationwide. For example, although there is a decrease in days on market in many major cities across the country, there was an increase of about 1% for median sales price. This means that even though homes are selling quicker, they may be on the market for a slightly more expensive price. This is evidence to suggest that this National Association of Realtors (NAR) data may be flawed, thus making it misinform people about the true state of the housing market.
According to Zillow’s statistics, homes in Glendale and Phoenix are taking much longer to sell in comparison with houses across the nation. In addition, homes in both cities have experienced a decrease in median sales price during 2016 and 2017. However, unlike nationwide trends, home prices have increased by a small amount since 2012.