Homes today spend an average time of 21 days on the market-far shorter compared to median of 11 weeks five years ago, as outlined by new data from the National Association of REALTORS®. “The inventory shortage and the growing economy and job creation has increased the interest in home buying,” says NAR Chief Economist Lawrence Yun. “There is just not enough inventory; people need to fight over the few homes available on the market.”
This Shows How Quickly a Home Sells Nowadays
Historically, about 1.2 million new homes are built annually, however this year, approximately 800,000 have been completely constructed. “It’s been below that in prior years, and in the past decade, greatly lower than that,” Yun says. “Today’s shortage is largely explained by a decade of underproduction.”
Some markets are so hot that even 21 days is too long for a home to remain. “If we make it three weeks in our market, there is something wrong,” Boston-area real estate agent Darlene Umina told CNNMoney. “These days, you know within the first weekend whether the price was right.” Umina says she hosted an open house earlier this year that triggered 18 offers on the home. Three of those offers were cash.
In San Francisco, real estate pro Erin Thomas says she’s had buyers arrive at open houses and submit an offer on the spot. She also says offers above the list price and without contingencies are becoming more commonplace.
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