Why Days on Market Matters to Home Buyers When Selling a House
The amount of time a home spends on a market (a statistic known as “days on market”) depends on a variety of factors like location, market trends, how your listing is marketed, and pricing.
Prospective buyers know how long a house has been listed for, and that information can influence behavior, which is why days on market matters when selling a house. In short, buyers look at days on market as a catch-all to see if something is wrong with the house, either in terms of price or condition, and can see a high number as a red flag.
What’s the average days on market?
As of August 2024, across the nation, the median amount of days a home spent on the housing market amounted to 53. Five years ago, that was around 59. Of course, what’s true in one location isn’t necessarily true for the next, so understanding your local context is important for putting days on market into context.
For instance, in Lafayette, LA the median days on market spent is 71 days, while in Atlanta, GA that number is 47 days. This average is one of the most crucial metrics in indicating how hot or cool the local housing market is.
In general, home sellers don’t want a protracted selling process, especially given that buyers get spooked by listings that have been active for a while. To maximize your chances of a timely home sale, working with a top agent can help a lot. We spoke with top Lafayette agent Diana Greene for insights that can help sellers overcome challenges that are unique to the market they’re attempting to sell their home in.
Here, we’ll review some great strategies that will help to ensure that your home sells as quickly as possible, including marketing, home prep, and pricing. The numbers show that the strategies work, too. Greene has sold 100% of her listings while completing 3% more sales than the average real estate agent in Lafayette, LA.
