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In the monthly REALTORS® Confidence Index Survey, NAR asks REALTORS® “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?”. The map below shows the median days on market of respondents about their sales from May-July 2015, according to the July 2015 REALTORS® Confidence Index Survey Report.[1]
Nationally, properties that closed in July 2015 were typically on the market for at 42 days (34 days in June 2015; 48 days in July 2014).11 Properties typically sold within a month in Washington, Oregon, California, Utah, Colorado, North Dakota, Kansas, Texas, Michigan, Massachusetts, and the District of Columbia.
Days on market typically increase after June due to seasonality effects. Amid tight supply, properties stayed on the market for fewer days compared to a year ago.
All real estate is local. State-level data permits the comparison of local markets against the state and national summary.
[1] The median days on market is the value such that half of properties stayed in the market below the median days and half of properties stayed on the market above the median days.
11 Respondents were asked “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?” The median is the number of days at which half of the properties stayed on the market.
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