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In the monthly REALTORS® Confidence Index Survey, the National Association of REALTORS® asks members “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?”
Properties stayed on the market for fewer days in August 2016 compared to one year ago amid strong demand and tight supply, according to the August 2016 REALTORS® Confidence Index Survey Report. Nationally, properties sold in August 2016 were typically on the market for 36 days (36 days in July 2016; 47 days in August 2015).11 Local conditions vary, and the data is provided for REALTORS® who want to compare local markets against other states and the national summary.
In many states, half of the properties that sold in June–August 2016 were on the market for less than 31 days.
Looking at changes in this value over the last few years, in most states, the median length of time that properties stay on the market continues to fall, amid tight inventory conditions.
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. In generating the median days on market at the state level, we use data for the last three surveys to have close to 30 observations. Small states such as AK, ND, SD, MT, VT, WY, WV, DE, and D.C., may have fewer than 30 observations.
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