Time on Market

The average length of time homes are on the market varies dramatically by geographic location. In a city like New York, the average home is on the market for a whopping 89 days as of November 2023. Homes for sale in Los Angeles are only on the market for an average of 33 days, slightly shorter than Phoenix’s 43 days on the market and Dallas’ 36 days.

This figure fluctuates daily as local inventories and market fundamentals change, along with a host of other variables that influence how long it takes a home to sell. Many homes are selling far faster than the average, while others are on the market for much longer.

The speed at which individual homes sell can be influenced by a host of nuanced property and community attributes.

Some homeowners may be attempting to sell their homes on their own with only rudimentary tools. This can result in home sales taking far longer. Other homes may have significant structural problems or be located in neighborhoods with safety, aesthetic or maintenance issues.

Some of those attributes are not factors homeowners can control, while others can be positively influenced with simple and affordable fixes. For example, having a front yard overgrown with weeds could be an immediate turnoff to prospective homebuyers and negatively influence the overall perception of your property, even if the interior of your home is immaculate. Low-cost lawn maintenance may address the issue and allow your home to sell more quickly.

Factors Influencing Time on Market

Market Inventory

The number of available homes in your area is one of the most important factors that influence average time on market for homes near you. In a market with high inventory, buyers have more choices, leading to longer sale times. Conversely, in a market with low inventory, the reduced competition can result in quicker sales.

Home Condition and Presentation

A well-maintained and aesthetically pleasing home typically sells faster. Upkeep, modern amenities and curb appeal can all contribute to attracting buyers quickly. In contrast, homes that require significant repairs or updates often linger longer on the market.

Although upgrades can make your home more attractive to buyers, not every pre-sale investment is necessarily a good one. There are many renovation projects with negative ROIs, like kitchen remodels or pool installation. It’s often preferable to avoid expensive home renovations that result in negative ROIs and accept that your home may be on the market for a little longer than others.

General upkeep or minor updates, like a coat of exterior paint and lawn care, may have a positive ROI while also helping your home sell faster. Consider consulting with a real estate professional for advice on affordable updates that can spruce up your home’s presentation at a low cost.

Pricing Strategy

Setting the right price is key. Overpricing can deter potential buyers, prolonging the listing. A competitively priced home that’s in line with market value and comparable properties nearby is more likely to attract interest and offers more swiftly.

The Role of a Real Estate Agent

A skilled real estate agent with deep local market knowledge can significantly impact how quickly a home sells. Their expertise in pricing, marketing and negotiation can streamline the sale process. At 72SOLD, our reputation in the industry is built on selling homes for top dollar at record speed.

Effective Marketing

Comprehensive marketing, including online presence, high-quality photographs and clever open house strategies, can expand your home's visibility. A strong marketing strategy executed by a real estate agent with a network of connections in the local market will allow your home to attract more potential buyers, reducing the time on the market.

Economic Factors

Broader economic trends, like changes in interest rates or overall economic health, can influence buyer behavior. For example, lower interest rates can increase buyer activity, leading to quicker sales, while rising interest rates can have the opposite effect.

Local Market Conditions

Location-specific factors, such as the desirability of the neighborhood, local employment rates and school district quality, can all impact how long homes stay on the market in your area.

Seasonal Trends

The real estate market often sees seasonal fluctuations. Spring and summer are typically busier, with homes selling faster compared to the slower winter months.

72SOLD Can Minimize Your Home’s Time on Market

At 72SOLD, we pledge to get our clients top-tier purchase offers in eight days or less. We encourage you to look up the average time on market for your city to find out for yourself just how much faster our real estate agents are than the average competition.

Don’t assume you have to trade speed of sale for lower home sales prices. We have multiple independent, third-party studies showing that the purchase offers we get are 8.4 to 12 percent higher on average than the sale prices for comparable homes in any given area.

Find out why so many homeowners choose 72SOLD to sell their home fast.