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what is the average time it takes to sell a home in the US

What Is the Average Time to Sell a House in the US?

Homes across the U.S. are selling faster than in years past. In 2010, the average number of days on the market was 140 days, which includes the closing period…

Today, homes spend just 55-70 days on the market in the U.S…. Down 57% from 10 years ago! That includes an average of just 25 days on the market before getting an offer, with an additional 30- to 45- day closing period before they are officially sold.

Still, the amount of time it takes to sell a home varies greatly.  It all depends on local market conditions, demand, and seasonality. In terms of seasonality, spring and summer are usually red-hot with very short sale times, and September acts as the turning point when home sales usually begin to slow. So, keep that in mind when choosing when to put your home up for sale, or when you make your offer to purchase.

The time noted above also doesn’t include the time spent THINKING about moving before taking action. According to the Zillow Consumer Housing Trends Report 2020, sellers spend six months contemplating the decision to sell their home, on average, plus the time they spend doing pre-listing repairs and finding the right agents, etc.

 

What is a typical home sold in the U.S.?infographic: typical home sold in the US

The data in this article considers sale time for the typical home sold in America, which according to Zillow, is a 3-bedroom, 2.2-bathroom house with 1,876 square feet and a price tag of $225,000.

  • Seventy-five percent of homes sold are single-family homes; 9% are townhouses, 6% are condos or co-ops, 5% are duplexes or triplexes, and 5% are mobile or manufactured homes.
  • Thirty-six percent of homes sold are in urban areas; 46% are in suburban areas, and 18% are in rural areas.

 

Average days on market

The average time it takes to sell a house in your area may differ, depending on your local real estate market and location. Historically, rural homes tend to stay on the market longer than urban or suburban homes. And more expensive homes generally take longer to sell.

That said, looking at data across the 100 largest metro areas in the U.S., here are the markets where homes go under contract the quickest, areas aligned with the national average, and the slowest-moving markets.

For an accurate picture, take the data below, and add 30-45 days of escrow time to see roughly how long it takes to fully close on the sale.

 

Markets where homes sell the fastest

  • Columbus, OH (8 days)
  • Denver, CO (9 days)
  • Raleigh, NC and Seattle, WA (10 days)
  • Boise City, ID and Cincinnati, OH (11 days)
  • Grand Rapids, MI (11.5 days)
  • Ogden, UT, Salt Lake City, UT, Indianapolis, IN and Boston, MA (12 days)
  • Colorado Springs, CO, Dayton, OH and Charlotte, NC (13 days)

Markets close to the national average

  • Lakeland, FL and Oklahoma City, OK (23 days)
  • Des Moines, IA, Minneapolis-St Paul, MN and Riverside, CA (24 days)
  • Pittsburgh, PA, Phoenix, AZ and Chicago, IL (25 days)
  • Charleston, SC (26 days)
  • Bakersfield, CA, New Haven, CT, Hartford, CT. Nashville, TN, Las Vegas, NV, Baltimore, MD, Houston, TX and Philadelphia, PA (27 days)
  • Dallas-Fort Worth, TX (28 days)
  • Albany, NY and Milwaukee, WI (28.5 days)

Markets where homes sell the slowest

  • Little Rock, AR (41 days)
  • North Port-Sarasota-Bradenton, FL, Miami-Fort Lauderdale, FL (42 days)
  • Allentown, PA (43 days)
  • El Paso, TX (47 days)
  • Fort Myers, FL (50 days)
  • Virginia Beach, VA, New York, NY (51 days)
  • McAllen, TX (58 days)

 

How can I find out the average days on market for my area?

As with most things, Google is your friend, and so is your real estate agent.

Alternatively, you can watch the local news for real estate trends, and keep an eye on other listings in your neighborhood. Are they on and off the market quickly, or hosting the same open house weekend after weekend? This can be the most accurate way to find out.

 

How long does it take to sell a house?

In the U.S., sellers spend 25 days with their house on the market on average, and 30- to 45-days in the escrow / closing period.

But there’s more to the selling process than just listing your home, waiting for the perfect offer to come in, and closing the deal!

After you’ve done everything to prepare for the listing, here are the key milestones during the selling process, and how long they usually take:

 

1. Decide to Sell

Most home sellers actually spend about six months thinking about the decision to sell before finally listing their home on the market.

2. Find the right platform and agent

This takes anywhere from a week to a few months for most sellers, so don’t feel pressured to rush this process! Finding the right agent, and the right platform to list your home for sale (think Zillow or AQRE Home) is the most important step to a successful home sale.

3. List and show (and wait for offers)

How long do you need to have your house on the market before you go under contract? If the average length of time an American house sits on the market is 25 days, excluding the standard 30- to 45-day close, that means your home could be on the market for less than a month before you accept an offer.

4. Accept an offer

When you receive an offer, it’s courteous to respond as quickly as possible. While actual rules related to response times vary state by state and contract by contract, the buyers submitting the offer will typically include an expiration — 24, 48, or 72 hours after submitting.

5. Home inspection

Again, this all depends on the contract between buyer and seller. Typically, the buyer has between 5 and 10 days after offer acceptance to complete their home inspection. How long does a home inspection take? The process itself takes only a few hours, plus a day or two for the inspector to write up their report.

Note that in fast-moving real estate markets, buyers will sometimes waive the inspection to make their offer stand out among other offers!

6. Counteroffer after home inspection

Based on the findings of the home inspection, buyers often present an adjusted offer or request repairs to be completed. This re-negotiation process usually takes 24 to 48 hours. Hopefully, after negotiations, you and the buyer have come to an agreement and the deal can continue.

7. Closing

As mentioned above, the average time to close on a house is 30-45 days from the date of mutual acceptance to the day you hand over the keys to the new owner. This gives the buyer’s lender, the title company, and the county records department enough time to complete all the necessary paperwork.

If you’re looking to speed up your sale, there are a few good options:

  • Have your agent prioritize an early close.
  • Select an all-cash offer if available to limit possible financing slowdowns.

 

Thinking About Selling Your Home? List With AQRE!

At AQRE Home, you can list for free, receive offers automatically in your inbox, and the entire transaction could be handled without the need for travel, cutting down the time to sell your home even further!

If you are interested, our team can even match you with a pre-approved agent in your area. We only partner with top-performing professionals in your market who’ve earned our seal of trust by actually caring about your financial goals, so you can trust their advice and expertise.

List for free today at www.aqrehome.com!

 

And if you want to refinance or get pre-approved for a mortgage before you start looking, visit our partners at AQRE Lending for a quick and easy pre-approval process that will get you the financial results you are looking for.

 

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