The median time a house is on the market in 2024, according to statistics from Fred Economic Data, is 61 days. This is the average time based on data from all 50 states. Also, the average sale price is $431,000 (Source: Motley Fool, Q3 2023 home prices).
One of the most important things to consider when selling your home is how to avoid a “stale” listing. Stale homes last more than 30 to 90 days after they've been listed on the market. This may raise a red flag for buyers, who begin to wonder why the property isn't selling.
If you have had a house on market for six months or longer in most markets, then it's time to take a closer look at the home and why it may not be selling. Questions to ask yourself include: Is the price too high? Competitive pricing is critical to selling a house quickly in any market.
Is 50 days a long time for a house to be on the market? Fifty days isn't a long time to have a house on the market. Generally, you want to have an offer between 50 and 75 days.
The best days to sell a house fall in the months of May, February, March and June. The best day to sell a home for the highest price is May 27, when a typical home sells at a 16.2% premium above the market average.
In December 2024, the average closing time for a house financed with a home loan was 44 days, according to real estate analytics firm ICE Mortgage Technology.
Home prices are typically at their lowest during the late fall and winter, specifically from October to February. During this period, the real estate market generally slows down, resulting in less competition among buyers.
The conveyancing process starts as soon as you accept an offer on your property and it forms the longest part of the buying and selling process.
The average lifespan of a newly constructed house is 70–100 years. Factors such as weak housing materials and damaging weather exposure can shorten a home's lifespan. Routine repair and maintenance can improve the longevity of a home.
“A home may take longer than expected to sell for a variety of reasons, but most boil down to price versus desirability,” Jones says. “A well-priced, move-in ready home is likely to sell quickly, while a home that needs work may sit longer.”
Late spring and early summer are the busiest and most competitive time of year for the real estate market. There's usually more inventory listed for sale than other times of year, and home prices are steeper to reflect the increased demand.
“In my experience, the number one reason a home sits on the market for a long time is the asking price is too high,” says Purdy. “There are sometimes exceptional factors, such as things you can't change—like a home's location or layout—but it's usually always down to pricing.
If your house hasn't sold in 3 months and the typical property closes in 30-45 days, it's likely a sign that the price is too high, even if it's in line with the rest of the market.
On average, selling a home takes approximately 30 – 90 days, but local market dynamics, property type and other considerations can influence this time frame. Understanding the factors affecting the selling timeline is essential for homeowners navigating the real estate market successfully.
Brick. Brick foundations are known for their durability and longevity. Their resistance to moisture, insects, and fire makes them an excellent choice for a long-lasting foundation. Proper maintenance becomes even more crucial in regions with harsh climates, where freeze-thaw cycles can cause damage.
Bottom Line. As rates came down at the end of the summer, sellers started to trickle back into the market, which means buyers have more choices right now. And working with a trusted local real estate agent is the best way to take advantage of your new options before they're all scooped up.
New home buyers can expect to spend approximately 13.5 years in their house before they would be able to sell at a profit over the purchase, mortgage interest, and sale costs that went into the home.
Nationally, the best time to sell a house to maximize profit is early June, when school is on summer break and the largest number of buyers is out shopping for homes. For that reason, Zillow recommends listing your home for sale in the Spring.
Timing Requirements – The “3/7/3 Rule”
The initial Truth in Lending Statement must be delivered to the consumer within 3 business days of the receipt of the loan application by the lender. The TILA statement is presumed to be delivered to the consumer 3 business days after it is mailed.
35% of homeowners have lived in their homes for 10 to 15 years. 16% have lived in their homes for less than five years. The average length of homeownership years is eight years. The median homeowner tenure is 13.2 years, a three-year increase over the last decade.
Usually the sellers sign first but really it doesn't matter. They don't get any money until they sign everything so technically nothing has changed since you signed yesterday.