Want to buy a house? Better make it quick

Median home only took 81 days to sell last year

New York /
Apr.April 17, 2018 09:00 AM

People on the hunt for a new home will need to make their final decisions quickly.

A new Zillow Group report found that the median home in the U.S. only took 81 days to sell in 2017. That includes the closing, which generally takes four to six weeks, which means the homes are only on the market for about 30 days.

This is a new record dating back to at least 2010, when Zillow started keeping track, and nine days faster than in 2016.

Demand for homes is increasing thanks to a strong job market, while the inventory of homes has now dropped for 37 months in a row. Home construction per household is closest to its lowest level in 60 years.

Zillow senior economist Aaron Terrazas wrote in the report that purchasing a home “has become an exercise in speed and agility,” according to Bloomberg. He added that buyers “may have to linger on the market until they find the right home but then sprint across the finish line once they do.” [Bloomberg]Eddie Small


Related Articles

arrow_forward_ios
(iStock)

Homebuilder sentiment falls for second month in a row

Homebuilder sentiment falls for second month in a row
(iStock)

Homebuying up again, but rising mortgage rates depress refinancing

Homebuying up again, but rising mortgage rates depress refinancing
The two most expensive contracts signed last week were condos at One Prospect Park West. (Douglas Elliman)

Brooklyn luxury market roars back to life

Brooklyn luxury market roars back to life
Fidelity’s Raymond Quirk (iStock)

Title insurers launch new closing tools as homebuying rises

Title insurers launch new closing tools as homebuying rises
Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building
Quarters CEO Rui Barros (Linkedin)

Quarters, the “WeWork of co-living,” files for bankruptcy

Quarters, the “WeWork of co-living,” files for bankruptcy
Joan Collins and 110 East 57th Street #8EFG (Getty, BHS)

Soap star Joan Collins lists longtime Midtown pied-à-terre

Soap star Joan Collins lists longtime Midtown pied-à-terre
Tommy Hilfiger and his recently sold estate in Greenwich, CT. (Getty, Janet Milligan)

Tommy Hilfiger’s Greenwich estate sells for $45M

Tommy Hilfiger’s Greenwich estate sells for $45M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...