According to recently released data from the National Association of Realtors (NAR), the median amount of time a home spent on the market hit an all-time low of only three weeks in 2017.
Strong buyer demand, a good economy, and a low inventory of new and existing homes for sale created the perfect storm to accelerate the time between listing and signing a contract. The time needed to sell a home has dropped substantially since its highest mark of 11 weeks in 2012.
The chart below shows the median weeks on the market from 1987 to today.
So, here is what you should consider:
The local Chicago market mirrors the national conditions. If you have been debating whether or not to list your home for sale, know that current market conditions are primed for a quick turnaround!
Let’s get together to discuss exactly what’s going on in our area!Posted by Andreas Holder on