Last Updated on November 6, 2024
Housing inventory recently hit a 4-year high in September, as the lower-than-low housing inventory levels we experienced during the pandemic are slowly fading away as more and more homes hit the market. What’s more, new listings are up by 4.7% nationally, despite the mortgage interest rate hurdle.
With more listings than we’ve seen over the last few years, if you’re selling or about to sell, you may be wondering what to expect in terms of how long the whole process might take from start to finish. It’s a good idea to manage expectations when listing your home, and to that end, here’s what we’re seeing both nationally and locally in terms of the average days on market (DOM).
National average DOM
These days, what’s happening nationally is only a snapshot of what’s likely going on in your area, as real estate is increasingly hyperlocal. Nationally, the latest data shows us days on market is sitting at 55 days. This number is much higher than the 48 average days on market we experienced this time last year, when scarcity of inventory was much more of an issue than it is today.
However, even though DOM has increased year over year, time on market is still well under the averages we saw in the pre-pandemic market. In 2017, days on market was around 64 days, and this was during a sellers’ market.
Regional average DOM
Locally, here is what we are seeing in our markets (based on Q3 data):
- Charlotte: 44 DOM
- Triad: 42 DOM
- Triangle: 40 DOM
- Upstate: 50 DOM
- Mountain Lakes: 77 DOM
- Asheville: 70 DOM
- Highlands: 161 DOM
What does all of this mean for sellers?
Despite days on the market slowly creeping up to pre-pandemic levels, the fact of the matter remains: there are still more buyers than sellers. A home that is priced well from the onset, has been well maintained and is staged and marketed properly will sell fast. As you prepare your home to list, here are some tips to take into consideration:
Price correctly
Even in a sellers’ market, home owners should not “test the market” by attaching a list price to their home that is too high. Buyers are increasingly savvy, and with all the data at their fingertips, they know when something is overpriced. An overpriced home is bound to sit on the market longer than it’s appropriately priced counterparts, and when this happens, it leads buyers to ask one question, which is, “What’s wrong with that house?” This is still a fast-paced market and buyers do notice when the same house keeps popping up in their search, week after week. Testing the waters on price ends up backfiring, leaving sellers who try this strategy forced to undercut the price of their home significantly.
TLDR: Homes that are priced well and in good condition are still going for over-asking and receiving multiple offers. Therefore, it’s important to price your home correctly from the onset. Rather than pricing your home what you think it’s worth, allow the market to drive the sale price for maximum exposure.
Stage to sell
You’ve heard the saying, “A staged home is a sold home,” and these famous last words echoed by Realtors everywhere couldn’t be truer. Homes on the market that are under contract days after they are listed are immaculately staged. All surfaces are free of clutter. All closets are organized and have about 1/3 of the space empty. All bonus rooms and garages are picked up and staged to show potential. All walls are painted in light and fresh neutrals and curb appeal is so good it’s practically inviting you in for a hot cup of tea.
If you need some insights on practical staging items and tips, make sure to check out: How to stage your garage to sell.
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Allen Tate is the Carolinas’ largest real estate company with more than 70 offices and 1,800 Realtors in the Charlotte, Triad, Triangle, High Country, Upstate SC, Highlands/Cashiers and Asheville/Mountain regions. Allen Tate is a partner of Howard Hanna Real Estate, the largest privately held real estate broker in the U.S., with 500 real estate, mortgage, insurance, title, and escrow service offices and 15,000 sales associates and staff across 13 states. For more information, visit www.allentate.com and www.howardhanna.com.
