Homes Are Sitting On The Market Longer

Homes are staying on the market longer but are still selling faster than they did in the fall of 2019, according to a new analysis from Zillow.

The typical home that switched to “pending sale” in September did so after 19 days, up from the pandemic’s record lows, but 10 days faster than in September 2019.

Homes are also staying on the market with a median of 54 days in October, up 45% YOY.

“Buyers are still out there and willing to buy when they find the right home at the right price, which will provide a floor for the price declines we are currently seeing. But sellers need to do things right to attract the attention of these buyers — pricing their home competitively and making their listing attractive to online home shoppers. Especially in a market that’s quickly changing like today’s, working with an experienced agent who knows the local market is valuable,” Zillow Senior Economist Nicole Bachaud said.

During the opening keynote address at the National Association of Real Estate Editors conference last month, Bachaud focused on home affordability going into 2023.

Bachaud predicted that prices will stabilize. She also expected a drop in home sales.

Bachaud said buyers will have more leverage and more time to make decisions as the market cools.

“For buyers who can afford to stay in the market right now, this is a really great time to buy. There’s less competition, there’s more opportunity, and there’s more power. So that’s something we have not seen for buyers at any time in the past several years,” Bachaud said.

Editor Kimberley Haas contributed to this report.

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