There was a time, not long ago, when the typical home listed for sale would be on the market for barely two weeks before it sold. With buyer demand high and the number of available homes lower than normal, the pace of the housing market was fast - nearly 90 percent of homes sold in under a month. These days, though, things have slowed down a bit and that's good for buyers, as it gives them more time to deliberate before making an offer.
But how long does the typical home stay on the market now? Well, according to new numbers from the National Association of Realtors, the typical home for sale was on the market 33 days in January, up from 19 days last year at the same time. Fifty-four percent of homes sold in less than a month.
Lawrence Yun, NAR's chief economist, says buyers are regaining negotiating power. “Inventory remains low, but buyers are beginning to have better negotiating power,” Yun said. “Homes sitting on the market for more than 60 days can be purchased for around 10 percent less than the original list price.”
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