Aug 22, 2012

Average Days on Market for a home to sell

Home sellers typically like to know how long it usually takes to sell a property in their area. The easy answer depends on the price. Today in North Dallas the average Days On Market for a single family home is 113 days.

However, if you take a closer look at the statistics it can give you a better picture.

The average days it takes a property priced under $400,000 is 102. Higher priced homes take longer to sell because there is a smaller market for them. Also, the more unique the home, the longer it takes to sell. Buyers often say they want a 'unique' home but they actually buy a property that is more consistent with other homes in the neighborhood and in a style they are accustomed to.

The BIGGEST impact on a property's Days on Market is if the property is priced realistic to begin with. Homes that start out over priced almost always linger on the market for a long time. Price a home below market value, and it will sell quickly. Price a home in the range ( price per square foot) that other homes sell for in neighborhood and it should take the average time to sell. [where: 75230]

4 comments:

Sarah Ford said...

Interesting fact - Didn't know that the average amount of time to close a sale in the Dallas Texas area was around 113 days. I work with a lot of homeowners in the area since I'm a window tinting service in Rowlett TX. I work on a lot of residential homes, condos, and offices, and I notice that a lot of homeowners try to tint their windows to add value to their properties.

Gregory J. said...

I would say that a 110-125 day selling cycle is quite good compared to the national average. I'm a Maine roofer, and my experience with residents up in this area is that the selling cycle usually lasts between 150-200 days.

Theo Jackson said...

Great information, thanks for sharing. As a South Boston roofing contractor we have seen a huge growth in our residential population and tons of new homeowners over the past two years. I believe the selling cycle is under 90 days on average here. Always interesting to see how we compare to other areas of the country. Cheers!

Jackie O'Brien said...

Hey Lydia, this is fantastic data. Thank you for sharing.

In my real estate experience over the past 6-12 months I have certainly noticed a decrease in the sales cycle for homes in my area, so I'm happy to see that other data out there backs this up.

Thanks!

Jaclyn