The #1 Thing You Can Do Now to Position Yourself to Buy a Home This YearThe last few weeks and months have caused a major health crisis throughout the world, leading to a pause in the U.S. economy
Days On The Housing Market Drops To New Low
According to recently released data from the National Association of Realtors (NAR), the median number of days that a home spent on the market hit a new low of 26 days in April, as 57% of homes remained on the market for under a month.
NAR’s Chief Economist, Lawrence Yun, opined,
“What is available for sale is going under contract at a rapid pace. Since NAR began tracking this data in May 2011, the median days a listing was on the market was at an all-time low in April, and the share of homes sold in less than a month was at an all-time high.”
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 chart below shows the median days on the market from April 2017 to April 2018:
If you’re in the market to buy a home, move quickly before your dream home gets snapped up by another New Jersey home buyer. If you’re a homeowner debating whether or not to list your New Jersey home for sale, know that national market conditions are primed for a quick turnaround! Contact Team Nest Builder’s Lynn Garafola at 973-222-3777 today to start the process. Liked this article? Check out our blog for loads of helpful information on real estate, home improvement and community events!
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