iStock illustration
While a recent report from Redfin shows that 48 percent of homes for sale in August were on the market for at least 60 days, the Boston market remains one of the most competitive in the country.
According to the report, Boston is the seventh-fastest metro in the country in terms of the median number of days a home is on the market (20). Even with how quickly homes can be bought, the time a home is on the market increased by one day, year-over-year.
Across the nation, homes are staying on the market for much longer. The typical U.S. home was listed for 37 days before going under contract in August which is six days longer compared to last year. Texas and Florida saw the biggest slowdowns with West Palm Beach taking the title of slowest market with homes staying on the market for an average of 79 days, an increase of 18 days year over year.
“Anyone who has been paying attention to the housing market over the past few years knows that desirable homes sell right away. That’s been true ever since the overall market slowed down after mortgage rates shot up a couple years ago,” Redfin Chief Economist Daryl Fairweather said in a statement. “Now if a home is still on the market after a few weeks, buyers assume there’s something wrong with it. That’s why it’s so important to price your home to move quickly. Buyers see the days on market and when it starts to tick up, it’s like a scarlet letter.”
The number of home sales continues to trend upward in Massachusetts as well as in the Greater Boston market, according to data from Banker & Tradesman publisher The Warren Group,.
