Are you trying to get a better look at how the real estate market is shaping up across the country?
Well, one way is to look at the “days on market.” DOM tells you, quite simply, how long a property has been listed.
When a house lingers on the market, it’s not a good sign and points to a few possible problems — a house that is overpriced or less desirable, for example, or a seller that is testing the market or too stubborn. A lot of sitting houses in one area could just point to an overall down market. Similarly, if houses are quickly hopping off the market, there’s usually a good reason for that, too.
So, we looked at the average DOM for metropolitan areas across the U.S. (excluding New York) last month and ranked them, using statistics provided by Movoto Real Estate — a real estate database and licensed brokerage in 30 states that connects prospective home buyers with accurate listings, top-rated agents and photo galleries.
Overall, the average number of days a house was listed for all the regions came to 138, or around 4.5 months. DOM has been dropping since 2012 kicked off, as that average was around two weeks higher in January. As far as the extremes go, here’s a look at the five best and worst metropolitan areas in terms of how long houses sat on the market in July.