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Amid strong demand and tight supply, REALTORS® reported that properties that sold in June 2018 were typically on the market for 26 days, faster than one year ago (28 days) and the same time as in May 2018, according to the June 2018 REALTORS® Confidence Index Survey.[1] The median days on market have been broadly on a downtrend since 2011 when the properties typically were on the market for three months from May 2011, when this question was first asked in the RCI Survey, through March 2012.
During the period April–June 2018, REALTORS® reported that properties typically sold within 31 days in the District of Columbia (18) and in 36 states, led by Utah (18), Colorado (20), Washington (20), Indiana (21), Ohio (21), Nevada (21), Michigan (21), and California (22).
With national inventory of homes for sale equivalent to 4.3 months of supply at the current sales pace, properties sold faster in more metro areas in June 2018 compared to one year ago. Properties in 405 out of 500 metro areas (81 percent) tracked by Realtor.com were typically on the market for fewer days relative to days on market one year ago, a faster selling market compared to June 2017 (395 metros in June 2017). Based on the days the properties were listed on Realtor.com, properties sold most quickly in Jose-Sunnyvale-Sta. Clara, CA (23 days), Seattle-Tacoma-Bellevue, WA (24), San Francisco-Oakland-Hayward, CA (25), Omaha-Council Bluffs, NE-IA (26), and Salt-Lake City, UT (26).
Use the data visualization below to view how fast properties are selling in 500 metro areas tracked by Realtor.com.[2]
[1] In generating the median days on market at the state level, NAR uses data for the last three surveys to have close to 30 observations. Small states such as AK, ND, SD, MT, VT, WY, WV, DE, and D.C., may have fewer than 30 observations.
[2] To access Realtor.com data, go to https://www.realtor.com/research/data/.
