Navigating the Housing Market in 2024: Homes Taking Longer to Sell

Anya’s Market Bites:

In July 2024, homes in the U.S. took an average of 34 days to go under contract, according to Redfin. This marks an increase of 5 days compared to the same period last year. The number of days a home remains on the market before being sold is influenced by a variety of factors, including the neighborhood, market conditions, and fluctuating housing prices.

On average, the median time to close a sale nationwide was 24.7 days as of September 1, 2024. However, different states see varying timeframes for sales:

• Hawaii: Longest time on the market at 80 days.

• Alaska: Fastest time on the market at 14 days.

• California: Average of 30 days to sell a home.

Factors such as high mortgage rates and rising home prices have created challenges for buyers, leading to longer sale times in many areas. Despite these challenges, the number of homes for sale has increased.

In July 2024, there were 1,835,669 homes available on the market across the U.S., marking a 19.2% year-over-year increase. While the higher inventory gives buyers more options, navigating the current market still presents obstacles due to increased costs.

(Source: Fox L.A.)

All the best,

Anya Derebenskiy

(949) 942-5183

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