48% of homes that were sold in March of 2017 were on the real estate market for less than 1 month, according to the NAR (National Association of REALTORS) housing data. Though, the average for all sold properties was a little higher at 34 days. According to the National Association of REALTORS, that’s down significantly from 47 days just 1 year ago. Homes that aren’t distressed only spent a median of 32 days on the market. This is the smallest length of time since the National Association of REALTORS began tracking the data in May of 2011.
According to Realtor.com, these metro areas had real estate listings on the market for the shortest amount of time in March:
Because there is a strong homebuyer demand that is supporting homes being on the market for less time, house prices are on the rise. In March, the median home price for all home types was $236,400, which is up 6.8% from last year. “Last month’s swift price gains and the remarkably short time a home was on the market are directly the results of the homebuilding industry’s struggle to meet the dire need for more new homes,” says NAR chief economist Lawrence Yun. “A growing pool of all types of buyers is competing for the lackluster amount of existing homes on the market. Until we see significant and sustained multi-month increases in housing starts, prices will continue to far outpace incomes and put pressure on those trying to buy.”
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Whether you’re buying a home in Joliet IL or selling your Joliet home, you’ll want a qualified and experienced Realtor by your side. Contact Joliet’s most trusted real estate resource, Jeff Gregory, Joliet IL real estate agent.