Properties are selling faster. Nationwide, properties were on the market for an average of 39 days in April.
Short sales were on the market for the longest amount of time, at 120 days. Foreclosed properties stayed on the market for just 51 days, while nondistressed properties had the fastest sales at 37 days, according to the April 2016 REALTORS® Confidence Index Survey Report.
About 45 percent of properties across the country were on the market for less than a month when sold. Only 13 percent were on the market for longer than six months.
The markets seeing sales at some of the fastest rates – within a month or less – were the District of Columbia, Washington, Oregon, California, Alaska, Minnesota, Nebraska, Colorado and Texas.
Take a look at the chart below to see how quickly homes are selling in your state.
Source: “In What States Did Properties Sell Quickly in February-April 2016?” National Association of REALTORS® Economists’ Outlook blog (May 31, 2016)