11/18/2024
A typical home took 41 days to sell – the slowest October pace in five years
The typical home that sold in October spent 41 days on the market. That’s one week slower than a year earlier and is the longest of any October since 2019. Just over one-third (35%) of homes that sold last month went under contract within two weeks, down from 40.4% a year earlier and the lowest October share since 2019.
Redfin agents say listings often sit on the market because they’re overpriced, which has led to a pile-up of stale listings; active listings of homes for sale rose to the highest seasonally adjusted level in four years last month.
“Buyers have more information than they’ve ever had about pricing and previous sales, and they want to know that what they’re getting is worth it for the price. That’s why sellers need to price fairly in this market,” said Cory Kirkland, a Redfin Premier agent in Columbus, OH. “Sellers are asking buyers to pay $500,000 for a home they bought in 2020 for $350,000 and didn’t put any work into, and buyers are saying no.”
Just over one-quarter (27.7%) of homes that sold in October went for more than their asking price, down from 31.7% a year earlier and the lowest October share since 2019.
