Looking for a home this winter? Get ready to act fast.
An annual report from the National Association of Realtors reveals the median home is listed for sale for just three weeks before getting scooped up.
Just five years ago, that timeline was closer to 11 weeks, Bloomberg and others have reported. Homes haven’t sold this quickly since NAR started tracking how long homes sit on the market way back in 1987.
Meanwhile, buyers typically spend 10 weeks searching for the perfect home.
“Due to suppressed inventory levels in many areas of the country, buyers are typically purchasing more expensive homes as prices increase,” the report says. “Buyers continue to report the most difficult task for them in the home buying process is just finding the right home to purchase.”
That limited inventory means there’s stiff competition for available homes, with buyers typically paying 98% of the asking price. So much for bargains.
Nearly 8,000 people who purchased a home between July 2016 and June 2017 responded to NAR’s survey.
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Lisa Rowan is a senior writer and producer at The Penny Hoarder.