The most recent REMAX National Housing Report offers overarching insights into October's real estate landscape. One metric, however, stood out for both buyers and sellers: Days on Market (DOM). This number shows how quickly homes are selling – and what that speed means for strategy.
Understanding Days on Market
DOM measures the average number of days a home stays on the market before going under contract. It's more than just a number – it's an indicator:
- For buyers: a higher DOM typically means there's less competition in the market and more negotiating power. Buyers might have more time to weigh their options and make offers without rushing.
- For sellers: a lower DOM usually means there's strong demand and quick sales. Longer DOM means it may be time to reexamine pricing or marketing.
Across the U.S., DOM averaged 50 days in October – that's up seven days from last October and up two days from this September. This could simply be due to a seasonal slowdown, or it could be a market adjusting to affordability issues and inventory challenges.
REMAX CEO Erik Carlson says it can create opportunities. "October's numbers show a market that's adjusting but remains active. Sales are up compared to last year, prices are steady, and inventory is giving buyers more options. While homes are taking longer to sell, that can create opportunities for both sides to negotiate and find the right fit."
In October, these markets gave buyers more breathing room:
DOM Highest
In these areas, homes are flying off the market – great news for sellers!
DOM Lowest
DOM is a good metric to watch for buyers and sellers who are trying to determine their timing and pricing strategy. Whether you're buying or selling, working with a trusted and professional real estate agent can help navigate these trends with confidence.
Written by REMAX News
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