Homes listed in late June and early July were likely sold before August, according to a recent report from the National Association of Realtors.
The NAT reported that properties typically remained on market for 27 days, which was only one day longer than was reported for June. The information — which was released as part of the July 2018 Realtors Confidence Index Survey — reviewed 500 metro areas to establish median listing time.
Shortest List Times
The data indicated that the quickest sales in July 2018 were in Washington, D.C., where properties sold in about 17 days. Utah was the next fastest market, with properties selling in roughly 19 days. Colorado, Idaho, Michigan, Ohio, South Dakota and Washington all tied for the third fastest markets with a median list time of 20 days.
Longest List Times
List times remained relatively brief across the nation, but a few states experience significantly longer periods. West Virginia posted a median list time of longer than 76 days, while Wyoming and Mississippi list times ranged from 61 to 75 days.
Readers should note, however, that West Virginia’s data was lacking compared to other states. The NAR uses data from previous surveys to establish a baseline of 30 or more “observations,” indicating list times on the market for a state. There were multiple states mentioned as potentially having fewer than 30 observations due to their size, including West Virginia, Wyoming and Washington, D.C.