What Does 'Days on Market' Reveal?

Houston Real Estate Podcast with Dale Ross

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A lot of people have been asking us lately about how long homes are taking to sell in Houston. We measure this statistic by looking at the average days on market. However, there are actually two numbers to look at. One is the average days on market for all homes, and the other is the average days on market for homes that actually sell.

In the Houston area, homes that are priced properly in the first place typically sell in 14 days or less from the first day the home is put on the market to the seller accepting an offer from a buyer. However, most homes aren’t priced properly from the get-go. The overall average days on market in Houston is 48 days. Many sellers are unrealistic at first about how much they can get for their home, then the home sits on the market for longer than need be.

These sellers will eventually reduce their price and when they do, the home will sell much quicker. When overpriced homes are reduced to what buyers think they are worth, they sell in under two weeks. That’s why it’s so important to price correctly from the beginning. Your home sale will be much quicker, and you won’t have to deal with the uncertainty that comes with overpricing and having your home sit on the market for months. This will help it sell for the most money possible.

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