This is how long it takes to sell a house

01 Dec This is how long it takes to sell a house

Three weeks.

That’s how long it takes to sell a home these days, according to the National Association of Realtors.

Five years ago, the median number of days on market was 11 weeks.

Low housing supply has pushed up home prices and created multiple offer situations and bidding wars throughout the country.

“The inventory shortage and the growing economy and job creation has increased the interest in homebuying,” said Lawrence Yun, chief economist for NAR. “There is just not enough inventory; people need to fight over the few homes available on the market.”

Historically, roughly 1.2 million new homes hit the market every year, he said, and so far this year, only 800,000 have been built. “It’s been below that in prior years, and in the past decade greatly lower than that. Today’s shortage is largely explained by a decade of underproduction.”

In some hot housing markets, three weeks is an eternity.

“If we make it three weeks in our market, there is something wrong,” said Darlene Umina, a real estate agent in the Boston area. “These days, you know within the first weekend whether the price was right.” The median home price has shot up almost 9% in the past year to $561,300 in Boston, according to Zillow.

Read More Via CNN Money