From Single-hour listings to 50+ Days on Market: Buyers Finally Have Time Breathe Again

Just a few years ago, you probably still remember the absolute insanity. Homes were listed and went pending in HOURS. You had to drop everything to go and see the house, and if you hesitated even overnight, someone else swooped in and bought it – oftentimes even sight unseen. True story: I sold my friend a house after seeing it pop up on the MLS while I was at a birthday party! I made an appointment within the hour, Facetimed her out on Long Island, and submitted an offer that day because I told her it was worth it! She loves the house - but still- wild that we couldn't wait till the weekend when she could come see it in person to decide. We knew it would be gone!

That intensity and the incredibly sharp increase in prices pushed a lot of buyers either to the sidelines or out of the market completely. It was insanity, and honestly made a lot of buyers feel like it wasn't even worth trying anymore.

But here’s the next chapter: those days are gone. It's a new year and a totally different market (thank God)!

Today, things are MUCH slower, in the best possible way, for buyers. And that’s creating more opportunity for anyone who has felt shut out in the last few years.

The Data That Changes Everything

According to the latest stats, homes are spending an average of 58 days on the market (obviously that means some places are higher, some are lower). That’s a big increase from the recent "normal." And it’s a big improvement compared to the height of the pandemic and the market, when homes were flying off the shelves in a matter of days (see graph below):

This is a big deal. It means you now have more time to make decisions now than you have in the last FIVE year. Now, you can:

Think about it. Consider your options.

Negotiate! (No more "As Is," no contingency sales or you lose the deal!)

Time to breathe and possibly even pass on a home, because there is another one down the street that you also want to see.

More Time = Less Stress (+More Leverage)

Based on the graph above, you have an extra week to decide, compared to just last year. And double the time you would have had at the height of the frenzy.

Back then, FOMO drove buyers to act fast- sometimes too fast. Thankfully, the pace is much slower now, which means buyers are more in control. As Bankrate puts it:

“For years, buyers have been racing to snag homes because of the fierce competition. But the market’s cooled off a bit now, and that gives buyers some breathing room. Homes are staying listed longer, so buyers can slow down, weigh their options and make more confident decisions.”

We now have more homes on the market, and fewer buyers racing to grab them (pricing is still holding some back, which is understandable), so the balance has shifted. Bidding wars aren’t as common, and that means you probably have room to negotiate. Especially if a home is sitting for a week or two - or 4.

More listings + a slower pace = but not everywhere!

This is important: it still depends on where you’re buying. Yes, nationally homes are moving slower. But the local market sets the pace YOU need to consider. Some states are moving faster than others. It may even narrow down to a specific zip code or neighborhood! That’s why working with an agent to know what’s happening in your area is SO important (*ahem* shameless plug)! 

To see how your state compares to the National average (58 days), check out the map below:

As Realtor.com explains:

“While national headlines might suggest a buyer’s market is taking hold, the reality on the ground depends heavily on where and what you’re trying to buy. Local trends can diverge sharply from national averages, especially when you factor in price range, property type, and post-pandemic market dynamics.”

All that to say this:

If the chaos and crazy of the past few years drove you to pause your home search and made you delay your buying dreams, perhaps this is your green light. The market has definitely shifted. You have more time, more options, more power.

And with the right team behind you, you could be in the best position now than in the last few years.

Let’s talk! About what the timing looks like in our area, and if now could be the right time for you to re-ignite your dreams of buying a home!