The Brief Homes in Minnesota spend an average of 22 days on the market before going under contract, which is less than the national average.The median number of days on the market – how long a home sits before going under contact – varies depending on where you live. In July 2024, the median days on the market nationwide was 34.Hawaii topped the list at 80 days; Alaska sold fastest at 14.
MINNEAPOLIS (FOX 9) – Houses sit on the market for an average of more than three weeks before going under contract in Minnesota, according to new data.
How long homes spend on the market in MN before going under contract
How long a house sits on the market varies depending on many factors, including the location, season, price, condition, and demand.
In Minnesota, the median number of days a house sits on the market before being sold is 22.
READ MORE: Map: Here’s how long it takes to sell a house in your state
This is below the national average from July 2024 of 34 days, according to real estate brokerage Redfin. The nationwide median is up five days compared to the same period last year. This does not include the time it takes to close on a sale.
Nationwide, the median number of days to close on a sale is 24.7 days, according to Redfin, with the most recent data ending on Sept. 1, 2024.
Overall, there were 1,835,669 homes for sale in the United States in July, up 19.2% year-over-year.
How long homes spend on the market in the Midwest
In Wisconsin, homes spend a median of 43 days on the market before going under contract, well above the national average.
Homes in Iowa spend about 28 days on average on the market before going under contract. In South Dakota, homes are on the market for about 51 days on average.
Data for North Dakota was not available.
States with the longest median days on the market
Hawaii: 80 daysMontana: 63 daysSouth Carolina: 62 daysFlorida: 59 daysLouisiana: 57 days States with the shortest median days on the market Alaska: 14 daysWashington state: 16 daysNebraska: 18 daysIndiana: 20 daysMassachusetts: 20 days Factors that affect how quickly a home sells
Some houses can sell in a weekend, while others take longer – thanks to several factors.
This includes the neighborhood in which the home is located and the housing market, which is constantly changing. Currently, many buyers are facing both high home prices and mortgage rates.
“Sellers can’t control how much competition they’ll face from other sellers,” Realtor.com Chief Economist Danielle Hale said in a blog post earlier this year. “But they can make sure that they prepare thoughtfully before listing their home for sale, including making necessary repairs, cleaning or decluttering, and taking great photos to showcase their property and entice buyers to visit and imagine calling it home.”
Understanding current market conditions will save sellers from pricing their home too high – often leading to a home sitting on the market and becoming stale, according to Realtor.com.
The timing of when the home is listed can also make a difference.
“Generally, by choosing to list your property during peak seasons such as spring or summer, when buyer activity is typically higher, you will attract more interest and potentially land better offers on your home,” Realtor.com said.
Lastly, vetting potential real estate agents who have a proven track record in that specific market can help, too.
The Source
The Redfin data provided to FOX Television Stations is based on calculations of home data from MLS and/or public records. The story also cited information from Realtor.com, a real estate website that helps people find homes and offers insight, and a statement from Realtor.com Chief Economist Danielle Hale that was published on May 23, 2024. The story was reported from Cincinnati.
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Publish date : 2024-09-05 05:17:00
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