Selling a house is a significant decision that often requires careful planning, strategic timing, and patience. If you’re thinking about putting your home on the market, understanding the average timeline—from listing to closing—can help you navigate the process more effectively. Here’s an in-depth look at how long it takes to sell a home and the factors that can impact this timeline.
1. Average Time on the Market: The Big Picture
In recent years, U.S. homes have been selling faster than before. In 2020, houses stayed on the market for an average of just 25 days before an offer was accepted, down from 30 days in 2019. Following the accepted offer, it typically takes another 30 to 45 days to close, bringing the total average time to 55-70 days from listing to sale completion. However, these numbers can vary widely based on market conditions, location, and the home’s appeal to buyers.
Even though demand, market, and seasonal trends can fluctuate, homes in 2021 continued to sell quickly, with nearly 47% of homes going under contract in a week or less during the spring season. The overall trend over the past decade shows homes selling faster, a contrast to 2010, when the average time on the market was about 140 days.
2. Local Market Differences: Rural, Suburban, and Urban Trends
Real estate markets vary widely, and the average days on market can be very different depending on where your home is located:
- Rural areas: Homes tend to stay on the market longer, with fewer buyers available.
- Urban and suburban areas: Homes often sell more quickly due to higher demand.
For instance, homes in markets like Columbus, OH and Denver, CO may sell within 8-10 days, while in Virginia Beach, VA, New York, NY, and Fort Myers, FL, homes can stay on the market for around 50-58 days. Your local real estate agent can give you more specific insights into the average days on market for your area.
3. Characteristics of the Typical Home Sold in the U.S.
The “average” home sold in the U.S. has its own set of characteristics:
- Size: 3-bedroom, 2.2-bathroom house with about 1,876 square feet.
- Price: Average listing price around $225,000.
- Type: 75% are single-family homes, while 9% are townhouses, 6% condos or co-ops, 5% duplexes or triplexes, and 5% are mobile or manufactured homes.
- Location: 46% of homes are in suburban areas, 36% in urban areas, and 18% in rural areas.
4. The Steps of Selling and Their Timelines
Beyond just listing your home, there are several key steps in the selling process. Here’s a breakdown:
a. Listing and Waiting for Offers
Most homes go under contract in less than a month. Homes in fast-moving markets might even get offers within a week. During this period, the first impression your home makes is critical. Keep an eye on your listing, ensure it’s well-presented, and review feedback from any showings.
b. Offer Acceptance and Inspection
Once you receive an offer, it’s courteous to respond quickly. Buyers often include an expiration, like 24-72 hours after submission. If the offer is accepted, buyers typically have 5-10 days for a home inspection. Some buyers in competitive markets may waive the inspection altogether, but if the inspection occurs, you might need to negotiate repairs or make concessions. This negotiation period usually takes another 24-48 hours.
c. Closing Process
The closing period, once all conditions are met, generally takes 30-45 days. During this time, the buyer’s lender, title company, and local county records department complete the paperwork, and funds are exchanged. After everything is processed, ownership is transferred to the buyer.
5. Factors That Can Speed Up or Slow Down a Sale
While averages can give you a general idea, the actual time it takes to sell your home can be influenced by a few key factors:
- Pricing: Homes priced accurately for their market tend to sell faster. If your home is priced too high, buyers may be deterred, and you might end up sitting on the market longer.
- Condition of the Home: A well-maintained, move-in-ready home is more likely to attract buyers than one needing extensive repairs. Addressing big-ticket items like roofing or HVAC systems before listing can prevent delays.
- Curb Appeal: The outside of your home makes a critical first impression. Simple upgrades like fresh landscaping, a new coat of paint, or pressure-washing driveways can help your home sell faster.
- Seasonality: Spring is traditionally the most active season for home buying. Homes listed in spring often sell quicker, while homes listed during winter (especially near the holidays) may sit longer.
- Location: As much as you can control your home’s condition, pricing, and curb appeal, location is fixed. Homes in less-desirable locations—such as those near highways or in busy areas—may need to be priced competitively to sell quickly.
6. Quick-Sell Options and Tips
If you’re on a tight timeline, here are some strategies that can help speed up the process:
- Choose an all-cash offer if available, which removes the financing stage and shortens the closing process.
- Prioritize an early close with your agent, if possible.
- Avoid common pitfalls like overpricing, allowing your home to sit on the market too long, and failing to make necessary repairs.
