The Average Time It Takes To Sell A Home In 2024

Between high interest rates and even higher home prices in the U.S., the housing market has been experiencing a significant slowdown from the heyday market of 2020. This has resulted in not only fewer homes being sold but also an extended period of time that houses are spending on the market before actually selling. For comparison, homes spent an average of 25 days on the market in 2020 (and as few as 16 days in September of that year), whereas January 2024 hit a new high of 69 days.

While that number has come down over the summer — with a July 2024 average of 50 days — the number still fails to take into account how much longer the closing process for a home can inevitably take. According to Ice Mortgage Technology data, the average number of days it takes to close on a home purchase loan is 43 (this means the days between when a property goes under contract and is therefore no longer "on the market" and when ownership is actually formally transferred to the new owner). By this logic, homes are, on average, taking more than 90 days to officially sell this summer. However, it's worth mentioning that summer is one of the best times to sell your home since homes tend to sell faster in the warmer months. However, this also means that as summer winds down, the number of days a house sits on the market could increase for the rest of 2024.

It's important to keep in mind that the average number of days a house sits on the market doesn't include the preparation time leading up to the decision to sell, let alone the days of work required to make it actually happen. Oftentimes, homeowners spend a significant amount of time thinking about selling before ever even communicating with a real estate agent about the possibility. According to the Zillow Consumer Housing Trends Report for 2023, sellers spent, on average, about two to three months contemplating the decision to list their property before actually doing so. Almost 20% reported spending six months or more on the decision.

Another thing to consider is that prepping a home for the market can be a process all on its own. Depending on the condition and age of your home, prepping could require specific maintenance or even home improvements to make the property more appealing to potential buyers (though not all home improvement projects guarantee a return on investment). In 2023, 79% of sellers reported making at least one home improvement as part of the selling process, an increase from 2021 and 2022 in which 71% of sellers reported the same.

As if all of this wasn't enough, many home sellers today are also simultaneously on the market as buyers. In fact, 70% of sellers in Zillow's survey reported buying a home in addition to selling one, which can make the process even more complicated and stressful (not to mention how involved a home sale contingency can be).

As a seller, some decisions might actually slow the selling process. For instance, pricing your home too high could ensure it sits on the market longer than necessary. This is why discussing your current market with an agent before listing can be an important early step. Similarly, failing to make home improvements or maintain general upkeep of the property can be off-putting to would-be buyers. If a home inspection finds multiple big-ticket items are in need of repair, the likelihood of a prospective buyer continuing with the purchasing process gets slimmer (not to mention how much more money neglecting maintenance can cost you).

Plus, 2023 was the first time since Zillow first began tracking data that a majority of sellers (56%) reported having at least one offer on their home fall through while 30% reported having two or more. This is on top of the fact that sellers are less likely to receive multiple offers on their property today than a few years ago. In 2022, 26% of sellers reported receiving four or more offers on their home when selling compared to just 19% in 2023.

Another important factor in how long it takes to sell a home is geographic region and the existing housing shortage that might exist there. Some homes in metro areas, like Hartford, Connecticut, and Rochester and Syracuse, New York, are on the market for a median length of time of less than 10 days before selling due to the demand for housing.