Six days really isn’t a long time.
The real estate market is going through a record-breaking phase which has been described as "red-hot" by a recent housing report. According to that same report, houses are under contract, on average, less than a week after being listed.
A new report from real-estate listing company Zillow says that houses are staying on the market just six days before being bought. The report was based on information collected during the month of May.
The report found that in some markets (Cincinnati, Kansas City and Columbus), some homes are only spending an average of three days on the market before going under contract. The report describes the time homes are spending on the market as record lows.
The average time on the market for houses reportedly dropped by a day from April.
At the same time, the housing market saw an increase in inventory from the previous month. Zillow found that there was a 3.9% increase from April to May. This reportedly marks the first increase since July 2020.
Inventory is reportedly still down nationwide from where it was a year ago, with a decrease of 31.2%. While inventory dropped nationwide, there have been increases in specific markets, including San Jose, San Francisco and Milwaukee (three of the nation’s largest markets).
For now, it might seem like it’s the perfect time to sell a home. Before the pandemic struck and impacted the market, however, evidence suggested that there was a specific window of time that homeowners should list their homes.
As Fox Business previously reported, data suggests that the best time to list a home was a Thursday before Labor Day. Meanwhile, Sunday was often considered the worst day of the week to list a home.
Fox Business' Cortney Moore contributed to this report.