Scott P. Rogers
Funkhouser Real Estate Group
540-578-0102  •  email
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Brought to you by Scott P. Rogers, Funkhouser Real Estate Group, 540-578-0102, scott@HarrisonburgHousingToday.com
Friday, December 8, 2023
Median Days On Market
Yesterday I took a look at a very small data set (homes going under contract the week prior) and noticed that new homes were selling very quickly and resale homes were not...

Median Days On Market For Listings Going Under Contract In The Past Week:

All (44) Homes = median of 6 days

(22) New Homes = median of 0 days

(22) Resale Homes = median of 38 days

As a result, I decided to dig deeper into the data to see if the (somewhat artificially) low days on market for new homes was obscuring a more significant upward shift in median days on market for resale homes.

And... as shown above... the new home data doesn't seem to be obscuring much.

Blue Line = All Homes (new and resale)

Orange Line = Resale Homes
As you can see, these two trends tend to track pretty closely together over time.

As such... disregard any hasty conclusions you or I drew yesterday about resale homes selling much more slowly than new homes.

Yes... there are some resale homes that are taking quite a while to sell... but for the most part, resale homes continue to sell very quickly.