Average Time To Sell A House 2023

When Mark and Lucy decided to sell their home in early 2023, they expected a relatively quick sale. After all, their property was in a desirable neighbourhood with top-rated schools, and the housing market had been hot for the past couple of years. But after weeks turned into months without any serious offers, they began to worry. Had they missed the peak selling season? Was their asking price too high? Should they make renovations or lower the price? The process turned into a rollercoaster of emotions, leaving them wondering: How long does it take to sell a house in 2023?

Mark and Lucy’s experience isn’t unique. In the ever-evolving world of real estate, the time it takes to sell a home can vary dramatically based on market conditions, location, and other vital factors. In this article, we’ll explore the average time it takes to average time to sell a house 2023 factors influencing the timeline, and strategies homeowners can use to expedite the sale. We’ll also look at how the market has changed since previous years, providing stats and expert insights to help sellers navigate this year’s housing market.

The Current Real Estate Market: What’s Changed in 2023?

After several red-hot years in the housing market, 2023 brought a significant shift. The pandemic-fueled housing boom of 2020 and 2021, driven by low interest rates, remote work, and increased buyer demand, began to cool off in 2022 and early 2023. Several factors have contributed to this change, such as significantly rising interest rates and economic uncertainty.

According to Freddie Mac, the average 30-year fixed mortgage rate rose to 6.5% in the first quarter of 2023, up from an average of 3.1% in 2021. This increase in borrowing costs led to a softening buyer demand, as higher mortgage rates significantly impact affordability. As a result, the National Association of Realtors (NAR) reported that existing home sales in the U.S. dropped by 18% year-over-year by mid-2023. This slowdown has affected how quickly homes are selling compared to the frantic pace of the past few years.

Additionally, many buyers have become more cautious in the face of inflation, job market uncertainties, and predictions of a potential economic slowdown. For sellers, this means more homes are sitting on the market longer than they did during the height of the pandemic boom.

How Long Does It Take to Sell a House in 2023?

According to Zillow, the average time to sell a house in the U.S. is 50 days as of mid-2023. This figure represents the period from listing a property to closing the deal. However, it’s essential to understand that this is an average and that the actual time to sell can vary depending on multiple factors, including location, property condition, and pricing strategy.

In comparison, homes in 2021 were selling much faster, with an average of just 17 days on the market, according to Redfin. The slower pace in 2023 reflects a more balanced market after the rapid sales cycles witnessed in the pandemic years, where multiple offers and bidding wars were common.

Regional Differences in Time to Sell

The time it takes average time to sell a house 2023 varies widely depending on where you are in the country. Homes in metropolitan areas with high demand or limited inventory may sell relatively quickly. At the same time, properties in more rural or economically distressed regions might linger on the market for much longer.

For instance, Realtor.com data shows that homes in cities like Austin, Texas, and Phoenix, Arizona, are taking an average of 60-70 days to sell in 2023, mainly due to a sharp increase in housing supply and cooling demand in these previously red-hot markets. Conversely, in cities like Miami, Florida, and Boston, Massachusetts, where demand for housing remains robust, homes are selling in closer to 40 days on average.

Seasonal Trends

Historically, the real estate market tends to move faster in the spring and summer months, with homes selling more slowly during the fall and winter. In 2023, this seasonal trend remains consistent. According to Zillow, homes listed between April and June sell 20% faster than those listed during the year’s colder months. This is due to a combination of factors, including more daylight hours, warmer weather, and families looking to move before the start of the school year.

Key Factors That Influence How Long a House Takes to Sell

While national and regional trends offer a broad view of the market, several individual factors directly impact how quickly a home will sell in 2023:

Pricing Strategy

The listing price is one of the most critical factors determining how long it takes to sell a house. Homes priced competitively for their market will generally sell faster, while overpriced homes can languish for months. Redfin data shows that homes priced accurately sell 58% faster than homes that require one or more price reductions.

In a more excellent market like 2023, it’s more important than ever for sellers to set a realistic asking price. Buyers are more price-sensitive due to higher mortgage rates, and homes perceived as overpriced may be overlooked.

Property Condition

In 2023, buyers are increasingly looking for “move-in ready” homes. With interest rates higher, many buyers are less inclined to take on renovation projects. A report from the National Association of Home Builders (NAHB) notes that 70% of homebuyers in 2023 prefer homes that require minimal repairs or upgrades, compared to 62% in 2021.

As a result, well-maintained, updated, and staged homes are selling faster than homes that require significant work. Sellers who invest in minor renovations—such as updating kitchens, bathrooms, or landscaping—can expect their homes to sell more quickly and at a higher price.

Location

Location significantly affects how long it takes to sell a home. Homes in highly desirable areas, close to amenities like schools, public transport, and shopping, generally sell faster. In 2023, buyers increasingly looked for houses in walkable neighbourhoods or near green spaces. Homes in suburban and exurban areas, where people moved in large numbers during the pandemic, are now taking longer to sell as some buyers return to cities or hold off on purchases due to higher costs.

For example, homes in urban areas like New York City and San Francisco are seeing renewed interest, with some properties selling faster than anticipated. Meanwhile, homes in more remote areas, which saw a surge in demand during the pandemic, are staying on the market longer.

Market Competition

The level of competition in a given market also affects the time it takes to sell a home. Buyers have more choices in areas with a surplus of available homes, leading to more extended listing periods for sellers. As of 2023, many markets are experiencing increased housing inventory, lengthening the time it takes for homes to sell.

However, competition is still driving faster sales in cities where housing supply remains tight—such as Seattle, San Diego, and parts of the Northeast—although not at the breakneck pace seen during the height of the housing boom.

Strategies for Selling a Home Faster in 2023

For homeowners looking to sell quickly, there are several strategies they can employ to speed up the process:

Price It Right from the Start

Pricing a home correctly is the most effective way to ensure a quick sale. Sellers should work with a real estate agent to conduct a comparative market analysis (CMA) and set a competitive price. Overpricing a home can lead to it sitting on the market. Eventually, price reductions may be needed—often resulting in a lower final sale price than if the house had been priced correctly.

Invest in Curb Appeal and Key Updates

Minor upgrades, particularly those related to curb appeal (landscaping, painting, new fixtures) or high-ROI renovations like kitchen and bathroom updates, can significantly reduce a home’s time on the market. Staging the home to appeal to buyers—especially with neutral colours and open spaces—can also make a strong impression.

Market the Home Aggressively

In a more balanced market, sellers need to invest in effective marketing. This includes professional photography, virtual tours, and targeted online listings. Real estate agents with a solid online presence and knowledge of social media marketing can help attract more potential buyers to the property.

Be Flexible with Showings

Sellers who are flexible and accommodating with showings are likelier to sell quickly. Allowing potential buyers to view the home at their convenience, even on short notice, can significantly affect the time it takes to sell.

Conclusion

The average time average time to sell a house 2023 is more extended than during the height of the pandemic boom, with the national average at around 50 days. Factors like higher interest rates, increased inventory, and more cautious buyers have contributed to this shift. However, homeowners who price their properties correctly, invest in critical updates, and market effectively can still sell their homes promptly.

As Mark and Lucy learned, selling a home in 2023 may take longer than anticipated. However, understanding the current market trends, setting realistic expectations, and employing the right strategies can lead to a successful sale. Whether you’re selling to relocate, downsize, or move on to a new chapter, patience and preparation remain key in today’s changing housing market.