How long a home stays on the market before selling is a key indicator of supply and demand in the housing market. If a home sells quickly, it suggests strong buyer competition and limited inventory. If it sits for a long time, it may indicate slower demand or higher buyer selectivity.
This analysis ranks all price ranges in the Tri-Cities market based on average and median days on market (DOM) to show where homes sell the fastest and where sellers need patience.
What Does Days on Market Mean for You?
- Lower days on market (DOM) indicate a seller’s market where homes sell quickly, often with multiple offers.
- Higher days on market (DOM) suggest a more balanced or buyer-friendly market, where homes take longer to sell, and buyers have more negotiating power.
Key Takeaways Across All Price Ranges:
- Homes under $450,000 have the lowest days on market, making it a strong seller’s market.
- Luxury homes priced above $750,000 tend to take longer to sell, offering buyers more time to negotiate.
Days on Market Breakdown by Price Range
$0 – $350,000: Fastest-Selling Price Range
- Average DOM: 34 days
- Median DOM: 14 days
Market Insight:
Homes in this price range sell extremely fast due to high demand and limited supply. Buyers must be prepared to act quickly with strong offers.
$350,000 – $450,000: Still Moving Quickly
- Average DOM: 39 days
- Median DOM: 21 days
Market Insight:
Homes in this price bracket remain highly competitive, with sales happening quickly. Buyers should be ready with pre-approvals and strong offers.
$450,000 – $550,000: Beginning to Balance
- Average DOM: 43 days
- Median DOM: 22 days
Market Insight:
While still favoring sellers, this price range shows signs of balance, with slightly longer selling times. Buyers may find limited room for negotiation.
$550,000 – $650,000: More Time on Market, But Still Favorable for Sellers
- Average DOM: 68 days
- Median DOM: 34 days
Market Insight:
Homes in this range take nearly twice as long to sell compared to lower-priced properties. Sellers should prepare for longer listing times and be flexible with pricing strategies.
$650,000 – $750,000: A More Balanced Market
- Average DOM: 68 days
- Median DOM: 39 days
Market Insight:
Buyers in this range have more time to make decisions, and homes may require competitive pricing to sell within a reasonable timeframe.
$750,000 – $850,000: Luxury Homes Taking Longer to Sell
- Average DOM: 77 days
- Median DOM: 39 days
Market Insight:
Higher-end homes require strategic pricing and marketing. Sellers may need to offer incentives or price reductions to attract buyers.
$850,000 – $1,000,000: The Slowest-Selling Price Range
- Average DOM: 82 days
- Median DOM: 56 days
Market Insight:
This price range presents the most negotiating power for buyers, as homes tend to stay on the market the longest. Sellers must be patient and may need to adjust pricing strategies.
Final Rankings: Fastest-Selling to Slowest-Selling Price Ranges
- $0 – $350,000 (Fastest)
- $350,000 – $450,000
- $450,000 – $550,000
- $550,000 – $650,000
- $650,000 – $750,000
- $750,000 – $850,000
- $850,000 – $1,000,000 (Slowest)
Key Takeaways for Sellers
- Homes priced under $450,000 tend to sell the fastest, often with multiple offers.
- Sellers in the $550,000 to $750,000 range should expect longer sales timelines and fewer bidding wars.
- Sellers with homes priced above $850,000 should anticipate extended time on the market and potential price adjustments to attract buyers.
Key Takeaways for Buyers
- Buyers looking for quick closings should target higher price ranges, where homes take longer to sell.
- Those shopping under $450,000 should be prepared to move quickly and compete in a fast-paced market.
- The $550,000 to $750,000 range offers more balance, allowing for better negotiating opportunities.
Understanding days on market trends can help buyers plan their offers strategically and help sellers set realistic expectations. If you are considering buying or selling, let’s discuss how these trends impact your options.