Residential

This is how long it takes to sell a house

Three weeks.

That’s how long it takes to sell a home these days, according to the National Association of Realtors.

Five years ago, the median number of days on market was 11 weeks.

Low housing supply has pushed up home prices and created multiple offer situations and bidding wars throughout the country.

“The inventory shortage and the growing economy and job creation has increased the interest in homebuying,” said Lawrence Yun, chief economist for NAR. “There is just not enough inventory; people need to fight over the few homes available on the market.”

Read Article at Money.CNN.com

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