What is Days On Market? | Real Estate Definition
What Does Days On Market Mean?
In real estate, days on market is the length of time a real estate listing is on the market (for sale). On property listings, days on market is abbreviated as DOM.
Real Estate Agent Explains Days On Market
Days on market can be tricky to determine because a home may have been listed a few times in a row before it sells. Re-listing a property resets the number of days on market. Therefore, it is best to look at a property’s history to know the actual total time the property took to sell. If a property was off the market for a short time in between listings, it may be prudent to add the two (or more) days on market values to get a idea of what the total days on market would have been. A real estate agent can learn a lot by investigating MLS listing status to uncover a property’s full story.
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Not all real estate listings sell, so the number of days on market could be the length of time a listing was for sale before the listing expired, or was cancelled or sold.
Why Does It Matter?
When taken together, the average number of days on market is considered an important piece of information in determining how hot the real estate market is. Also, the number of days on market of a particular listing can often determine whether the home is properly priced or not. Days on market can also be a useful tool in helping buyers to determine offering prices. Because homebuyers can see days on market in MLS but not the full property history, it’s important to contact a real estate agent to get the full story on the listing.