UTAH – Utah is the fastest state to sell your home in, with an average of 27.07 days spent on the market in 2023, according to research conducted by luxury realtors at RubyHome Real Estate,
When buying or selling real estate, it is important to consider how long it will take to complete the transaction, especially if the objective is to sell one home and acquire another at the same time. The nationwide average for closing a sale on a home takes 33.5 days.
Researchers at RubyHome studied Zillow data documenting the average time for completing a sale in each state, and then combined the data to display the top 10 states for selling a home.
RubyHome’s methodology included using raw Zillow data to calculate an average ‘days to close’ statistic for each state for the first four months of 2022 and the same time in 2023. The results were then combined into a list of increasing figures to produce a top ten list.
A spokesperson for RubyHome Real Estate commented on the findings, “though the national average to close a sale in real estate is 33.5 days, market conditions can make this figure higher or lower. For a fast sale, looking at pricing a home competitively and realistically is essential, utilizing strategies such as dropping the price below a rounded number.”
Utah homes sell the quickest at 27.5 days, Nevada comes in second with an average of 27.45 days to sell, Idaho is third at 28.75 days, Wisconsin is fourth with an average of 28.93 days, and Texas is fifth with an average of 29.08 days.
Compared to 2022, Utah homes sold 4% faster in 2023, jumping from an average of 28.43 days to 27.07 days.
“In hot markets where sales activity is high, selling a home can take longer than the average due to a limited workforce of property appraisers and inspectors. The number of homes on the market can also affect the time it takes to close a sale, with rural areas becoming more popular and affordable than inner-city areas,” a spokesperson for RubyHome Real Estate said.