How long will it take me to sell my house?
That’s the million dollar question.
There are a ton of different factors that contribute to a fast sale for maximum price including location, price, marketing, and condition. There is no crystal ball that will forecast how long it will take.
But – the Austin Board of Realtors publishes data every month with detailed statistics for the local market. Below is a simple graph with two data sets:
- The blue bars represent the average sales price in Austin.
- The red line is the number of days it takes (on average) for a house to sell (Days on Market).
A couple of thoughts on this data.
Clearly the majority of homes for sale in Austin are between $150,000 and $400,000. But there are also a large number of luxury homes on the market as well. A lot of people move to Austin thinking that houses are more affordable here, and to a large extent that is true.
I moved from the most expensive real estate market in the country (Atherton) many years ago, and I was surprised to see what you can get for the money. But if you are coming from a more average area, you may be surprised to learn what you get for the money. Our downtown condos can be pricey, as well as some places centrally located,. Of course the properties with amazing views of the hill country, or waterfront properties command a premium price.
Also, there is a sharp increase in the number of days it takes to sell a home over $1,000,000. This isn’t entirely accurate as there are several multi-million dollar properties listed that have been on the market for a long time. So while the lower end of this chart is very detailed in it’s data. Essentially this is a logarithmic scale. There are 10 data points up to $100K, and another 30 points up to a Million, but over $1M, there is only one data point.
Overall home sales are very good across all price points. Austin hasn’t experienced the same problems a lot of housing markets have. We don’t have a lot of foreclosures.
If you want a copy of this data – please let me know and I’ll send you the most recent report with all the raw data. If you don’t live in Austin, and want these kinds of numbers for your market, also let me know as I have friends who are realtors all over the country.