The market slowdown is evident, with nearly 70% of homes (68.5%) staying on the market for at least 30 days in August, a rise from 63.9% the previous year. This marks the highest share of month-old listings for any August since before the pandemic in 2019.
Redfin agents noted that for homes to sell quickly, they need to stand out.
“For a home to sell fast, or with multiple bids, it needs to be immaculately presented and have a unique design, or additional features like a pool,” said Andrew Vallejo, a Redfin Premier agent in Austin, Texas. “I had a home receive multiple offers about a month ago—a rarity for us at the moment. It sold quickly and for $25,000 over list price because of how pretty it was—everything was perfectly painted, clean and manicured.”
The speed at which homes sell also varies by region. In Seattle, homes were on the market for a median of just 12 days in August, the fastest among the 50 largest metros Redfin analyzed. Meanwhile, homes in Florida’s major metros, including West Palm Beach, Fort Lauderdale, and Miami, stayed on the market for more than nine weeks. In West Palm Beach, the median time to sell was 79 days, up by 18 days compared to last year.
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