They say patience is a virtue. Home sellers attempting to unload their properties during this COVID-19 crisis may need to take those words to heart.
Nationally, homes are taking roughly 15 more days, or about 27% longer, to close than they did a year ago, according to realtor.com®’s Weekly Housing Trends Report. It looked at realtor.com data for the week ending May 16. This is the biggest increase in the number of days that homes spend on the market since 2013.
“Mid-May is normally the time of year when homes sell the fastest,” as it’s in the thick of the busy spring home-buying season, says realtor.com Chief Economist Danielle Hale. But the coronavirus pandemic and its ensuing stay-at-home orders, surging unemployment, and likely economic recession are drastically slowing down the real estate market. “Today’s median time on market is more like what we usually see in late February