Written by: Internal Analysis & Opinion Writers
Across the United States, homes are taking noticeably longer to sell, signaling a shift in the housing market that is affecting the behavior of buyers, sellers, and agents alike. The typical time on market has climbed to about 60 days, up significantly from roughly 38 days this time last year.
This change reflects a transition from the red-hot pandemic-era market to a more stable—though still challenging—environment. Buyers and sellers are no longer rushing to finalize deals in record time, as rising mortgage rates and affordability concerns introduce caution into the equation.
One of the primary drivers behind this slowdown is elevated mortgage rates. With rates hovering above 6.5%, many buyers are being priced out of homes they could have afforded just a year ago. In response, they're either extending their home searches, lowering their budgets, or choosing to wait for more favorable lending conditions.
Sellers, meanwhile, are adjusting their strategies in real time. Some are still entering the market with ambitious price tags, only to find that today's buyers are more price-sensitive and less inclined to compete. When initial listing prices prove too aggressive, sellers are often forced to make price cuts or offer concessions like closing cost assistance or home upgrades.
This evolving dynamic has given buyers more room to negotiate. Unlike the competitive bidding wars of 2021 and early 2022, today’s market allows for thorough home inspections, detailed appraisals, and extended due diligence periods. Buyers are leveraging the slower pace to negotiate repairs, flexible move-in dates, and better financing terms.
Real estate professionals are responding by advising sellers to present their properties with care. High-quality photography, professional staging, and accurate pricing based on comparable sales are now critical to attract serious offers. Agents are also relying on analytics tools to identify when a listing may be stagnating and take corrective action early.
Despite the cooling pace, the market hasn’t come to a standstill. In some metros, especially those with low inventory, well-priced homes in desirable neighborhoods are still moving quickly. But in general, the era of weekend listings followed by multiple offers is fading, replaced by a more balanced playing field.
Experts anticipate the average time on market will continue to hover around two months unless mortgage rates fall significantly or inventory tightens. Seasonal shifts—such as a bump in demand during the summer—may temporarily shorten listing timelines, but overall market momentum remains slower than in recent years.
For buyers, this environment offers more negotiating power, but also a need to remain strategic. Desirable homes that are well-priced can still sell quickly, so flexibility and pre-approval remain essential. For sellers, the key is to be realistic about pricing, responsive to feedback, and prepared to make quick adjustments if needed.
Ultimately, the housing market appears to be entering a phase of normalization after years of pandemic-driven volatility. While the slower pace may feel unfamiliar, it reflects a healthier balance between supply and demand. For many buyers and sellers, this may present a more manageable—and less frantic—path to homeownership.
