Days on market is the way to measure the age of a real estate listing. It is the number of days from when a listing becomes active to when an offer is accepted. It also can end when the listing agreement between the real estate agent and seller ends.
DOM is the acronym for days on market. DOM is often used in place of days on market on the MLS or consumer portals like Zillow.
Low days on market often indicates a new and competitive home on the market. Homes that have high days on market have not sold for some time and may be less competitive. If the days on market is lower than they are historically for a location, that area is competitive.
Assuming the same sales price, a home owner would prefer to sell their home faster. Every day a home is on the market is a day that the owner must pay carrying costs associated with the home. It is also time that the owner or real estate agent must pay to market the home.
Days on market is calculated by counting the days from when a home is listed to when it has an accepted offer.
Because days on market is so commonly tracked, many agents and owners will manipulate it. They try to wait until the last possible moment to list a home as active. This could include holding private showings or delaying the time when a home is listed on the MLS. Sometimes agents also delist a home for a few weeks. They then will list it at a different price. This is the same home, but will be shown with the days on market reset .
In addition, low days on market may mean a home was priced too low and left money on the table. There is a careful balance between selling a home for the right price and selling it too fast.
Most homes sold are on the market for 3-8 weeks, with the national average being close to 30 days. But this can vary by the price of the home and competitiveness of a market. Homes that are very expensive may take longer to find a buyer. Homes in markets that are slow may simply struggle to attract buyers.