Days on the Market
Definition and meaning of Days on the Market in real estate.
Days on the market, often abbreviated as DOM, is a real estate metric that tracks the number of days a property remains actively listed for sale on the Multiple Listing Service before an offer is accepted or the listing is taken off the market.
In more detail
This metric is a key indicator of market demand and property pricing accuracy. A low number of days on the market typically signals a seller's market, where high demand leads to quick sales. Conversely, a high number of days on market may suggest that the property is overpriced, has condition issues, or that the local market is slowing down.
Buyers often use this statistic to gauge their negotiation leverage, as sellers with properties that have been listed for a long time are often more open to price reductions.
Key facts
| Category | Buying & Selling |
|---|---|
| Also known as | DOM, market time, or listing age |
| Significance for buyers | High DOM often indicates opportunities to negotiate lower purchase prices |
| Significance for sellers | Low DOM indicates strong initial interest and potential for multiple offers |
A buyer notices a house has been listed for several months on the market, which prompts them to submit an offer below the asking price because they suspect the seller is eager to close.
Frequently asked questions
Does days on the market reset if a listing is cancelled and reposted?
In many states, the Multiple Listing Service has rules requiring a listing to be offline for a specific period, typically thirty days, before the counter resets to zero.
What is a normal number of days on the market?
A normal timeline varies by state, price point, and local economic conditions, ranging from a few days in hot markets to several months in slower ones.