Image above courtesy REIN & Domus Analytics for Hampton Roads
The median market time is a measure of the housing market that helps you determine a number of factors. You should know the median market whether you're a buyer or seller.
How Median Market Time Impacts Sellers
It's important to consider median market time when thinking about the speed with which you should think about dropping the price, making changes to your home, etc. If you've already passed the median market time for your area, and haven't done a substantive price reduction or any substantive changes to your home, it's typically best to consider either or both.
How Median Market Time Impacts Buyers
The faster the median market time, the quicker on the draw you should be for expeditious showings. That said, don't rely exclusively on median market time and think that you have a pass until that time.
Hot Properties Tend to Go Faster than Median
Hot properties can go under contract in less than 24 hours at times. The properties that look the best, are the best priced, etc. will tend to go faster than median market time. If you're a buyer, be sure to jump on properties whether the median market time is high or low, but especially if it's low.
Where to See Median Market Time Generally
There are public options where you can check the median market time of a city, county, or area. Local real estate agents with access to REIN MLS have access to things in Hampton Roads like Domus Analytics, but there's also publicly available options to check on median market time.
Redfin has some fantastic data on local markets here.
For instance, here's the market time for:
Tips to See Median Market Time in Counties: 4 Week v 12 Week Duration
If looking at market time within a county with a low population, it can make sense to see things from a 12 week duration rather than a 4 week duration so that the lines aren't too statistically variant & easier to interpret. Below I'll be sharing median days on market based on 4 week time periods regardless of county population size.
You can change that once on the page for the median days on market for a county near the top right here where it says "Duration".
SE VA Cities/Counties Median Market Time: