Competition for existing homes in markets across the country has never been more heated. And the reason? Low inventory.

According to the National Association of Realtors, total housing inventory in the US has dropped year-over-year for a whopping 36 consecutive months—three years in total. Currently, the unsold inventory is at a 4.1-month supply, and the lack of available homes is seriously driving up competition. Because of the lack of inventory (and the fierce competition for available properties), homes are flying off the market. In May 2018, properties typically stayed on the market for 26 days and more than half (58%) sold in less than a month.

The Takeaway

If you’ve been thinking about putting your home on the market, NOW is the time to make a move. This competition won’t last forever, so take advantage of the sellers’ markets across the country to sell your home quickly (and for top dollar).