Why Days on Market Is the Number to Watch This Fall

What Days on Market Actually Measures

The National Association of REALTORS® defines days on market (DOM) as the number of days from when a property is listed on the local MLS to the date the seller signs a purchase contract. It is a direct measure of how quickly homes are selling. It is not a prediction, it is a snapshot of recent behavior.

Why DOM Can Move While Price Barely Does

Median price is a lagging indicator: it reflects deals that were negotiated weeks or months earlier and are only now closing. DOM reflects what buyers are doing right now: how quickly they are writing offers, and how much room sellers are giving them to think it over. A market can hold a steady median price for months while DOM quietly climbs, which usually means buyers have gained negotiating leverage even though the headline price number has not caught up yet.

What a Rising DOM Means for You

For a buyer, a longer average DOM generally means less competition per listing and more room to negotiate on price, closing costs or repairs. For a seller, it generally means pricing and presentation matter more than they did when homes were selling in days. An overpriced or under-prepared listing accumulates DOM fast, and buyers read a high DOM as a signal to negotiate harder.

Where to Check the Current Number

Las Vegas REALTORS® (the local MLS association) publishes monthly statistics directly, and the Federal Reserve Bank of St. Louis maintains a public, regularly updated data series for median days on market in the Las Vegas-Henderson-Paradise metro area. Both are free to check before making a decision based on where the market stands this month.