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What Is Days on Market (DOM)?

Days on market (DOM) is a term used in real estate to describe the number of days a property has been listed for sale. The day that a listing goes live is day one, and each subsequent day is added to the total until the property is sold or taken off the market. For example, if a property is listed on January 1 and sells on January 15, the DOM would be 14.

This information is important for both buyers and sellers to know. For buyers, it can give them an idea of how long the property has been on the market, how motivated the seller may be, and what kind of price they may be willing to accept. As well, a high DOM means that there are lots of homes on the market and they may be able to find a bargain. For sellers, a high DOM means that their home is likely to take longer to sell and they may need to be more flexible on price.

How Is It Used in Real Estate?

The term Days on Market (DOM) is used often among real estate agents when they are discussing propertieseither among themselves or with their clients.

As an informed buyer or seller, you may find you’re looking at and reviewing this term and metric quite often, as it can help provide insights into how the real estate deal may go for a specific property. This term is commonly used in the beginning stages of the real estate buying or selling process.

For buyers, this information can be used to gauge whether or not a property is overpriced or if the seller may be more negotiable on price. If a property has been on the market for a long time, it may be an indication that the asking price is too high and the seller is becoming more desperate to sell. This could give the buyer more leverage when it comes to price.

For sellers, this information can be used to see how their property compares to others on the market. If a home has been on the market for a shorter period of time than similar properties, it may be an indication that the asking price is too low and that the home is not getting enough exposure.

Example

Sam is looking at buying her first property. She begins looking at Vancouver real estate listings on Metro Vancouver Life.

She looks at a real estate listing and sees that it was listed 10 days ago. Sam wonders if this means anything and her real estate agent tells her it means days on market.

Since it’s considered a seller’s market, the real estate agent suggests viewing the property as soon as possible and putting a competitive offer on the table if she is serious. During seller’s markets, homes can sell quickly and have a low average DOM.

Frequently Asked Questions

How can you find days on market for an MLS listing?

To find how many days a home has been listed on the MLS, you begin by finding the original listing date. The number of days between that day and the current date is the days on market for that home.

However, there could be cases where a home is taken down from the MLS and is then relisted at a different price point and date. This makes the home look more fresh when looking at the days on market, even though it could have been sitting on the market for months already. During these instances, it’s wise to work with a real estate agent who can advise you on the cumulative days on market. This will give the home buyer a more accurate picture of the home’s DOM.

What is the average days on market for homes?

The average DOM can fluctuate depending on the real estate market conditions. If it’s a seller’s market, the average DOM can be lowfrom 1 day to 10 days. During a buyer’s market, when there is more supply, this can increase to 30+ days. For example, in October 2022, the Greater Vancouver REALTORS® (GVR) calculated that the average DOM for a townhouse was 23 days.

If you want to see the average days on market for areas in Metro Vancouver, check out this Monthly Market Report from GVR.