Days on Market (DOM) A Term You Need to Know
Days on market (DOM) is a metric used to measure the length of time a property is listed for sale until it is sold or taken off the market. It is commonly used in real estate to track the performance of properties and to compare the market time of different properties.
The DOM is calculated by subtracting the date the property was listed for sale from the date the sale was completed or the property was removed from the market. The lower the DOM, the faster the property is sold. A property with a low DOM is often considered to be in high demand and highly desirable, whereas a property with a high DOM may indicate a slower market, lack of interest from buyers, or an overpriced listing.
Days on market can vary depending on a number of factors, including location, type of property, economic conditions, and local real estate market trends. Real estate agents and analysts often use the DOM to help them evaluate market conditions and to determine appropriate pricing strategies for listings.
In addition to tracking the DOM for individual properties, real estate professionals also use the DOM to track market trends, compare the performance of different areas, and to make informed decisions about pricing and marketing strategies.View More Definitions
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