Buyer's Glossary
Days on Market
The median number of days it takes a home to go from listed to under contract.
What it is
Days on market is the median time from a home being listed to it going under contract.
It is the quickest read on how much time and leverage a buyer has.
The national median over the three months to May 2026. Source: Cotality.
Why it matters
Low
hot market
- Homes go under contract in days
- Buyers compete, prices get pushed up
- The result = a seller's market
High
slow market
- Homes sit for months
- Vendors get realistic
- The result = negotiating room for you
What counts as high, what counts as low
Shaded from a buyer's point of view: teal is favourable if you are buying, amber is balanced, red is harder. That is why this looks inverted against some other metrics, because a fast-moving market is good for a seller and hard for a buyer.
Around 28 days nationally over the three months to May 2026. Source: Cotality.
The trend to watch for
Averages hide the product type. Entry-level stock sells fast while tired or overpriced stock sits, so the median can look healthy in a suburb where the good homes are gone in a week.
Pair it with the auction clearance rate for the same market.
What it looks like in the real world
Low
hot
- Packed first open, four offers by Tuesday
- "Offers by Sunday 5pm" with no price guide
- Agent wants an offer before a second inspection
High
slow
- Listed 6+ weeks with a price-reduction history
- Agents call you back unsolicited
- Vendor accepts subject-to-finance and building-and-pest without pushback