GITNUX MARKETDATA REPORT 2024

Statistics About The Average Time To Buy A House

The average time taken to buy a house in the US is typically around 30-45 days, but can vary depending on location and market conditions.

Last Updated: June 20, 2024

Written & Summarized by: Jannik Lindner

How we write

In this post, we will explore a range of statistics related to the average timeframe for buying a house in the U.S.A. From the time spent searching for a new home to the duration of closing processes, these data points provide insightful perspectives on the various stages involved in the home buying journey. Let’s dive into the numbers to gain a better understanding of the timeline typically associated with purchasing a house.

Statistic 1

"It takes 4.5 months on average to buy a house in the U.S.A."

Statistic 2

"The average closing time for a loan was 52 days according to 2017 data."

Statistic 3

"In 2020, the average buyer spent roughly 10 weeks searching for a new home."

Statistic 4

"The typical duration to get pre-approved for a mortgage is between 1 to 7 days."

Statistic 5

"Ratified purchase contracts usually specify a closing period of 30 to 45 days."

Statistic 6

"The average time spent viewing a house is 32 minutes."

Statistic 7

"It typically takes the buyer 11 hours to go from deciding to purchase a home to locating the right property online."

Statistic 8

"About 88% of buyers financed their home purchase according to the 2020 Profile of Home Buyers and Sellers report."

Statistic 9

"Approximately 50-60 days is spent from the time an offer is accepted to the time the loan is ready to close."

Statistic 10

"The average time for an offer to be accepted is 66 days."

Statistic 11

"Most home sales (76%) involve a realtor, according to the National Association of Realtors (NAR)."

Statistic 12

"It takes approximately 15 weeks on average from starting home search to moving in."

Statistic 13

"Buyers in 2020 spent an average of eight weeks shopping for their home."

Statistic 14

"The complete home buying process takes around 12 weeks in the best case scenario in the UK."

Statistic 15

"It takes an average of 38 days to get a loan according to a 2021 Ellie Mae report."

The process of buying a house in the U.S.A. involves multiple stages, each with its own average time frame. From searching for a new home to closing the deal, buyers typically spend around 4.5 months to complete the process. Key steps such as obtaining loan pre-approval, viewing properties, and finalizing the purchase agreement all contribute to the overall duration. It is interesting to note that the majority of buyers rely on financing for their home purchase, with various stages such as searching, offer acceptance, and finalizing the loan requiring specific time frames. While there are variations in time frames depending on individual circumstances, having a general understanding of the average timelines involved can help buyers navigate the process more effectively.

Jannik Lindner

Jannik is the Co-Founder of Gitnux and has been working in the digital space since 2016. He is specialized in content and tech.

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