The formula to calculate the Days on Market (D) is:
\[ D = E - S \]
Where:
Let's say the start date (\( S \)) is 2024-01-01 and the end date (\( E \)) is 2024-08-14. Using the formula:
\[ D = 2024-08-14 - 2024-01-01 \]
We get:
\[ D = 226 \text{ days} \]
So, the Days on Market (\( D \)) is 226 days.
Days on market (DOM) is a metric used in the real estate industry to indicate the number of days a property has been listed for sale on the market. It is a key indicator of the property’s marketability and can influence the perceived value of the property. A high DOM can suggest that a property is overpriced or less desirable, while a low DOM can indicate a hot market or a well-priced property. Real estate agents and sellers often use DOM to gauge the effectiveness of their pricing strategy and marketing efforts.