With home listings still in very short supply, would-be buyers understand that they need to make up their minds about bidding for a home -and fast! Between July 2020 and June 2021, the average home was on the market for one week before going under contract. According to the National Association of Realtors, this was a record low going back to 1989.

Certainly, virtual tours are helping buyers get a quicker feel for a home with 43 percent of buyers saying virtual tours were “particularly useful”.

While the housing market seems to be cooling off according to seasonal trends, demand for the existing listings remains extremely high.