DOM stands for Days on Market. The National Association of Realtors defines DOM as the days the property has been listed for sale on the MLS (multiple listing service). The DOM measure is from the day the real estate agent lists the property to the day the seller has a signed contract for the sale of the property.
DOM is important for sellers as the highest level of interest in the property happens as soon as it’s listed. At this point, all currently interested home buyers will review the property. After a few weeks, when the initial interest has flagged, only new buyers entering the market will be interested in the property. At some point, the property will have a DOM above the market average. At that point, buyers will ask what’s wrong with the property. That usually boils down to price, condition, and location.
As DOM increases, the seller will need to consider lowering the price, making needed repairs, or undergoing renovations to make the property more attractive. They might also consider taking it off the market and relisting it later. Listing with a new agent or waiting a certain number of days to relist can reset the DOM clock to zero.
For buyers, a high DOM measure can mean that the seller is more motivated to sell the property and will do so at a lower offer.