Short and simple. Market time usually translates into money saved or money lost, depending on which side of the transaction you are on. It can also give you a clue to urgency.
The definition of "Market Time" (MT) or "Days on Market" (DOM) is the length of time that a home is available for sale or the amount of time a particular home takes to sell, and is measured in days.
Market time is always on Realtor's listings, however some Realtors opt to remove that field from the public handout they give to buyers. You can find it on most any MLS sheet by looking for "MT" or "DOM", but only if it has not been removed from your data sheet. The one small glitch is that if you do see it on your MLS handout (if you can find it) is that the market time that is listed is only for that listing. If the home was on the market previously, you won't see an accumulated market time for that home, which is very important.
Some Realtors will cancel a listing, and put it back on the market immediately to hopefully attract buyers. It is against our MLS regulations, but agents do it anyway. The market time would not be accurate in that instance. Then again, some homeowners switch Realtors after their home failed to sell. That listing would come up as "new", and with a short market time which would also not be accurate.
Realtor.com shows Market Time information on listings as "Days on Site", which can be a few days off, but you still get the general idea. Zillow also shows this figure as "On Zillow" which is also approximate, and "Yahoo Real Estate" shows you the listing date, but none of these sites accumulate market time for prior listings on the same property. Your Realtor must do the research on this. Incidentally, you won't find Market Time information at all on Trulia.
The Money Factor and The Bottom Line:
The newer the listing, the less likely it is that the seller will negotiate on price and/or terms. Remember to have your agent perform a Property Listing History report so that the information on DOM or MT is accurate. The longer the home has been listed for sale, the more probability there is for increased negotiations. Sellers- this is one VERY good reason to price your home properly right from the start!
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