SEATTLE, June 3, 2021 /PRNewswire/ -- In today's
competitive housing market, the time it takes to sell a home is
measured in days, not weeks. Homes listed on a Thursday sell faster
on average and are more likely to sell above list price than those
listed on any other day of the week, a new Zillow®
analysis reveals. And while this spring selling season may not
look so different from the rest of the year as the
pandemic-fueled market has stayed red-hot through traditional slow
periods, Zillow recommends listing your home before Labor Day based
on historical market trends.
Why the day of the week matters for home
listings
Homes listed on a Thursday typically go pending
faster than any other day of the week, all else equal. Those that
are put up for sale on a Sunday tend to sit on the market longest,
eight days longer than Thursdays. Saturday and Monday are only
marginally better -- homes listed on either of those days typically
take seven days longer to sell than homes listed on
Thursdays.i
Jeff Knipe, president of Knipe
Realty in Portland, Ore., always
recommends his clients list homes on a Wednesday or Thursday. "Home
shoppers I work with tend to be most active on Thursday and Friday
as they plan their weekend tour schedules. With the market as
competitive as it is today, this timing strategy gives sellers the
best chance at seeing multiple offers on their home, from my
experience," Knipe said. "Think of selling a home as if you're
going fishing; the goal is for the most possible fish to see your
home as it enters the pond."
Thursday listings also are most likely to sell for more money.
Zillow's research shows that homes listed on a Thursday are more
likely to sell above their asking price than those listed on any
other day of the week, while homes listed on either Saturday or
Sunday were the least likely to sell above list.
In today's market where half of homes are selling within a week,
a few days can make a difference. "A home sitting even for one week
without a sale in this market can signal to buyers that they may be
able to get a small discount," Knipe adds. "A good strategy for
buyers who want to avoid getting into a bidding war could be to
target homes that have been on the market for a week or two, or
even those listed over the weekend that are less likely to sell
quickly."
Sellers may have caught on already -- nationally, 21% of homes
are listed on a Thursday, which is more than any other day of the
week. The savviest sellers are in Seattle and Portland, Ore., where more than a third of
homes are listed on a Thursday, the highest shares in the country
among large markets. Only 13% of homes are listed on a weekend,
which is less than any individual weekday.ii
Is spring still king?
Spring is typically the best
time of year to list your home for sale, at least in years before
the pandemic-fueled housing boom, when buyers tend to come out of
winter hibernation and hit the market in droves. Homes listed
during the weeks of March 11 and 18
had the fastest sales of 2019.
Labor Day is the traditional end to home shopping season, and a
time when homes tend to sit on the market the longest as parents
aim to be settled in their new home before their kids head back to
school. The worst time to list for those looking for an above-list
sale in 2019 were the weeks of October
14 and 21, when homes were least likely to sell above their
asking price.
However, today's housing market is anything but typical.
Unrelenting buyer demand has pushed homes to sell at a breakneck
pace even through what are typically slower months. Homes
typically take a few days longer to sell in the winter than at the
height of the spring selling season, but that pattern was reversed
last year. The market has picked up the pace even more since
then, and the share of sales happening above list price is more
than double what it was pre-pandemic.
"The housing market has had its foot on the gas since last
summer, never entering its usual winter hibernation," said Zillow
Group economist Nancy Wu. "It
remains an open question whether 2021 will bring a return to
normalcy in that sense, but it's likely that seasonality in the
housing market will remain in some form, even if the changes from
season to season are less dramatic than in the past."
In addition to steady demand and low inventory, the increased
adoption of real estate technology likely has played a role in
seasonal housing trends becoming less impactful. Buyers can more
quickly narrow down their options rain or shine, freeing them from
having to wait for the traditional weekend open house and
potentially braving the elements to do so in the winter. A large
majority (79%) of Americans say they'd like to use virtual tours,
such as Zillow's 3D Home tours, when they shop for a home. Sellers
looking to sell quickly can take advantage of these tools as well
-- listings with a Zillow 3D Home tour sold, on average, 10% faster
than listings without.iii
"Technology has made it easier for home shoppers to confidently
say that a home on the market is the right fit for them or more
quickly rule them out," Knipe said. "Shoppers can get a clear
picture of the home's layout and neighborhood online to narrow down
their options. By the time shoppers look at a home in person,
they're usually already giving strong consideration to putting in
an offer, which helps make the market more efficient."
|
Fastest
Sale
|
Most
Money
|
When Listings are
Listed
|
Metro
Area*
|
Best Day
of the Week
for a Quick
Sale
|
Worst Day
of the
Week for
a Quick
Sale
|
Best Day of
the Week for
an Above-
List Sale
|
Worst Day
of the
Week for
an Above-
List Sale
|
Most
Common Day
of the Week
for Home
Listings
|
Least
Common
Day of the
Week for
Home
Listings
|
United
States
|
Thursday
|
Sunday
|
Thursday
|
Sunday
|
Thursday
|
Sunday
|
New York,
NY
|
Wednesday
|
Sunday
|
Wednesday
|
Sunday
|
Tuesday
|
Sunday
|
Los Angeles,
CA
|
Thursday
|
Sunday
|
Thursday
|
Saturday
|
Friday
|
Sunday
|
Chicago,
IL
|
Thursday
|
Sunday
|
Thursday
|
Saturday
|
Thursday
|
Sunday
|
Dallas-Fort Worth,
TX
|
Thursday
|
Sunday
|
Thursday
|
Sunday
|
Thursday
|
Sunday
|
Philadelphia,
PA
|
Thursday
|
Monday
|
Thursday
|
Sunday
|
Thursday
|
Sunday
|
Houston,
TX
|
Thursday
|
Saturday
|
Thursday
|
Saturday
|
Thursday
|
Sunday
|
Washington,
DC
|
Thursday
|
Sunday
|
Wednesday
|
Sunday
|
Thursday
|
Sunday
|
Miami-Fort
Lauderdale, FL
|
Sunday
|
Tuesday
|
Thursday
|
Sunday
|
Thursday
|
Sunday
|
Atlanta,
GA
|
Thursday
|
Sunday
|
Thursday
|
Sunday
|
Thursday
|
Sunday
|
Boston, MA
|
Wednesday
|
Saturday
|
Wednesday
|
Saturday
|
Wednesday
|
Sunday
|
San Francisco,
CA
|
Friday
|
Sunday
|
Friday
|
Sunday
|
Friday
|
Sunday
|
Detroit,
MI
|
Thursday
|
Monday
|
Thursday
|
Monday
|
Tuesday
|
Sunday
|
Riverside,
CA
|
Thursday
|
Sunday
|
Thursday
|
Saturday
|
Friday
|
Sunday
|
Phoenix,
AZ
|
Thursday
|
Monday
|
Thursday
|
Monday
|
Friday
|
Sunday
|
Seattle,
WA
|
Thursday
|
Sunday
|
Thursday
|
Sunday
|
Thursday
|
Sunday
|
Minneapolis-St. Paul,
MN
|
Thursday
|
Tuesday
|
Thursday
|
Saturday
|
Thursday
|
Sunday
|
San Diego,
CA
|
Thursday
|
Sunday
|
Thursday
|
Sunday
|
Thursday
|
Sunday
|
St. Louis,
MO
|
Thursday
|
Sunday
|
Wednesday
|
Sunday
|
Thursday
|
Sunday
|
Tampa, FL
|
Thursday
|
Sunday
|
Thursday
|
Sunday
|
Thursday
|
Sunday
|
Baltimore,
MD
|
Thursday
|
Monday
|
Wednesday
|
Friday
|
Thursday
|
Sunday
|
Denver, CO
|
Thursday
|
Monday
|
Thursday
|
Saturday
|
Thursday
|
Sunday
|
Pittsburgh,
PA
|
Wednesday
|
Monday
|
Thursday
|
Monday
|
Thursday
|
Sunday
|
Portland,
OR
|
Thursday
|
Sunday
|
Thursday
|
Tuesday
|
Thursday
|
Sunday
|
Charlotte,
NC
|
Thursday
|
Monday
|
Wednesday
|
Saturday
|
Thursday
|
Saturday
|
Sacramento,
CA
|
Thursday
|
Sunday
|
Thursday
|
Saturday
|
Thursday
|
Sunday
|
*Table ordered by market size
About Zillow Group
Zillow Group, Inc.
(NASDAQ: Z and ZG) is reimagining real estate to make it easier to
unlock life's next chapter.
As the most-visited real estate website in the United States, Zillow® and its affiliates
offer customers an on-demand experience for selling, buying,
renting or financing with transparency and nearly seamless
end-to-end service. Zillow Offers® buys and sells homes directly in
dozens of markets across the country, allowing sellers control over
their timeline. Zillow Home Loans™, our affiliate lender, provides
our customers with an easy option to get pre-approved and secure
financing for their next home purchase. Zillow recently launched
Zillow Homes, Inc., a licensed brokerage entity, to streamline
Zillow Offers transactions.
Zillow Group's brands, affiliates and subsidiaries include
Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™,
Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®,
StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal
Housing Lender, NMLS #10287
(www.nmlsconsumeraccess.org).
i Based on a Zillow analysis of 2019 home sales.
ii Data on the frequency of listings by day of the week
and hour of the day is based on for-sale homes listed on Zillow
between September 9, 2020 and
May 25, 2021.
iii Based on data collected December 2019 - May
2020.
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content:http://www.prnewswire.com/news-releases/to-sell-your-home-quickly-list-it-on-a-thursday-before-labor-day-301304928.html
SOURCE Zillow