Those planning to sell their home this year should start preparing now, as the greatest week to sell a property is April 14-20, 2024, according to a new study from Realtor.com. Vendors listed during that week are likely to experience the best conditions for listing prices, buyer demand, and sales pace, as well as less price reductions and competition from other vendors.
According to a recent Realtor.com poll, the majority (53%) of home sellers took one month or fewer to prepare their property for listing—so now is the time to begin prepping.
“Spring is generally the high season for home sales, and buyers tend to be more plentiful earlier in the year,” said Danielle Hale, Chief Economist at Realtor.com. “Because listing a home is a process, sellers should start preparing now so they can list their home at a time when conditions are likely to be most favorable, giving them the best chance of selling their home quickly and at a competitive price.”
Why is April 14-20 the Best Time to Sell in 2024?
While some home buyers are waiting for mortgage rates to fall more before entering the housing market, now is a favorable moment for homeowners to sell because purchasers continue to seek additional for-sale options, with inventory remaining nearly 40% below pre-pandemic levels.
Those wishing to take advantage of seasonal market patterns might consider getting ready to list on April 14-20 for the finest combination of market conditions for sellers, including:
- Above-average prices: The prices of homes listed during this week have historically been 1.1% higher than the average week, and are typically 10.4% higher than at the start of the year. If 2024 follows last year’s seasonal trend, the national median listing price could be $7,400 higher than the average week, and $34,000 more than at the start of the year.
- Above-average buyer demand: The more buyers looking at homes, the better it is for offers and sales. Historically, this week saw 18.4% more views per listing than the typical week, but in 2023 this week got 22.8% more views per listing than the average week during the year. Demand will in part depend on mortgage rates—falling rates may increase spring demand, while steady or rising rates may prompt some buyers to hold off.
- Faster market pace: Thanks to above-average demand, homes tend to sell more quickly during this week. Historically, homes actively for sale during the week of April 14 sold 17%, or about 9 days, faster than in the average week. In 2023, this week typically saw homes on the market for 46 days on average, 6 days faster than the year’s average. With inventory levels remaining low, sales may happen more quickly as buyers compete for fewer properties.
- Less competition from other sellers: With past seasonal trends likely to persist, there would be 13.7% fewer sellers in the market this week compared to the average week during the year. Active inventory was 14.8% higher in February versus last February, but still 39.7% lower than pre-pandemic levels. This gap means there will continue to be opportunities for sellers entering the market this spring.
- Below-average price reductions: Price reductions tend to be lowest in late winter and early spring as buyer activity ramps up. Historically, about 24.6% fewer homes have had a price decrease this week compared to the average week of the year. In 2023, this week saw about 8,000 fewer listings with price reductions compared to the average week of the year.
Key Factors for the 2024 Housing Market
The 2024 housing market is predicted to follow regular seasonality, albeit with slightly better conditions than in 2023. According to a Realtor.com poll, the majority of recent sellers (72%) spent between two weeks and three months preparing their house for sale, with the sweet spot falling between two weeks and a month (37%).
Nearly half—an estimated 48%—said it took less time than planned to list their home, while 11% said it took longer than intended. Here are some market and other aspects that sellers and buyers should be aware of as they navigate the spring housing market and beyond.
- Prices tend to peak later in the year, but so will competition. By the end of June, prices had historically reached near-peak levels (+13.8%), but the number of new sellers had climbed even more (+49.3%). Sellers might avoid competition by entering the market sooner, enhancing their chances of a successful transaction and advantageous conditions.
- Mortgage rates will determine the level of market activity. Mortgage rates are predicted to fall to the mid-6% range later this year, and if rates drop, we can expect an increase in potential buyers, according to a recent Realtor.com study of Americans planning to buy this year, which is good news for those considering selling.
- Sellers still stand to see favorable buyer attention. Demand tends to decline in the late summer and early fall, but by mid-August, the number of sellers with actively-listed houses often grows by roughly 29% compared to the beginning of the year, increasing competition from other sellers.
To read the full report, including more data, charts, and methodology, click here.
