It’s Almost Here – The Best Time to Sell is April 14-20
Nationally, the week of April 14 will have the best mix of market conditions for sellers, who could get $34,000 more for their home than at the start of the year
Those looking to sell their home this year should start to get ready now, as the best week to sell a home is April 14-20, 2024, according to a new analysis from Realtor.com®. Nationwide, sellers listing during that week are likely to see the best conditions for listing prices, buyer demand and sales pace, as well as lower chances of price reductions and competition from other sellers. A recent survey from Realtor.com® found that the majority (53%) of home sellers took one month or less to get their home ready to list, so the time to start prepping is now.
“Spring is generally the high season for home sales, and buyers tend to be more plentiful earlier in the year,” said Realtor.com® Chief Economist Danielle Hale. “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 further before entering the housing market, it’s still a good time for homeowners to sell as buyers continue to be in need of more for-sale options, with inventory still almost 40% below pre-pandemic levels. Those looking to take advantage of seasonal market trends should consider getting ready to list April 14-20 for the best mix 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 and tips for getting ready
The 2024 housing market is expected to behave according to typical seasonality, but will likely offer slightly better conditions than in 2023. According to Realtor.com®‘s survey, it took most recent sellers (72%) between 2 weeks and 3 months to prepare their home for sale, with the sweet spot being between two weeks and a month (37%). For almost half (48%), it took less time than expected to list their home, while 11% said it took more time than they expected. Here are some market and other factors for sellers and buyers to keep an eye on 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 have historically reached near-peak levels (+13.8%) compared to the beginning of the year, while the number of new sellers increased by even more (+49.3%). By entering the market earlier, sellers can head off that competition, increasing the odds of a successful close and favorable terms. Working with an experienced agent can help sellers prepare for and navigate their local market dynamics. Realtor.com® RealChoice Selling lets sellers get proposals from multiple agents in their area to compare and pick the right professional who can help with their sale, and all without a commitment.
- Mortgage rates will determine the level of market activity. Mortgage rates are expected to ease to the mid-6% range later in the year, and once rates decline, we’ll likely see an increase in potential buyers based on a recent Realtor.com® survey of Americans looking to buy this year, welcome news for those on the fence about selling. Homeowners wondering about whether they can get a good price if they sell this spring can use the Realtor.com® RealEstimate tool to see their home’s value over time, as well as the tool’s Proceeds Calculator to see how much money they could make selling.
- Sellers still stand to see favorable buyer attention. Demand tends to cool in the late summer and early fall, while by mid-August, the number of sellers with actively-listed homes typically increases 29% compared to the beginning of the year, increasing competition from other sellers. To help sellers keep a pulse on buyer interest in their area, the Realtor.com® My Home dashboard gives sellers real-time insights into demand signals from users searching on Realtor.com® for similar homes with a price range matching the home’s RealEstimate.
SOURCE Realtor.com
