Higher-than-average home prices and faster sales make this week in mid-April the best time of year to list a home.
That’s according to a Realtor.com report based on an analysis of real estate market data from 2018. (The report excluded 2020 data because the pandemic caused abnormal activity in the real estate market.)
The week of April 14-20 “does not have the highest price or lowest time on the market of the year,” but “represents a balanced selection of market conditions that favor sellers,” Realtor.com says in the report.
This week’s average list price is forecast to be $7,400 higher than the average week in 2024, and homes will sell 17% faster than the historical average.
Other metrics included in the analysis include buyer demand (measured by views per listing on Realtor.com), the possibility of price reductions, and the level of competition among sellers.
Mortgage rates were not taken into account because there is little seasonality in rate movements, but the report admits that rates play a factor in the decision to sell. Some homeowners feel locked into their current mortgages because selling and then buying elsewhere would mean taking out a new loan with a significantly worse rate.
However, Realtor.com notes that inventory is about 40% lower than its pre-pandemic level, meaning many local markets are quite competitive and seller-friendly right now.
Market conditions peak for sellers in the spring
Realtor.com’s findings will not surprise those who follow real estate news, as the spring season is well known as the peak time of year for activity in the real estate market.
As spring blooms, homes often have better curb appeal. It’s also the natural time for many families to move with school years ending in May or early June.
But there’s no consensus among real estate experts on whether April is the best time to sell. A separate report from Zillow earlier this year found that while May has long been the best month to list a home, June was the optimal time in 2023. That’s because mortgage rates fell during that time .
While there is a possibility that mortgage rates could fall around the same time in 2024, the likelihood has decreased due to high inflation numbers and strong jobs data. Many analysts now expect the Federal Reserve will not cut interest rates until at least July.
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