March 29, 2019
Here’s an interesting home truth: Residential properties listed on Thursday tend to sell for more money and in less time than homes that are put on the market on other days of the week, according to findings of a report released on March 28 by Seattle-based digital real estate broker Redfin.
In fact, last year, homes listed on Thursday sold for an average of $3,015 more than homes listed on Monday (the worst day to sell, by relative price advantage), according to Redfin’s analysis of more than 2 million residential property sales across 148 metro areas that were both listed and sold.
Homes listed on Wednesday did second-best in terms of price advantage, selling for $2,620 on average more than homes listed on Monday. Homes listed on Thursday sold for 0.74% more relative to the listing price than homes sold on Monday. For a home listed at $500,000, listing on a Thursday instead of Monday could mean a difference of $3,700 in the final sale price.
What’s more, the typical Thursday-listed home goes to contract five days faster than homes listed on Sunday. Homes listed on Sunday take the longest to find a buyer. Wednesday and Friday-listed homes were second-best, with the typical home finding a buyer 4 days faster.
Why does Thursday perform so well? Most home-buyers have the greatest availability to see homes for sale during the weekend. Homes listed on Thursday are fresh in buyers’ minds when they are planning their weekend.
“Psychologists have found that people tend to remember the last information they saw the best,” said Redfin Chief Economist Daryl Fairweather. “If you list on a Thursday, buyers will be more likely to see your listing as a ‘new home for you’ right before they go out and tour over the weekend.”
If a seller lists on Friday ,it might be too late for a buyer to find time to see the home. If he or she lists earlier in the week, newer listings that hit the market just as they’re making weekend plans might grab buyers’ attention instead. Thursday just hits that perfect sweet spot.
Research contact: @Redfin