Above-average home prices plus faster sales make this week of mid-April the best time of year to list a home.
That’s according to a report from Realtor.com based on an analysis of housing market data since 2018. (The report excluded data from 2020 because the pandemic caused abnormal activity in the housing market.)
The week of April 14 to April 20 “does not have the highest price or the lowest time on the market of the year,” but it “represents a balanced selection of market conditions that favor sellers,” Realtor.com said in the report.
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View RatesThe median list price this week is expected to be $7,400 higher than the average week of 2024, and homes will sell 17% faster than the historical average, according to the forecast.
Other metrics that went into the analysis include buyer demand (as measured by views per listing on Realtor.com), the chance of price reductions and the level of competition among sellers.
Mortgage rates weren’t considered because there’s little seasonality in rate trends, but the report concedes rates do play a factor in the decision to sell. Some homeowners feel locked-in to their current mortgages because selling and then buying elsewhere would involve taking out a new loan with a significantly worse rate.
However, Realtor.com notes that inventory is about 40% lower than the pre-pandemic level, meaning that many local markets are fairly competitive and seller-friendly right now.
Market conditions peak for sellers in the spring
Realtor.com’s findings won’t be surprising for those who follow real estate news, given that the spring season is well known as the peak time of year for activity in the housing market.
As spring blossoms, homes often have better curb appeal. It’s also a natural time for many families to move with school years ending in May or early June.
But there isn’t a consensus among real estate experts that April is the best time to sell. A separate report from Zillow earlier this year found that while May had long been the best month to list a home for sale, June was the optimal time in 2023. That’s because mortgage rates dipped around that time.
While there’s a chance that mortgage rates could dip around the same time in 2024, the likelihood has decreased due to high inflation numbers and strong jobs data. Many analysts now expect that the Federal Reserve won’t cut interest rates until at least July.
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