While many experts believe it's nearly impossible to time the real estate market, there is one week that is most likely going to get home sellers the best possible outcome, according to Realtor.com [1]. Nationally, homeowners who list the week of April 16-22, 2023 [2] will hit the sweet spot in terms of the best combination of higher prices, fewer homes to compete against, faster sales time, and strong homebuyer demand.
A recent survey from Realtor.com and HarrisX [3] found that 60% of home sellers took up to 3 months to get their home ready to list, so for homeowners who have been making preparations, listing during that crucial April week could get $48,000 more for their home than they would have at the start of the year.
"Many home shoppers kick off their search in the early spring and they often beat the majority of home sellers to the punch," said Realtor.com Chief Economist Danielle Hale. "For this reason, sellers who list on the earlier side will get more buyer attention and therefore be more likely to sell quickly and for a higher price."
Why is April 16-22 the best time to sell?
While mortgage rates are expected to remain elevated through 2023, for-sale inventory is still well below pre-pandemic levels, so sellers can still expect well-priced homes to be in high demand. Those looking to take advantage of seasonal market trends should consider getting ready to list April 16-22, which is anticipated to have the best mix of market conditions for sellers, including:
- Higher prices – Homes listed during this week have historically had prices 2.1% higher than the average week throughout the year, and are typically 12.1% higher than the start of the year. If 2023 follows the typical seasonal trend, the national median listing price could reach $8,400 higher than the average week, and $48,000 more than the start of the year.
- Strong homebuyer demand – The more buyers looking at a home, the better, as the home is likely to get more offers and sell quickly. Historically, this week garnered 16.4% more views per listing than the typical week, but in 2022 this week got 32.5% more views per listing than the average week, as buyer demand dropped in the latter part of the year.
- Fast-selling homes – Thanks to above-average demand, homes tend to sell more quickly during this week. Historically, homes actively for sale during this week sold 18.0% faster than the average week. In the fast-moving 2022 market, this week saw homes typically on the market for 32 days, 13 days faster than the year's average, and 37 days faster than was typical in 2019. The 2023 market is not expected to move as quickly as in 2022, but the best week is still expected to see faster sales than the year's typical pace.
- Less competition from other sellers – Typically, there would be 9.3% fewer sellers on the market during this week compared to the average week throughout the year. Last year saw significant inventory gains as buyer demand cooled, but sellers responded by pulling back on listings by the end of the year. Active inventory was 65.5% higher at the start of 2023 versus 2022, but still 43.2% lower than pre-pandemic levels. This gap means there continues to be opportunities for sellers who enter the market this spring.
To read the full report, including more data, charts and methodology, click here [1].