A recent study by Zillow on home sales in 2023 reveals that listing your home in the early weeks of June could net you a 2.3% higher sale price. This marks a shift from 2019, with the optimal listing period moving to June, likely influenced by mortgage rates.
The prime listing window varies across the U.S., starting in late February in San Francisco and extending to early July in New York and Philadelphia. For those aiming to maximize profits in spring, June emerges as the strategic choice, offering a significant $7,700 increase on average U.S. home prices.
Before the pandemic, May was traditionally the best month to list, but changing mortgage rates have now extended the peak to June. The analysis indicates a consistent pattern for 2024, with a potential boost if interest rates drop later in the year.
The 2.3% price advantage in June 2023 came during a period of elevated mortgage rates, over 6%, which had been unprecedented for over 15 years. Although rates slightly decreased in June, the shift was enough to stimulate buyer activity and increase competition, lifting sale prices.
Previously, the peak listing season coincided with the highest search activity in late spring. However, current market dynamics, shaped by mortgage rate changes, are creating new patterns. The anticipation of rate cuts by the Federal Reserve might further influence these trends, potentially energizing the market later in the year.
Zillow‘s findings underscore the regional variations in optimal listing times, with significant differences in potential sale price gains across major metropolitan areas. For instance, homes in San Jose during peak times sold for 5.5% more, while in San Antonio, the increase was 1.9%. This data highlights the importance of understanding local market trends for home sellers aiming to maximize their returns.
Thanks for reading,
Chris
