What's the best day to list a home?
People who list their home for sale on Thursdays typically have a more successful sale than sellers who put their home on the market on other days, according to the real estate site Redfin.
In a recent analysis of more than 2 million homes in 148 metro areas that were listed and sold through a multiple listing service in 2018, Redfin found that homes listed on a Thursday sold for an average premium of $3,015. This exceeded the average premiums of $2,620 for homes listed on Wednesdays and $1,848 for those listed on Fridays.
Monday was used as a baseline for the analysis, with Redfin deeming it the worst day to sell a home based on price advantage. The weekend didn't fare much better, with average premiums of just $678 for homes listed on Saturdays and $134 for homes listed on Sundays.
The day of the week had less of an effect on how quickly a home sold, although homes listed on Thursday still had the shortest average listing period at 41 days. This was followed by 43 days for homes listed on Wednesdays and Fridays, 45 days for those listed on Tuesdays, 46 days for those listed on Mondays and Saturdays, and 47 days for those listed on Sundays.
Redfin suggested that Thursday listings are the best fit for buyers' schedules. Buyers are most likely to tour homes for sale during the weekend. By going live on Thursday, a listing remains fresh in buyers' minds and allows them to incorporate a showing into their activities.
"Psychologists have found that people tend to remember the last information they saw the best," said Daryl Fairweather, chief economist at Redfin. "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."
The Eric Stewart Group, a Washington, D.C. based brokerage, agrees with this assessment. The company says listing a home early on Thursday helps appeal to buyers who may take Friday off to tour homes with a real estate agent, and may pair well with a weekend open house.
Others hold a different opinion. Elizabeth Weintraub, a Realtor writing for the financial site The Balance, agrees that listings early in the week don't usually fare as well. However, she says many real estate agents take Thursdays off if they plan to work through the weekend. She says listings that go live just after midnight on Friday will still appeal to buyers able to tour the property that day or over the weekend.
The real estate site Zillow says the best day to list can vary depending on the metro area, although the ideal time for the 10 cities the site analyzed always fell between Wednesday and Saturday. Zillow concluded that Saturday listings work best to generate interest in a listing, garnering 20 percent more views in the first week on the market than homes listed on a Tuesday.
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