Many real estate agents have suggested that open houses are of little use when selling a home. However, a recent study by the real estate company Redfin suggests that they are sometimes associated with a higher sales price or shorter time on the market.

The analysis looked at 2018 home listings in 30 metro areas across the United States; a total of 24 percent of all listings had an open house during their first week on the market. Redfin concluded that homes that used an open house were on the market for a median of one week less than properties that didn't use this selling method and sold for 2.1 percent more – an average premium of $9,046.

"Holding an open house is an efficient way for sellers to get more eyes on a home, and a bigger pool of potential buyers can help lead to a higher ultimate sale price," said Daryl Fairweather, chief economist at Redfin. "In many areas, homes that are already primed for competition tend to be the ones with open houses because the listing agent knows it will attract a lot of attention and wants to set up a convenient way for multiple potential buyers to pop in at once instead of making several appointments for private tours."

However, the analysis found that the use and potential effects of open houses were highly variable. In California, 84 percent of listings in San Francisco and San Jose had an open house within the first week. These homes typically spent seven more days on the market, but in San Francisco they sold for 7.9 percent more than properties that didn't use an open house. In San Jose, open houses were associated with a 5.2 percent increase in sales price but only three more days on the market.

Just 4 percent of homes sold in Newark, N.J. had an open house in the first week. These properties typically spent 23 more days on the market and only had a 0.1 percent premium above homes that did not have an open house. Conversely, while just 5 percent of homes sold in Miami, Fla. had an open house in the first week, this sale method was also associated with 11 fewer days on the market and a price boost of 1.2 percent compared to homes that didn't use an open house.

Baltimore was the only market where open houses were associated with a lower sales price. Twenty-three percent of listings had an open house in the first week, but these homes typically spent one more day on the market and sold for 0.4 percent less than homes where an open house wasn't used.

However, Redfin noted that homes where open houses aren't associated with positive factors may already be difficult to sell due to other factors.

"When a home seller and their agent know a property is going to be a challenge to sell, they do everything they can to make it easy for buyers to see it," said Taylor Marr, Redfin senior economist. "It's very possible these homes would have taken even longer to sell without the open house."

Redfin said open houses allow buyers to view a potentially competitive property or to see multiple listings on the same day. This sales method also allows buyers to quickly see homes that were listed earlier in the week, and might motivate them to make an offer if they see several other people checking out the home.

Increased visibility is the main benefit of an open house. Rebecca Silva, a Realtor in Cape Coral, Fla., says the listing will get more exposure through advertisements, flyers, and other marketing methods. It also offers a chance for buyers to see a home firsthand.

In a less successful open house, however, few visitors will actually be interested in making an offer. Elizabeth Weintraub, writing for the financial site The Balance, says those who stop in might just be nosy neighbors, people who are interested in seeing the home but not buying it, or first-time buyers who are curious about the process but not yet ready to start house hunting.

For this reason, open houses are sometimes criticized as a marketing tool that benefits the seller's real estate agent more than the seller. This professional will be able to promote his or her name along with the listing, and can introduce themselves to visitors who might be interested in becoming clients in the near future.

Open houses have other potential disadvantages as well. The event raises some security concerns, as visitors may pocket small items or case the property for a future break-in. It can result in extra costs in selling the home as well as the stress involved in keeping your family and pets off the premises while the event is ongoing. Donna Fuscaldo, writing for the financial site Investopedia, says open houses have also become less popular as potential buyers browse online listings or use an agent's services to zero in on the homes they're interested in.

The usefulness of an open house may depend on your own situation. Redfin recommends that sellers consult with their agent to get their advice on this question.