Homes that are listed for sale midweek sell for an average $1,700 higher than those listed on the weekend, according to a new Redfin report analyzing homes sold between July 2020 and February 2021.
“Because the market is so competitive right now, most homes will receive plenty of attention regardless of when they’re listed. But sellers can still maximize their potential profit simply by listing in the middle of the week, which gives potential buyers a few days to see the home, talk to their agent and set up a showing for Saturday or Sunday,” Redfin Chief Economist Daryl Fairweather said in a release.
Putting a home on the market on a Friday or Saturday means potential buyers may have already filled their weekend with other home tours. Listing it on a Sunday or Monday means buyers may lose interest by the following weekend.
Homes that hit the market midweek in Boston sell for an average of $7,100 more than homes listed on the weekend, by far the biggest difference of the 25 metro areas Redfin studied. Other cities include Newark, where homes listed midweek sell for $4,500 more, Seattle ($4,400), Oakland ($3,500) and Denver ($3,200).
Minneapolis and Kansas City have the smallest midweek premium, just $400 more than listings on other days. Next come Indianapolis, Houston and Atlanta, which each have a $500 midweek premium.
Midweek listings also sell one-and-a-half days faster than weekend listings, according to the report. The advantage is biggest in St. Louis, where the typical home listed midweek sells 3.5 days faster than weekend listings. That’s followed by Newark (2.9 days), Grand Rapids (2.9), Frederick, Md., (2.8) and Boston (2.8). The advantage is smallest in Sacramento (0.7 days), Chicago (0.8), Phoenix (0.8), Dallas (0.9) and Portland, Ore., (1).
“It’s also important to price homes appropriately,” Fairweather said. “If the home is priced too high, fewer buyers will see the home, but if it’s priced too low, the seller may be inundated with so many tour requests a serious buyer could give up before laying eyes on it.”
Listings of homes for sale get 64 percent more views the day they first hit the market than the day after a price drop, according to the report.