If you’re looking to get the most money for your home, you might want to consider listing it on a Wednesday. Or if you’re simply hoping to get rid of your property as soon as possible, Thursday might be a better bet.
These are the findings from a new study from the online brokerage Redfin, which analyzed data from the sales of more than 100,000 homes in 2017.
Redfin’s researchers discovered that homes which were first listed on a Wednesday were sold for an average $2,023 more than homes listed on a Sunday, which was the worst performing day of the week. Homes that were first listed for sale on a Thursday however, were sold five times faster than those listed on a Sunday, which was used as a baseline for the comparisons. The study also found that homes listed on Thursday had a higher likelihood of being sold within 90 to 180 days.
“There isn’t one clear reason why Wednesday outperforms on price, while Thursday wins on speed and certainty,” Redfin said in a blog post. “Possible explanations include that agents who list on Wednesdays tend to be better at pricing strategically to command the best price, or that in this fast-paced, low-inventory market, there’s simply a sweet spot for garnering the maximum sense of urgency and competition among eager homebuyers. Another theory is that the advantage of Wednesday and Thursday simply correlates to buyers’ house hunting schedules.”
Redfin’s study follows on the heels of a separate one from ATTOM Data Solutions that found May is the best month to sell a home nationwide. Researchers evaluated the sales of 14.7 million homes from 2011 to 2017 to find the month with the highest sales price. They found that May saw the largest premiums above the estimated market value of 5.9 percent.