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In most years, the best time to list a home for sale is May. But last year, the optimal time to put your house on the market came a little later, in June. And the housing market could be on track for a similar peak in 2024.
Homes listed last year during the first half of June typically sold for $7,700 higher prices, according to a new report from Zillow. If you're a homeowner thinking about selling this spring, you may want to wait, as June could be a seller-friendly month once again in 2024, the report says.
Spring and early summer are usually the most active times for the housing market, and sellers can benefit from higher buyer demand. Home sales rise during this time of year because the school year is winding down and warmer weather makes it easier for households to move, among other factors.
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The best time to sell a home
Before the real estate market was shaken up in 2020, May had “consistently” been the best month for sellers to list their homes, according to the report. Now, the best time to put a home up for sale appears to be getting later.
“The shift to June suggests mortgage rates are strongly influencing demand on top of the usual seasonality that brings buyers to the market in the spring,” Zillow said in the report. “This home-shopping season is poised to follow a similar pattern as that in 2023.”
Last spring, the market was experiencing the highest mortgage rates that had been seen in many years. A slight drop in rates in June, however, brought buyers into the market. According to Freddie Mac data, the 30-year fixed-rate loan was 6.79% for the week ending June 1, 2023, but had dipped to 6.67% three weeks later.
Current mortgage rates are higher than a year ago at 6.88%. If mortgage rates fall again during this year's spring homebuying season, sale prices could get a boost, according to Zillow.
Some analysts are forecasting an interest rate cut from the Federal Reserve in mid-June, and if that materializes it would likely lead to a drop in mortgage rates, favoring more home sales. Zillow’s chief economist Skylar Olsen said in the report that a midyear rate cut could trigger a “second wave” of the spring homebuying season.
"The old logic was that sellers could earn a premium by listing in late spring when their home would be on the top of the pile of listings when search activity was at its peak,” Zillow’s chief economist Skylar Olsen said in the report. “Now, with persistently low inventory, mortgage rate fluctuations make their own seasonality.”
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FAQs
Spring and early summer are usually the most active times for the housing market, and sellers can benefit from higher buyer demand. Home sales rise during this time of year because the school year is winding down and warmer weather makes it easier for households to move, among other factors.
What time of year is best to sell a house? ›
Broadly speaking, spring is generally the best time of year to sell your home. Many families need to be in their new home by the start of the school year, and house-hunting is easier when days are warmer and longer. Fall and winter typically see the lowest amount of homebuying activity.
Should I sell my house now or wait until 2024 in the USA? ›
Best Time to Sell Your House for a Higher Price
April, June, and July are the best months to sell your house in California. The median sale price of houses in June 2023, was $796,400, which is expected to grow more in 2024. However, cities like Arcadia and San Mateo follow an upward trend throughout the year.
Why is spring the best time to sell your home? ›
Selling A House In The Spring
Demand is also at its highest in the spring when serious buyers take advantage of the warmer weather and begin searching for a new home. Additionally, lots of buyers prefer to make a purchase earlier in the year and settle into their new home before the start of the school year.
Why is winter a good time to sell a house? ›
With less listings during the winter months, you can bet that your Realtor will be more motivated to sell your home than they would be in the spring or summer months. In addition, they can devote more time to marketing and selling a house during the winter than they can during other parts of the year.
What are the hardest months to sell a house? ›
The best months to sell a house are during the spring season, from April to October. Because the demand outweighs supply, housing prices increase, and homes sell faster. Meanwhile, the worst months to sell a house are November through March or during the winter, when potential buyers are preoccupied with holiday plans.
What months do homes sell the most? ›
Nationally, the best time to sell a house is March if you're trying to sell quickly, while the best time to maximize profit is July. Zillow recommends listing your home for sale in March, but no later than Labor Day, based on historical market trends.
Should I sell my house now before a recession? ›
Should I sell my house now, before there's a recession? Recessions mean belt tightening and potential layoffs. If your area is hard-hit by job losses, the number of qualified buyers will be severely limited — if you're concerned, it might be best to sell before that (potentially) happens.
Will my house be worth less in 2024? ›
Not only will prices not drop substantially in 2024, but prices are actually more likely to continue rising. The National Association of Realtors predicts that when August 2024 rolls around, existing home prices will be 2.6% higher than the year before.
Will house interest rates go down in 2024? ›
“The early 2024 expectations for sharp Fed rate cuts are now highly unlikely to happen,” says Selma Hepp, chief economist at CoreLogic. “As the economy continues to grow, we expect the Fed to keep rates higher for longer.
The most popular month for sellers to list their property for sale is November, just before the summer holidays. November and March are the second busiest months in terms of vendors listing their homes for sale.
What time of year do most properties go on sale? ›
Buyers often purchase in the spring so they can move into their new home during the summer. House prices peak in the hot season, especially in June and July. By fall, prices usually drop and so does the number of listed homes. The market often freezes in December, partially because of the holidays.
What time of year are the most homes for sale? ›
Late spring and early summer are the busiest and most competitive time of year for the real estate market. There's usually more inventory listed for sale than other times of year, and home prices are steeper to reflect the increased demand.
What is the slowest time of year for home sales? ›
Overall, the housing market is cyclical, with most sales happening between late spring and summer and the least sales occurring at the end of the year.
Should I sell in the winter? ›
Pros of Selling in the Winter
A smaller listing pool, ways to show off a home's efficiencies, and high motivation make the pros list. Winter is a great time to take advantage of thefact that there are fewer houses on the real estate market, so there is far less competition for sellers.
What is the slowest month for real estate sales? ›
Typically, winter time is the slowest of the year to sell a property, specifically November, December, and January. However, there are some exceptions because there are several conditions that affect the housing market.
What are the best months to have an estate sale? ›
A: Surprisingly, perhaps, the winter months are considered optimal, according to most guidance about how to do an estate sale.
