If you want to sell a home for the most money, list it on a Wednesday. If you want to sell it in the fastest amount of time, list on a Thursday.
Redfin researchers analyzed a sample of 100,000 homes that sold in 2017 and found that homes listed on a Wednesday sold for an average of $2,023 more than homes listed on a Sunday – the worst day of the week to list.
They also found that homes listed on a Thursday tended to find buyers five days faster than homes listed on a Sunday, which was used as the baseline for comparison. Further, homes listed on Thursday also were more likely to be sold within 90 to 180 days.
“There isn’t one clear reason why Wednesday outperforms on price, while Thursday wins on speed and certainty,” according to Redfin’s blog that details the study’s findings. “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.”
However, the reason for the Wednesday-Thursday advantage may have more to do with the buyers. “Another theory is that the advantage of Wednesday and Thursday simply correlates to buyers’ house hunting schedules,” the analysts say.
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 (5.9 percent) above the estimated market value.