If you are planning to sell your home, you may want to wait a few months. According to a new Zillow report examining home sales in 2023, the average home listed in the first weeks of June sold for 2.3% more—that’s a whopping $7,700 more.
According to Zillow’s report, this date marks a shift from pre-pandemic years, when early May consistently proved to be the best time to put a home on the market. This shift is likely due to the impact of mortgage rates, which rose to over 6% for the first time in over 15 years, only to finally ease in early June. This trend is expected to repeat itself in 2024.
While first home buyers were most likely to purchase homes in late spring when the home buying market was at its peak, low inventory in recent years has made it even more important to pay attention to mortgage rates when looking for a new home.
Although early June was the best time to put your home on the market in 2023, there were some exceptions. For example, the best time to sell a house in San Francisco was the second half of February, when sellers could make up to 4.2% (or about $50,300) more. Cities such as Cleveland, Ohio, and Baltimore, Maryland, on the other hand, peaked later, reaching their peak home listings during the first half of July.
No matter when you list your home, how you present it to potential buyers is important. An asking price that’s below the round number (eg $399,000 vs. $400,000) and choosing a more neutral color palette around your home when you’re ready to sell can increase the sale of your home. In the meantime, you can read Zillow’s full report here.