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[sponsor] New StreetEasy report reveals the best time to list your NYC home for sale
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Published Feb 28, 2023
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What's the Best Time to List a Home for Sale?
As the city’s housing market returns to its typical pre-pandemic seasonality, sellers can expect a busy home shopping season this spring. To sell your home the fastest and at a price over asking, when exactly is the best time to put it on the market? According to a new report from StreetEasy, the Zillow-owned NYC real estate marketplace, that time is rapidly approaching.
Here are key takeaways from StreetEasy’s report, plus information on powerful tools like the StreetEasy Concierge for sellers to help sell your home.
For a quick sale, list in the first week of March
StreetEasy’s analysis of NYC condo and co-op listings indicates March is the best month for sellers looking for a fast sale – and potentially higher proceeds. Although early fall is another busy home shopping season in NYC, sellers shouldn’t wait past Labor Day weekend, as homes listed in spring are still more likely to sell faster and above asking.
For the quickest sale, sellers should list their home in the first week of March, StreetEasy’s data shows. These homes typically sell 16 days faster than comparable homes listed other times of the year.
Homes listed any time in March also have a 4.1% higher probability of selling above asking. However, the highest chance was in the last week of April, with a 4.9% higher probability of selling above ask.
Low inventory and strong competition for pricier homes also suggests this spring will be a favorable time for sellers. Of all NYC homes sold in Q4 2022, 18% sold above asking, slightly below the peak of 23% in Q3 2022. In the top three neighborhoods on StreetEasy’s recent list of the best NYC neighborhoods for sellers, at least one in three homes sold above asking.
Just how competitive is the market in spring?
Following the year-end holidays, many buyers jump back into the market. Inquiries received by StreetEasy listings in spring (March through May) are 37% higher, on average, than in autumn and early winter (October through December). Buyer interest reaches a peak in March, when inquiries are typically 25% higher than the rest of the year.
“In the spring, the days are longer and the weather makes people want to get outside and look at homes,” says Meg Walhimer, a StreetEasy Expert and agent with Compass.
What else is behind the seasonality? The city’s rental lease cycle, as many are up for renewal in summer. And for would-be buyers looking to close on a home by the end of their lease, it makes sense to search fervently in spring, along with families wanting to move before the new school year begins.
Other ways sellers can gain an edge
Sellers hoping to take advantage of this year’s competitive spring market should act now. “Sellers should give themselves at least a month of lead time to do minor repairs such as painting and decluttering,” advises Rachel King, a StreetEasy Expert and agent with SERHANT. “The market can change very quickly, so it’s best to do all the prep work in advance and keep an eye on the market to ‘go live’ at the perfect time.”
Additionally, StreetEasy offers sellers tools to help their listing gain a competitive edge. Homeowners can start by contacting the StreetEasy Concierge for sellers, a free service to help them take advantage of tools and data to optimize their listing, and be matched with experienced agents known as Experts who have sold homes similar to theirs.
Homeowners can access a personalized Owner Dashboard, including an estimate of their property’s current market value generated by StreetEasy’s expansive base of real estate data. This data also powers the StreetEasy Data Dashboard, where New Yorkers can explore metrics like the sale price to list price ratio and median days on market in their neighborhood.
StreetEasy is an assumed name of Zillow, Inc. which has a real estate brokerage license in New York. StreetEasy Concierge team members are real estate licensees, however they are not your agents or providing real estate brokerage services on your behalf.
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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