A recent study by Zillow reveals that early June is the best time to sell a home in metro Phoenix.
Generally, the month of May is known to be the best time for homeowners to list a house in the U.S., as home-buying tends to peak in the warmer months. However, Zillow compared the price premiums of home sales in 2023 across multiple U.S. metropolitan areas and found that homes listed in the first half of June sold for 2.3 percent more. Homes listed any sooner or later than this time window sold for a lower average price premium, making the first two weeks of June the sweet spot for listing a home.
For sellers in Phoenix, homes listed in early June could make up to $15,000 more than homes listed in the fall or winter. Zillow’s report shows that metro Phoenix homes listed within the first two weeks of June 2023 sold for $14,700 more with an average price premium of 3.2 percent. In general, Phoenix homes listed between April and June did better on the market than those listed at different times of the year, yet early June listings led to the highest sales in metro Phoenix.
The shift from May to June being the best time to list a house is due to mortgage rate fluctuation, according to Zillow. Last year, mortgage rates continued to increase throughout May, putting a pause on home-buying activity even though May is usually a popular time for house hunting. In June, however, mortgage rates dropped, which attracted buyers and boosted sale prices.
In 2024, Zillow experts expect there to be a second wave of late buying activity since it is probable that the Federal Reserve will make any interest-rate cuts later in the year. This could lead to lower mortgage rates by mid-year, suggesting that June and the surrounding months could be the best time for sellers to list homes in metro Phoenix.
To read Zillow’s full report, click here.
