Open Houses Are Strikingly Underutilized
Open houses can generate a lot of buyer traffic for a listing, but they are held for only a small fraction of listings. According to a HomeFinder.com study, open houses were held to reach potential buyers for only 6.3 percent of listings nationwide.
Here are some additional insights from the study:
- Sunday is the most common day to host an open house.
- A home is on the market for an average of seven days before holding an open house.
- Seventy-seven percent of all open houses are held for listings that are single-family homes.
- The median list price of a home hosting an open house is $339,990.
- The following top five cities have the most open houses in the country: New York; Los Angeles; Washington, D.C.; Chicago; and Baltimore.