The Rise of Open Houses in 2024

When it comes to selling your home, one of the most common questions we get is, "Do open houses still work?" With all the digital tools available now—virtual tours, high-resolution photos—it can feel like open houses are a thing of the past. But let’s set the record straight: open houses are making a serious comeback in 2024! If you’re planning to sell your home, hosting an open house could be one of the best strategies, especially with buyer demand and seller activity on the rise.

Open Houses Are Back and Better Than Ever

According to the latest Zillow Consumer Housing Trends Report, 65% of sellers in 2024 have hosted 1-3 open houses—that’s a big jump from 49% in 2018 and just 44% in 2021. In fact, the typical seller now hosts two open houses, up from just one in past years. This shows us that buyers still love the in-person experience of walking through a home before they decide to make an offer.

Why the sudden shift? Back in 2021 and 2022, homes were selling so fast that open houses almost felt unnecessary. But now, with the market calming down a bit, sellers need a comprehensive strategy to draw in buyers. Open houses give potential buyers a no-pressure way to explore the property—especially helpful for those who haven’t yet signed a buyer broker agreement (which is now required). And let’s not forget the excitement open houses create! Seeing other interested buyers walk through can tap into that competitive nature, making buyers feel like they need to act fast.

The Zoeller Team has noticed lots of positive action at open houses this year. In 2024, our open houses have had great foot traffic, and we’ve even received offers from them on our last few listings! For some reason or another, there are buyers out there who are what we like to call “open house buyers.” Maybe it’s because they feel like they’re bothering their realtor or don’t want to take up their time, but whatever the case, they prefer to attend open houses. We’ve also found that open houses are a great option for buyers whose realtors are out of town or can’t make a showing that day, but they still want to get in ASAP.

We’re also keeping an eye on the new NAR regulations regarding buyer agency. With these changes, there could be an uptick in buyers attending open houses until they figure out how the new rules affect them. Some buyers might not love the idea of signing an agreement before they’ve even toured a home, so open houses are a perfect alternative for them. Either way, The Zoeller Team has had great success with open houses and highly recommends them to our sellers.

Buyer Demand is Heating Up

The timing couldn’t be better for open houses! Buyer demand has been picking up, and September 2024 was the first time in nine months that pending home sales didn’t decline. With mortgage rates dropping, homeownership is becoming more affordable for many buyers. For example, the average 30-year mortgage rate recently fell to 6.08%, reducing the typical buyer’s monthly payments by nearly 6% compared to last year.

And there’s more good news: home tours are also increasing! According to Redfin’s Homebuyer Demand Index (which tracks home tours and related activities), buyer interest rose 9% in September, the highest level we’ve seen since April. This boost in activity makes open houses even more valuable because they give buyers the in-person experience that helps them make confident decisions.

More Homes Are Hitting the Market

Not only are buyers more active, but sellers are, too! Newly listed homes rose by 11.6% in September 2024 compared to the previous year, marking the highest seller activity since 2021. Inventory levels have also grown by 34% year-over-year, making this the 11th consecutive month of growth. Falling mortgage rates have encouraged more homeowners to list their homes, giving buyers a wider range of options.

Of course, more homes on the market means more competition for sellers. This is where an open house can give you an edge. Hosting an open house allows buyers to experience your home firsthand, which can be the deciding factor when they’re comparing multiple properties. It’s your chance to show your home in the best light and make that lasting first impression.

The Power of First Impressions

One of the biggest reasons open houses are still so effective is the power of first impressions. While digital tools like high-quality photos, interactive floor plans, and virtual tours are essential to attract buyers online, nothing compares to walking through a home in person. Combining these digital tools with an open house gives buyers the full experience—they can browse online, then come experience the home in real life, creating a deeper connection that often leads to a faster sale.

If you’re thinking about selling, hosting at least one open house should be part of your marketing strategy. With more buyers entering the market in 2024, and sellers listing at the highest rate in three years, it’s crucial to get as many eyes on your property as possible. Open houses offer you the chance to showcase your home to motivated buyers who are ready to take the next step.

The Zoeller Team knows how to make your home stand out. We’re here to guide you through every step of the process, from staging your home to hosting a successful open house. Let’s make sure your home is the one buyers remember!