The Rise of Open Houses in 2024

When it comes to selling your home, a common question is: "Do open houses still work?"

With all the digital tools available these days—virtual tours, high-res photos—it might feel like open houses are outdated. But in 2024, they’re making a comeback. If you're thinking about selling, here's why open houses could still be a great strategy—especially with buyer demand and seller activity on the rise.

Why Open Houses are Trending Again

According to the latest Zillow Consumer Housing Trends Report, 65% of sellers in 2024 hosted 1-3 open houses, up from 49% in 2018 and 44% in 2021. The median seller now hosts two open houses, compared to just one in previous years. This shows that buyers still value the in-person experience of walking through a home.

So, what’s changed? Back in 2021-2022, homes were selling so fast that open houses seemed unnecessary. Now that the market has cooled a bit, sellers need more comprehensive strategies to attract buyers. Open houses let potential buyers tour the property at their own pace, without pressure. This is particularly important for buyers who haven’t signed a buyer broker agreement yet—a new industry requirement. Plus, open houses can create urgency. When buyers see others checking out the home, it triggers that competitive edge.

Rising Buyer Demand

Adding to the resurgence of open houses is the fact that buyer demand is climbing. September 2024 was the first time in nine months that pending home sales didn’t drop, signaling a turning point. Mortgage rates have also dropped, hitting their lowest levels in two years, making homes more affordable. For example, the average 30-year mortgage rate recently dipped to 6.08%, cutting monthly payments by 5.9% compared to last year.

More home tours are happening, too. Redfin’s Homebuyer Demand Index, which tracks home tours and similar activities, jumped 9% in September 2024, reaching its highest level since April. With demand rising, open houses offer that critical in-person connection buyers need to seal the deal.

More Sellers Are Listing, Too

It’s not just buyers who are more active. Sellers are stepping up, too. Newly listed homes were up 11.6% in September 2024 compared to last year, marking the highest level of seller activity since 2021. Total inventory grew by 34%, making this the 11th straight month of growth. As mortgage rates drop, more homeowners feel ready to sell.

With more homes on the market, buyers have more options. But for sellers, that means more competition. Hosting an open house can help your home stand out. It gives buyers the chance to experience the space in person, which can be a deciding factor when they’re comparing multiple properties.

First Impressions Matter

One of the reasons open houses work so well is because of the power of first impressions. Digital tools are still key for catching buyers’ attention online—things like high-quality photos, interactive floor plans, and virtual tours. But combining those tools with an open house gives buyers the full experience. They can browse online, then visit in person to really connect with the home. This combination often leads to faster sales.

If you’re planning to sell, hosting at least one open house should be part of your strategy. With buyer activity picking up in 2024 and sellers listing homes at the highest rate in three years, getting as many potential buyers through the door as possible is crucial. Open houses help you reach serious, motivated buyers who are ready to make a move.

Sources: Zillow, Redfin, Realtor.com