Off-Dollar Pricing, Residential Property Prices, and Marketing Time

Sean Salter, Ken Johnson and Paul Spurlin

Journal of Housing Research, 2007, vol. 16, issue 1, 33-46

Abstract: Academics participating in the residential real estate literature have recently begun to focus on the design of list prices, as opposed to the magnitude of list prices. The specialized design of list prices, referred to as “charm,” “even,” and “just-below-even” pricing is the subject of three recent works. This paper provides an alternative theoretical framework from earlier works and examines empirically the effect of off-dollar pricing, a heretofore uninvestigated listing design, on market outcomes. The results suggest that off-dollar pricing does not affect selling price, but properties exhibiting off-dollar pricing characteristics show signs of significantly shorter marketing times than their counterparts.

Date: 2007
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DOI: 10.1080/10835547.2007.12091974

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