Cape Town continues to show resilience in its property market, with faster sales and closer-to-asking-price sales, while Johannesburg has experienced a slower market, signalling a shift in the regional real estate dynamics, according to Lightstone data.

In the real estate market, three key factors are crucial: time on the market, listing price, and selling price. A fourth aspect, the growth of these prices, also plays an important role.

Together, these variables help illustrate the overall health of the residential market.

Lightstone conducted an analysis of the time between property listing and sale from 2015 to 2023. One notable trend in 2023 was the widening gap between the property markets in Cape Town and Johannesburg.

The data used for time on market and listing prices in this analysis reflects about half of all residential sales, with selling price information sourced from Deeds Office records.

However, price growth has was not factored into the report.

The market faced disruptions in 2019 due to loadshedding, state-owned enterprise failures, and weaker economic conditions, resulting in the longest time on market during the period under review—ranging from 110 to 120 days.

In more stable years, such as 2017-2018 and 2020-2022, the average time on the market was about 60-80 days in Cape Town and 70-90 days in Johannesburg.

By the close of 2023, Johannesburg’s average time on market had increased to almost 100 days, while Cape Town’s had dropped below 80 days.

The national average stood at 90 days, further highlighting the stronger performance of Cape Town (and the Western Cape) compared to Johannesburg (and Gauteng).

January listings had the shortest time on the market, with an average of 75 days between listing and sale from 2015 to 2023.

Additionally, homes listed in January were most likely to sell at close to the asking price, with an average of 85% of the listed price achieved.

The second-best month for selling quickly and close to the listing price was July.

On the other hand, properties listed in November and December tended to stay on the market for longer, with an average time of nearly 90 days.

The data also highlights regional differences. In Nelson Mandela Bay, homes listed in January sold the fastest, averaging just 55 days on the market. Buffalo City followed closely at 59 days, Cape Town at 65 days, and Johannesburg at 80 days.

In 2024, approximately 63% of homes sold for 90% or more of their listed price, while 7% of homes were sold for less than 75% of the asking price.

Additionally, nearly 60% of homes sold within three months of being listed, with 30% selling within a month, 17% within two months, and 13% within three months.

In some areas, the time on market can vary significantly between suburbs. For example, in Cape Town, properties in Fish Hoek typically sold in under 53 days in 2024, while those in nearby Muizenberg took just over 100 days to sell.

Despite the differing times, both suburbs saw properties selling at close to the listing price—93% in Fish Hoek and 94% in Muizenberg.