Floor plans matter, according to a “Special Report” released from computer vision and artificial intelligence (AI) solutions Restb.ai, the first of a series to unlock visual insights provided from Restb.ai’s proprietary AI models. The inaugural report is the first-of-its-kind study to examine the impact of floor plans on Days on Market or DOM – the time a property is listed for sale before an offer is accepted.
The study from Restb.ai used computer vision and machine learning to analyze property listings at scale to reveal the true impact of floor plans on selling speed. The results underscored the importance of floor plans in real estate marketing and their potential to reduce DOM in high-penetration markets. Overall, the report reveals significant variations in market penetration – the percentage of listings that include floor plans – across different markets. On average, Chicago had the highest rate of listings with floor plans (31.4%), while Saint Louis had the lowest (4.9%). The study also showed a growing trend in the use of floor plans in property listings, reflecting a shift towards providing more detailed property information.
Restb.ai examined 100,000 single-family properties listed between May 1, 2023, and April 30, 2024, across 10 diverse US metro markets, including Chicago, Grand Rapids (MI), Portland, Denver, Houston, Las Vegas, Jacksonville, Saint Louis, Phoenix, and Dallas.
In Chicago, listings with floor plans reduced DOM by 33%, decreasing from 11.3 to 8.5 days, while in St. Louis, the DOM of properties with floor plans decreased by 41%, from 8.6 to 6.1 days. Portland, Oregon saw a 17% reduction in DOM, while Denver saw a 14% improvement. In contrast, Dallas and Las Vegas saw 23% and 2% increases in DOM of properties with floor plans, respectively.
“Our study highlights how floor plans can enhance the appeal of a listing, but their impact varies based on specific market dynamics,” said Nathan Brannen, chief product officer of Restb.ai. “Integrating floor plans into property listings can be a crucial decision for selling agents, offering a competitive edge in markets with a high presence of floor plans.:
Overall, the new Restb.ai Special Report underscores the importance of floor plans in real estate marketing and their potential to reduce DOM in high-penetration markets.
“As floor plans become more common, their effectiveness in influencing buyer decisions appears to become even more pronounced,” added Brannen, “and as a result, one would expect more listing agents to incorporate floor plans into their listings moving forward.”
