On the Relationship Between Property Price, Time-on-Market, and Photo Depictions in a Multiple Listing Service

Justin D. Benefield, Christopher L. Cain and Ken H. Johnson

Online First™, 17 November 2009

Abstract

This paper investigates the relationship of property price and time-on-market to the use of property photo depictions in a multiple listing service. Empirical testing reveals that price as a function of photo depictions is increasing at a decreasing rate for both interior and exterior photos. Testing also reveals that time-on-market as a function of property photos is increasing at a decreasing rate for interior photos, but is not related to exterior photos. Results are sensitive to the number of photos allowed by the Multiple Listing Service. Overall, the results suggest that additional photographs increase price, while simultaneously lengthening property marketing duration, ceteris paribus.Keywords  Hedonic modeling – Hazard modeling – Information overload – Multiple listing service – Real estate marketing

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