Dusky, dramatic walls are transforming the real estate market as buyers bid more for homes adorned with dark grey interiors.
A study conducted by Zillow has revealed that recent and prospective home buyers are willing to offer higher prices for homes with charcoal walls compared to plain white walls.
This preference holds true across all rooms examined, including the kitchen, living room, bathroom, and bedroom.
Surprisingly, even the once-beloved classic white kitchen has fallen out of favour, with buyers indicating they would pay $612 less for a home featuring one.
The study found that homes with a deep graphite grey kitchen have the potential to sell for about $2512 more than similar homes.
Additionally, a midtone pewter grey kitchen can command a price premium of $2553.
When it comes to the living room and bedroom, dark grey walls outperform pale neutrals, with the potential to fetch offers at least $1755 higher.
Colour psychology specialist and interior designer Mehnaz Khan, based in Albany, New York, sheds light on the allure of dark grey for buyers.
“Buyers have been exposed to dark grey spaces through home improvement TV shows and their social media feeds, but they’re likely drawn to charcoal on a psychological level,” she explains.
“Grey is the colour of retreat. As we come out of the pandemic and return to our hectic lives, buyers want home to be a refuge.
“They want to withdraw and escape from the uncertainty of the outside world, and rooms enveloped in dark grey can create that feeling of security.”
However, not all shades of grey yield the same results when it’s time to sell.
The study reveals that midtone grey can actually diminish a home’s sale price when used on the front door.
Buyers offer about $3365 less for a home with a cement grey front door.
Interestingly, buyers prefer black front doors over grey ones and would be willing to pay an extra $300 for a home featuring a midtone, rosy brown front door.
When it comes to bathrooms, earth tones are the way to go.
The study indicates that bathrooms painted in a trendy terracotta brown, which happens to be the 2023 colour of the year, can help a home sell for $1624 more than comparable homes.
While it’s important to note that a home’s final sale price is influenced by a multitude of factors, this research underscores the importance of strategic improvements when preparing a home for sale.
According to the study, most sellers undertake two improvements before listing their home, and interior painting is the most common project chosen.
By selecting the right paint colours, sellers can enhance their appeal to potential buyers and potentially bolster their bottom line.
Amanda Pendleton, Zillow’s home trends expert, emphasises the impact of paint on buyers’ perception of a home.
“Paint is a relatively affordable and easy change, yet it has an outsized impact on a buyer’s perception of the home,” Ms Pendleton notes.
“People don’t buy homes every day, so they’re trying to quickly process a lot of complex information in an area where they don’t have a lot of experience.
“That uncertainty is likely why buyers rely on colour as a powerful visual signal that a home is modern and up-to-date, or tired and needs maintenance.
“That first impression contributes to their overall feelings about a home and ultimately, how much they’re willing to pay for it.”
The paint colour analysis conducted by Zillow is based on a series of studies involving more than 4700 recent and prospective home buyers.
In each study, participants were randomly presented with images of a home featuring interior spaces and front doors painted in one of 11 or 10 colours, respectively.
Based on the buyers’ perception of the home, likelihood of touring the home, and the price they were willing to pay, each colour received a score, forming the basis of the research.
