The Journal of Real Estate Finance and Economics

, Volume 43, Issue 3, pp 401–422 | Cite as

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

  • Justin D. BenefieldEmail author
  • Christopher L. Cain
  • Ken H. Johnson


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.


Hedonic modeling Hazard modeling Information overload Multiple listing service Real estate marketing 


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Copyright information

© Springer Science+Business Media, LLC 2009

Authors and Affiliations

  • Justin D. Benefield
    • 1
    Email author
  • Christopher L. Cain
    • 2
  • Ken H. Johnson
    • 3
  1. 1.Department of Economics and FinanceCollege of CharlestonCharlestonUSA
  2. 2.Department of Business and AccountingBirmingham-Southern CollegeBirminghamUSA
  3. 3.Department of Finance and Real EstateFlorida International UniversityMiamiUSA

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