For anyone who owns a home in Johannesburg and is thinking of selling, the latest Lightstone figures spell a tougher road ahead. The analytics firm says the balance of power has moved away from sellers, turning the market into a buyer’s market where offers are more heavily negotiated and sales take longer.
Lightstone defines “median selling time” as the middle point of how many days a property stays on the market before a sale is completed. In the first quarter of 2026, affordable homes priced under R500,000 in Johannesburg lingered for a median of 132 days. By contrast, similar homes in Cape Town sold in just 49 days, while the national median was 85 days. The longer stay on the market signals weaker demand or an oversupply of homes, giving buyers, lenders and inspectors more influence over the final price.
Why does this matter to a small business owner or a first-time seller? A protracted sale ties up capital that could otherwise be used for expansion, inventory or debt repayment. It also raises the risk that a property’s value will erode further if the market remains stagnant. Lightstone warns that sellers should be prepared to accept offers that are well below their asking price and to wait longer than they might have in previous years.
What the data means for sellers
Properties in the R4 million to R6 million bracket performed relatively well, with a median selling time of 45 days, faster than the overall Johannesburg average. However, homes in the R500 000 to R1 million range were the slowest, taking the longest to find a buyer. The data also shows that 40% of sellers in the R500 000 to R1 million segment lowered their price, compared with 24% of sellers in the same price range in Cape Town. This suggests that price reductions are becoming a common strategy for Johannesburg owners who need to move their property.
In the higher end of the market, homes priced between R4 million and R6 million sold quickly, but those above R6 million took 93 days, still longer than the 49 days seen in Cape Town for the same price tier. The pattern indicates that while luxury properties can still attract interest, the overall market slowdown is felt across most price bands.
The slowdown is not happening in a vacuum. Johannesburg’s municipal challenges, including strained finances, aging infrastructure and service delivery backlogs, have been cited as a prerequisite for any broader recovery in property demand. When a city struggles to provide reliable water, electricity or road maintenance, potential buyers become wary, and lenders tighten mortgage criteria. Lightstone’s analysis links the longer selling times to these broader governance and infrastructure issues.
For lenders and mortgage brokers, the shift to a buyer’s market means tighter scrutiny of loan applications. Buyers who can secure financing quickly gain a distinct advantage, while sellers who rely on buyer financing may see their deals fall through more often. Inspectors also find themselves in a stronger position, as buyers demand thorough reports before committing to a purchase.
What can sellers do to improve their chances? First, price realistically from the outset. Lightstone’s data shows that sellers who set high initial prices often end up reducing them later, a process that can lengthen the time on market. Second, improve the property’s presentation, staging, minor repairs and clear documentation can make a listing more attractive in a competitive environment. Finally, be flexible on settlement dates and be prepared to negotiate on price, especially in the lower-mid price range where most of the market slowdown is concentrated.
While Johannesburg’s market lags behind Cape Town, the two cities are on different trajectories. Cape Town’s faster sales reflect a stronger demand environment, possibly driven by its tourism sector and more stable municipal services. Johannesburg’s challenges are likely to persist until the city addresses its governance and infrastructure deficits, which many analysts see as a long-term project.
In short, Johannesburg homeowners should brace for a period of reduced bargaining power, longer waiting times and a higher likelihood of price cuts. Those who adapt their expectations and strategies stand a better chance of navigating the current buyer-dominated landscape.
