The story
A directory looks like a content site and behaves like a database application. Every visitor arrives and immediately starts combining filters — category, location, price band, date posted — and each combination is a query that has never been run in that exact shape before.
That is why page caching alone disappoints here. The homepage gets fast, the about page gets fast, and the one screen everybody actually uses stays exactly as slow as it was, because it cannot be pre-built.
What moves the needle is the layer underneath: an object cache holding the repeated taxonomy and meta lookups, short-lived caching on the common searches, and a database that gets swept so the query planner is not fighting years of accumulated cruft. The filters start feeling instant, which is the only feature this kind of site really has.