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If you’re looking for a new home, it might be worth it to wait until the very end of September – when the housing market is projected to be more favorable for buyers than any other week of the year.
A combination of plentiful listings, reductions in price, and a slower market pace is expected to make the week of September 29 through October 5 an optimal time for home buyers, according to Realtor.com’s annual Best Time to Buy report.
Early October is frequently pegged as the best time to buy a new home – last year the report singled out October 1 through October 7. Buyers have less competition than they might in the summer, when people are rushing to get their children settled in new homes before the school year begins.
Weather can also play a role – it’s easier for sellers to host open houses during the balmy summer months. As the cooler weather arrives, the market shifts in favor of buyers.
“Apparently the old adage ‘spring forward and fall back’ applies not only to setting your clocks, but to home prices as well,” Rick Sharga, executive vice president of market intelligence at real estate data curator ATTOM, said in 2022.
“Seasonality has always had an impact on home prices, which tend to weaken in the fall and winter months when there’s less buying activity,” he continued. “Savvy homebuyers can take advantage of those lower prices and less competition from other buyers once the leaves start to turn.”
While these trends tend to be evergreen, the first week of October 2024 is projected to be an especially opportune time for homebuyers. The week of September through October 7 is expected to have 37% more listings than the start of last year.
There will also be less competition from other buyers: demand during the best week to buy is typically 30% lower than peak levels. In 2024, this is especially true, with demand for houses dropping back to pre-pandemic levels for the first time, according to Realtor.com (NWSA-0.24%).
These factors tend to coalesce to make the actual cost of a home lower. During the best week to buy, prospective homeowners could spend as much as $14,000 less than people who purchased homes during the peak period for sellers.