haveseen – stock.adobe.com
It’s the most buyer-friendly time of the year.
Of all the times to purchase property, a new report from Realtor.com has found that Sept. 29 to Oct. 5 offers the most balanced mix of market conditions for becoming a homeowner in the US.
The seven-day stretch of early autumn features an appealing combination of more active listings than the start of the year (37% more, to be precise), a lower median home price (the week’s buyers are set to save more than $14,000 compared to those who bought during summer’s peak) and 29.5% less competition from other buyers, the real-estate listings portal found.
These features are not specific to 2024. Realtor.com found them to be historically consistent, in part because of school schedules, as families eager to move while their kids are on summer break drive more market activity and competition in spring.
By Sept. 29, the choice buying week, school has already started back up, and many families have stopped searching.
It is also easier to conduct home showings and inspections during warm weather.
While this period was determined to be a buyer’s best bet nationally, certain metro areas were found to have a slightly different prime time.
In New York and Newark, it’s slightly earlier, Sept. 15 to 21, when active listings are 9.1% higher than average, median prices are down 3.5% and there are more than a quarter (27.5%) fewer views per property.
In Seattle, it’s almost a month later, from Oct. 20 to 26, when there are a whopping 55.2% fewer views per property — representing hugely reduced competition — active listings are 34.7% higher than average, and median prices are down 8.4% compared to the average.
Across all metro areas determined to have ideal buying weeks other than Sept. 29 to Oct. 5, the prime time to buy was still found to be in the fall — the dates ranging from as early as Sept. 8 to as late as Nov. 16, but not outside that relatively short period.