If you're in the market for a new home or just love to casually browse listings in your area, you know how often prices and rates can shift. But while there are so many contributing factors to the everchanging housing market, new data from Realtor.com suggests that the coming weeks could actually be the time to score the best deal. In a Sept. 10 press release, the website revealed that the first week in October is "the best week to buy in 2024."
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"The first week in October buyers could save over $14,000 compared to the summer's peak price and may see up to 37% more active listings than at the start of the year," the press release reads. The findings are from Realtor.com's sixth annual Best Time to Buy Report, which analyzes market dynamics like listing prices, inventory levels, new listings, time on market, demand, and price reductions.
At the top of the list of reasons this may be a better time to buy is "anticipated mortgage relief," in addition to more inventory for sale. This is also a change from the 2024 homebuying season so far, which has been "relatively slow," the realty website states.
"Unlike the past few years, we are seeing ample for-sale inventory which could soak up any late-season demand in many markets, making the fall a great time to buy even if falling mortgage rates amp up more demand than is typical," DanielleHale, chief economist at Realtor.com, said in the release. "This year buyers who are looking for that optimum mix of ample options and the potential to save on list price are going to find some of the best market dynamics in years during the first week of October."
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The "unique window" between Sept. 29 and Oct. 5 has historically "shown the best balance of market conditions that favor buyers," the release notes. This means there's much to choose from at lower prices amid waning demand.
Up to 50,000 homes across the country could be reduced in price, translating to a monthly price-reduced share of over 22 percent. In addition, Realtor.com says there may be the most active listings since before the COVID-10 pandemic. Even better, the website predicts less competition from other buyers and a more manageable market pace.
However, if you're feeling anxious that October is nearing and we're almost midway through September, Realtor.com has good news for you there, too.
"If the Best Week feels like it is approaching too quickly, buyers may be happy to hear that the following two weeks are the second- and third-best weeks to buy," HannahJones, senior economic research analyst at Realtor.com, says. "These weeks boast many of the same benefits as the best week, but are just slightly less favorable due to falling new listing activity."
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