According to Realtor.com’s sixth annual Best Time to Buy Report, the week of September 29 to October 5, 2024, is shaping up to be the optimal time for homebuyers. Several key market indicators—including listing prices, inventory levels, and homebuyer demand—suggest that this period offers the best combination of savings, options, and market conditions for prospective buyers.
Why October is Ideal for Buyers
- Lower Prices: During this week, buyers could save over $14,000 compared to summer’s peak home prices, which reached a median of $445,000.
- More Listings: Inventory levels are expected to be up by 37% compared to the beginning of the year, providing more choices for buyers.
- Longer Time on Market: Homes are projected to stay on the market for over two weeks longer than during peak buying periods, giving buyers more time to make decisions.
- Less Competition: Buyer demand is expected to be 29.5% lower than at peak times, meaning less pressure to compete for properties.
Market Conditions Favoring Buyers
October historically provides a favorable balance between inventory and pricing. According to Danielle Hale, Chief Economist at Realtor.com®, “This year, buyers will find one of the best dynamics in years during the first week of October, with ample options and the potential to save on list prices.” Falling mortgage rates may drive late-season demand, but with plenty of available inventory, the competition should remain manageable.
If you’re unable to act in the first week of October, the following two weeks still offer great buying opportunities with many of the same benefits, though new listings may start to decline slightly, according to Hannah Jones, Senior Economic Research Analyst at Realtor.com®.
What to Expect: Key Market Metrics
Realtor.com analyzed six critical metrics to determine the best time to buy:
- Listing Prices: Around 50,000 homes could see price reductions, potentially leading to savings.
- Inventory Levels: Active listings could reach their highest level since before the pandemic, offering a broader selection.
- Homebuyer Demand: Demand typically slows down during this period, making competition less fierce.
- Days on Market: Homes are expected to stay on the market 34.8% longer compared to peak buying times earlier in the year.
Prepare for Fall Homebuying Now
To make the most of this unique buying opportunity, experts recommend starting preparations early. One useful strategy is saving a search on platforms like Realtor.com® to keep track of new listings within your price range, without needing to recreate your search every time.
October 2024 is shaping up to be the best time for homebuyers in years, offering a combination of lower prices, ample listings, and a less competitive market. Whether you’re a first-time buyer or looking to upgrade, this fall could provide the perfect window to make your move.
