The Best Time To Buy a Home in 2024 Is Nearly Here—and Can Save You $14K

Many homebuyers sat out the usually busy summer market, likely put off by high mortgage rates, stubborn list prices, and slim pickings.

Yet things are looking up—way up—for buyers as fall rolls in.

According to a new Realtor.com® report, the best time to buy a home in 2024 is still to come—and soon: the week of Sept. 29–Oct. 5.

“With all of the challenges facing buyers as the housing market continues its journey to a healthy condition, this week boasts the culmination of market factors that favor buying over every other week of the year,” says Realtor.com Chief Economist Danielle Hale.

During these seven days, buyers can expect to save more than $14,000 compared with the summer peak on a median-priced home of $445,000.

“By early October, home prices have fallen from their summer peak and buyers can take advantage,” says Hannah Jones, senior economic research analyst for Realtor.com.

Besides keeping thousands of dollars in the bank, buyers who’ve faced scanthousing stock for years now will have more homes to choose from. Historical trends suggest that during the best week to buy, there will be 14% more listings than the average week, or 37% more compared with the start of the year. 

To determine the Best Week To Buy, Realtor.com looked at a variety of housing metrics, including list prices, inventory levels, new listings, days on the market, homebuyer demand, and price reductions in 2018, 2019, 2021, 2022, and 2023. (2020 was excluded due to the COVID-19 pandemic anomalies.) Realtor.com also analyzed weekly housing data in 2024.

The mortgage rate wild card

Even better, the high mortgage rates that kept the summer market sluggish might drop before the best week to buy, creating an even friendlier housing market environment for buyers.

Mortgage rates recently fell to a low not seen in more than a year. For the week ending Sept. 5, the rate for a 30-year fixed mortgage was 6.35%, according to Freddie Mac.

In more good news, the Federal Reserve has signaled its intention to lower its rates by mid-September, and economists predict mortgage rates might fall further as a result. (While the Fed doesn’t set mortgage rates, Fed rates and mortgage rates tend to move in the same direction.)

In a recent Realtor.com midyear housing forecast update, year-end mortgage rate expectations were revised to 6.3%.

“Potential mortgage rate improvement could greatly impact how much it costs to buy a home this fall,” says Hale. “Recent mortgage rate improvements could be a light at the end of the tunnel for buyers.”

The fall advantage: Less competition

Buyers can think of the best week to buy as a real estate reset in many ways.

Chalk this buying window up to a seasonal slowdown, which includes buyers who have already moved over the summer, cooling weather, and back-to-school business.

All this adds up to a big advantage for buyers ready to forgo apple picking for home shopping.

“Homebuyers shopping during the best week should expect less competition from other buyers,” says Hale. Early spring and summer draw the most “buyers looking to lock down a home.”

Come fall, many of those buyers have found homes, leaving more breathing room for buyers shopping during the end of September and early October.

“Historically, during the Best Week To Buy, demand is 29.5% lower than the peak and 14.0% lower than the average week,” says Hale.

But there is one caveat: If mortgage rates fall, more buyers could hit the market than is typical seasonally.

“However, assuming for-sale inventory grows at the expected rate, there may be enough homes on the market to soak up heightened demand,” says Hale.

Should you buy during the best week?

The best time to buy a home isn’t just about market metrics, but a highly personal decision based on individual circumstances.

Yet, if you are in the market this fall and spot a great property, buyers can feel confident that the Realtor.com Best Week To Buy “offers a balanced mix of market conditions that favor buyers relative to the rest of the year,” says Hale. “Home shoppers should get familiar with the market and their priorities as soon as possible to capitalize on what is important to them.”

In addition to the Best Week To Buy, home shoppers can continue their home search into the following two weeks, which are “almost as favorable,” adds Hale.

After that time frame, buyers need to weigh shifting market conditions.

“Home prices continue to fall into the winter, but available inventory starts to dwindle as well,” adds Jones. “Late fall buyers can take advantage of both lower prices and ample inventory before the market settles into its winter slumber.”

Source: REALTOR.com