Key Details:
- According to a new Realtor.com report, the best time to buy a home in 2024 is the week of September 29 through October 5, which offers a balanced, buyer-friendly mix of market conditions, including a potential cost savings of over $14,000 compared to the summer’s peak home price ($445,000).
- About 50,000 homes are expected to see price reductions during the best week to buy, translating to a monthly price-reduced share of over 22%.
- Active inventory during the first week of October could reach the highest levels since pre-pandemic times, due to moderate buyer demand and sustained seller activity.
Homebuyers thinking about waiting until next year to buy a home may want to reconsider—especially when you share the latest data on the best week to buy in 2024.
According to new Realtor.com research, the best time to buy this year is the week of September 29 through October 5. And buyers could save more than $14,000 compared to the summer’s peak home price of $445,000.
That’s partly because buyers could have 37% more active listings to consider compared to the start of the year—and 14% more than the average week.
Active inventory during the first week of October could climb to its highest level since pre-pandemic times, thanks to a combination of sustained seller activity and moderate buyer demand. In the weeks following October 5th, new listings are expected to decline.
“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. 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.”
Read on to learn more about why this week is so buyer-friendly.
Market pace
From September 27 through October 5, 2024, homes are expected to stay on the market, on average, more than two weeks longer than when home sales were at their peak during the year.
Historically, market pace during the most buyer-friendly week slows to 34.8% compared to the peak sales pace earlier in the year. Peak pace in June 2024 was 44 days.
Buyer Demand & Competition
Homebuyer demand (measured by listing views) is expected to be 29.5% less compared to peak buying periods. According to Realtor.com projections, demand during the best week for buyers will be 14% lower than the average week.
Price Reductions
In August 2024, the share of homes with price reductions, according to Realtor.com data, was 19.2%, which aligns with pre-pandemic norms.
That monthly price-reduced share could exceed 22% during the best week to buy, with roughly 55,000 homes experiencing a price reduction.
Historical price reductions have peaked at 5.6%.
Mortgage Rates
Mortgage rates dropped below 6.5% in August 2024, hitting their lowest point since May 2023. That said, 86% of all mortgages have rates at 6% or lower, which is keeping some sellers on the fence.
Current projections have rates continuing a steady overall decline in 2024 and throughout 2025. Buyers who take advantage of the trend early will face less intense competition for available listings compared to next spring.
Regional and Local Inventory & Price Trends
The best week to buy a home will obviously vary to some degree by region:
- South: Improved affordable inventory
- Northeast & Midwest: Prices expected to remain elevated or are increasing.
In the hottest ZIP codes of 2024, buyer demand remains high, with quick sales and price increases, bucking national trends.
As for local market trends, in 13 of the 50 largest metro areas, the most buyer-friendly week comes earlier than the national best week:
- New York, NY (September 15-21)
- Philadelphia, PA (Sept 8-14)
- Washington, D.C. (Sept 8-14)
- Miami, FL (Jan 7-13)
- Boston, MA (Sept 8-14)
- Denver, CO (Sept 8-14)
- Sacramento, CA (Sept 15-21)
- Nashville, TN (Sept 8-14)
- Virginia Beach, VA (Sept 22-28)
- San Jose, CA (Sept 8-14)
- Milwaukee, WI (Sept 8-14)
- Memphis, TN (Sept 22-28)
- Hartford, CT (Sept 22-28)
In seven metros, the best time for buying a home matches the national best week:
- Dallas, TX
- Austin, TX
- Chicago, IL
- San Diego, CA
- St. Louis, MO
- Riverside, CA
- Oklahoma City, OK
Metro-specific buyer-friendly conditions fall within a month of the national peak, with 17.8% more for-sale listings and 6.3% lower home prices on average.
“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. These weeks boast many of the same benefits as the best week, but are just slightly less favorable due to falling new listing activity.”
Read the full report for more information, including metro-level data and methodology.
