The Best Time To Buy a Home This Year

The housing market is experiencing a noticeable shift this season. If you’ve been holding back and waiting for the right time to resume your home search, now is a prime opportunity. The best week to buy a home this year is fast approaching, and it could be the perfect time to make your move.

Experts at Realtor.com analyze seasonal trends to identify the most favorable week for homebuyers. They’ve pinpointed the ideal timeframe:

"Nationally, the prime time to buy in 2024 falls between Sept. 29 and Oct. 5. This week has historically demonstrated a balanced market that works in favor of buyers. During this period, inventory tends to peak, prices dip below their highs, demand decreases, and the market pace becomes more manageable."

Beyond the typical seasonal patterns and trends Realtor.com reviews, today’s market data clearly suggests more favorable buying conditions now compared to the last few years.

Mortgage rates have recently hit a 19-month low, significantly boosting affordability and purchasing power. Andy Walden from Intercontinental Exchange Inc. (ICE) notes:

“Recent drops in mortgage rates have provided much-needed relief to prospective buyers. Combined with slower home price growth, rates below 6.5 percent made August the most affordable month for homebuying since February.”

Ralph McLaughlin, Senior Economist at Realtor.com, adds that it's not just the rates that have improved—there’s also more inventory available:

“The number of homes on the market remains elevated compared to last year, with a 35.8% increase, marking ten consecutive months of growth and the highest inventory since May 2020.”

This increase in listings gives you more choices while sellers compete for your attention. As a result, they may be more open to negotiations, knowing their homes could sit unsold longer if they don’t act. Zillow explains:

"Buyers who’ve been waiting may find that early fall presents a 'sweet spot,' with less competition, more motivated sellers, and lower interest rates to secure their purchase."

Bottom Line

If you’ve been thinking about entering the market, this early fall period might be your best opportunity. With increased inventory, lower rates, and motivated sellers, all signs point to favorable buying conditions. But timing is crucial—this window won’t stay open forever. Connect with a local real estate agent today to ensure you’re fully prepared to take advantage of these ideal market conditions before they shift. It could be the perfect moment to transition from the sidelines to homeownership.