A shift in the housing market is happening this season, and if you’ve been waiting for the perfect time to dive back into your home search, now might be your moment. The best week to buy a home this year is fast approaching, and the opportunity is right around the corner.
According to the experts at Realtor.com, who track seasonal market trends:
“Nationally, the best time to buy in 2024 is the week of Sept. 29–Oct. 5. This period typically offers the most favorable conditions for buyers—inventory is high, prices are lower than peak levels, demand is tapering off, and the pace of the market slows to a more manageable speed.”
Besides these historical patterns, current market data indicates that buyers today are seeing better conditions than they have in recent years.
Mortgage rates have dropped to their lowest point in 19 months, a significant boost for both purchasing power and affordability. Andy Walden from Intercontinental Exchange Inc. (ICE) emphasizes:
“Recent declines in mortgage rates have provided much-needed relief for prospective homebuyers. With slower home price growth and rates dipping below 6.5%, August became the most affordable month for housing since February.”
Ralph McLaughlin, Senior Economist at Realtor.com, also notes improvements in inventory levels:
“The number of homes actively for sale remains elevated compared to last year, up by 35.8%, marking the 10th consecutive month of growth. Inventory is now at its highest since May 2020.”
This increase in available homes means more choices for buyers. And with sellers facing more competition, they’re more likely to negotiate—aware that their property might linger on the market if they don’t. Zillow adds:
“Buyers on the sidelines could find early fall to be a ‘sweet spot,’ offering less competition, more motivated sellers, and lower interest rates to finance their purchase.”
Bottom Line
If you’re looking to take advantage of this market window, let’s get started. Now might be the perfect time to step off the sidelines and take action on your homebuying goals.