Press release
No Need to Fear Spooky Season This Year: Realtor.com Report Finds October Is This Year's Best Time to Buy
Annual Report from Realtor.com finds September 29 - October 5 to be the best week to buy in 2024The first week in October buyers could save over $14,000
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[{"type":"text","content":"Annual Report from Realtor.com finds September 29 - October 5 to be the best week to buy in 2024The first week in October buyers could save over $14,000 compared to the summer's peak price and may see up to 37% more active listings than at the start of the year.Although the 2024 homebuying season was relatively slow, this fall is poised to bring lower mortgage rates and more for-sale inventorySANTA CLARA, Calif., Sept. 10, 2024 /PRNewswire/ -- As much anticipated mortgage relief is on the way and as many potential buyers could step off the sidelines, Realtor.com® launched its sixth annual Best Time to Buy Report. According to an analysis of key market dynamic metrics including: listing prices, inventory levels, new \"fresh\" listings, time on market, homebuyer demand (Realtor.com® listing views), and price reductions, the Best Time to Buy in 2024 is the week of September 29 - October 5.\n\nDuring this optimal week, buyers could save over $14,000 compared to summer's peak price on the median priced home and could see as much as 37% more inventory than at the start of the year. This week historically has shown the best balance of market conditions that favor buyers. Inventory tends to be high, prices are below peak levels, demand is waning, and pace of the market slows to a more manageable speed.\n\"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,\" said Danielle Hale, chief economist, Realtor.com®. \"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.\"\nPurchasing a home or making an offer on a home this week may offer:\nSavings of more than $14,000 relative to the summer's peak price of $445,000Up to 37% more active listings than at the start of the yearMore time to decide as homes are expected to stay on the market for more than two weeks longer, on average, than during this year's peakLess competition with demand expected to be 29.5% lower than peak buying periods\"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 ...