The Best Week To Buy A Home In 2024 Is Almost Here – Save As Much As $14,000

An opportunity is emerging for prospective homebuyers.

According to a new Realtor.com report, Sept. 29 to Oct. 5 is the prime time to purchase a home this year, potentially saving buyers up to $14,000 on a median-priced home.

The optimal buying window arrives after a sluggish summer market with high mortgage rates and limited inventory. Danielle Hale, Chief Economist at Realtor.com, said the last week of September "boasts the culmination of market factors that favor buying over every other week of the year."

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The report’s findings, based on an analysis of housing metrics from recent years, point to an environment of favorable conditions. Buyers can expect more homes on the market – about 14% more listings than an average week and 37% more than at the start of the year. According to the report, the increased inventory is a relief after years of tight supply.

Price dynamics also shift in buyers’ favor during the period. Hannah Jones, senior economic research analyst at Realtor.com, explains, “By early October, home prices have fallen from their summer peak and buyers can take advantage.” 

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The potential savings of $14,000 are calculated against the summer peak price of a median home, which is $445,000.

Adding to the buyer-friendly climate is the recent downward trend in mortgage rates. As of early September, the 30-year fixed mortgage rate hit 6.35%, a low not seen in over a year. With the Federal Reserve signaling potential rate cuts as soon as this month, mortgage rates could dip further, creating an even more appealing scenario for homebuyers.

However, timing isn’t everything. While market conditions may be optimal, buying a home remains personal. Hale said potential buyers should “get familiar with the market and their priorities as soon as possible to capitalize on what is important to them.”

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The following two weeks offer nearly as favorable conditions for those not quite ready to pull the trigger in early October. But buyers shouldn’t wait too long – while prices continue to soften into winter, available inventory also tends to shrink.

As the housing market continues its rout, the brief autumn window offers conditions that favor buyers. "Late fall buyers can take advantage of lower prices and ample inventory before the market settles into its winter slumber," Jones said.

For those poised to move, it might be the perfect time to turn the key on a new home.

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