- Annual Report from Realtor.com finds September 29 - October 5 to be the best week to
buy in 2024
- The 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
inventory
SANTA
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.
During 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.
"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."
Purchasing a home or making an offer on a home this week may
offer:
- Savings of more than $14,000
relative to the summer's peak price of $445,000
- Up to 37% more active listings than at the start of the
year
- More 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
peak
- Less 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 third-best weeks to buy," said Hannah Jones, senior economic research analyst,
Realtor.com®. "These weeks boast many of the same
benefits as the best week, but are just slightly less favorable due
to falling new listing activity."
Since 2018, Realtor.com® has analyzed home prices,
inventory, listing views, and time on market, indicators that tend
to follow regular seasonal patterns, to determine the best time to
buy. Here's how these factors breakdown during this unique
window:
- Reduced Listing Prices: Nationally, the best week could
mean roughly 50,000 homes seeing price reductions, based on
inventory estimates. This weekly price reduction rate would
translate to a monthly price reduced share of more than 22%.
- Increased Listings To Choose From: 2024 has diverged
somewhat compared to past years as sustained seller activity and
tepid buyer demand have pushed inventory levels higher. If this
trend continues, the first week in October may see active listings
climb to their highest level since pre-pandemic.
- Less Competition From Other Buyers: Home buyers shopping
during the best week should expect less competition from other
buyers. Historically, during the Best Week to Buy, demand is 29.5%
lower than the peak, and 14.0% lower than the average week.
- A More Manageable Market Pace: The best week
historically slowed by 34.8% compared to the peak pace earlier in
the year. With a peak market pace of just 44 days in June, based on
seasonal trends and a cooling market, the Best Week is expected to
add more than two weeks to the market peak.
Jones added, "Buyers trying to close this fall should prepare
now, and a great way to start is by saving a search, like you can
do on Realtor.com®, to stay up to date on homes
in their price range without the work of having to refresh or
recreate their search."
To learn more read the full Best Time to Buy report and check
out the Realtor.com Economic Research and Data
Methodology Notes:
Realtor.com analyzed six supply and
demand metrics at a national and metropolitan level that follow
seasonal patterns, using data for 2018-2023 period (2020 data was
omitted due to anomalies caused by the pandemic). Those metrics
analyzed include: 1) listing prices, 2) inventory levels, 3) new
"fresh" listings, 4) time on market, 5) homebuyer demand
(realtor.com views per property) and 6) price reductions. Interest
rates, which do not follow seasonal patterns, were not included. To
account for 2024 market conditions, estimates reflect typical
seasonal patterns layered on top of the most recent 2024 weekly
data.
Each week of the year was scored from 0 to 100 based on the
number of active listings. A given week scored highly if it had
more listings compared to other weeks of the year. The other
metrics were scored in the same way, such that each week had six
different scores for active listings, new listings, listing prices,
days on market, price reductions, and views per property. (In the
case of prices, lower prices score higher. Same with views per
property).
Each week was then ranked by the average of those scores. The
week with the highest composite score was considered the best time
to buy. This week represents a balanced view of market conditions
favorable for buyers.
About
Realtor.com®
Realtor.com® is an
open real estate marketplace built for everyone.
Realtor.com® pioneered the world of digital real
estate more than 25 years ago. Today, through its website and
mobile apps, Realtor.com® is a trusted guide for
consumers, empowering more people to find their way home by
breaking down barriers, helping them make the right connections,
and creating confidence through expert insights and guidance. For
professionals, Realtor.com® is a trusted partner
for business growth, offering consumer connections and branding
solutions that help them succeed in today's on-demand world.
Realtor.com® is operated by News Corp [Nasdaq:
NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc. For more
information, visit Realtor.com®.
Media Contact: Mallory Micetich,
press@realtor.com
View original
content:https://www.prnewswire.com/news-releases/no-need-to-fear-spooky-season-this-year-realtorcom-report-finds-october-is-this-years-best-time-to-buy-302242726.html
SOURCE Realtor.com