For agents still looking for a boom in their business in 2024, fear not! This year’s best time to buy looks to be the first week of October, according to a new report from Realtor.com®.
Realtor.com’s 6th annual Best Time to Buy report predicts that Sept. 29 – Oct. 5 is going to be 2024’s hottest week for home buying, based on analysis of the following key metrics: listing prices, inventory levels, new “fresh” listings, time on market, homebuyer demand (Realtor.com listing views) and price reductions.
The report states that buyers could save over $14,000 compared to summer’s peak median priced home and could see as much as 37% more inventory than at the start of the year.
“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 at 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.”
In addition to the benefits mentioned above, Realtor.com also reported that roughly 50,000 homes could see price reductions, demand will be 29.5% lower than the peak and 14% lower than the average week, and the market pace will be two weeks longer than the peak of 44 days (from June).
Getting more specific, Realtor.com’s report separated the early-October positives for buyers (and hopefully agents as well) into a handful of specific factors, including:
“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:” Homebuyers 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% 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.
Hannah Jones, Realtor.com senior economic research analyst, added that if agents and their buyers aren’t prepared for this fast approaching week, they “may be happy to hear that the following two weeks are the second- and third-best weeks to buy.”
“These weeks boast many of the same benefits as the best week, but are just slightly less favorable due to falling new listing activity,” Jones continued. “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.”
For the full report, visit https://www.realtor.com/research/best-time-to-buy-2024/.
