Written by David Dodge

If you're in the market for a new home, the timing of your purchase can make a big difference. While home buying is often associated with spring and summer, real estate experts are pointing to early fall—specifically the week of Sept. 29 - Oct. 5, 2024—as the sweet spot for buyers this year. During this week, market conditions tend to align in a way that makes it highly favorable for those looking to make a move.

More Homes on the Market

Historically, inventory levels peak in the early weeks of fall. According to housing market data, you can expect up to 37% more active listings compared to the start of the year, offering more variety for prospective buyers. This increase in inventory means you're more likely to find a home that fits your specific needs without compromising.

For more details on how inventory levels shift throughout the year, you can visit Realtor.com's market insights for up-to-date information.

Potential for Lower Home Prices

Home prices typically reach their annual peak during the summer months. As demand cools in the fall, so do the prices. Buyers can expect to save up to $14,000 compared to peak summer prices for a median-priced home. While waiting until later in the year might bring slightly lower prices, the inventory and selection will likely be less appealing.

For a deeper dive into how seasonal changes affect pricing, check out this article on market trends.

Less Competition from Other Buyers

One of the most frustrating parts of homebuying is competing with other buyers, which drives up prices and limits your choices. Fortunately, buyer activity tends to dip in early October, giving you more room to negotiate. On average, competition drops by about 29.5% during this period compared to the spring peak, according to historical data.

Curious about how buyer demand affects your chances of securing a home? Read more in this resource on buyer activity trends.

Mortgage Rate Trends

While mortgage rates have remained in the 6-8% range for much of 2024, there are signs of improvement ahead. Easing rates, coupled with increased inventory, means that buyers could find themselves in a much better financial position this fall. Recent Federal Reserve updates suggest that interest rate cuts might be on the horizon, making home loans more affordable for those ready to buy.

If you're wondering how rate fluctuations could impact your budget, check out this mortgage rate calculator to help plan your purchase.

Timing Your Home Search

Although the best week to buy a home in 2024 is Sept. 29 - Oct. 5, it’s not your only option. The following two weeks are also expected to offer favorable conditions. If you're looking for the best balance between price, inventory, and market speed, acting within this timeframe can yield great results. However, those who prioritize having the most listings to choose from might want to buy slightly earlier in the season.

For those keeping an eye on local markets, be sure to check out market data specific to your area to time your purchase strategically.

Local Market Variations

Not all regions follow the same seasonal trends. For example, markets in cities like New York, Philadelphia, and Boston may peak slightly earlier, while Los Angeles and Houston might offer the best deals a little later in November. If you're looking in specific areas, make sure to understand the local market dynamics to make the most informed decision.

For more details on the best time to buy in your city, check out Realtor.com’s local insights. 

Whether you're motivated by lower prices, more inventory, or a drop in competition, early October offers a prime opportunity to secure your next home. Stay informed, keep an eye on the market, and use all the tools at your disposal to make a smart decision this fall.

For more tips and resources on navigating the real estate market, visit Realtor.com for expert advice tailored to your needs.