Finding the advantages for home buying
Market conditions gradually improved for home buyers in 2024. For-sale housing inventory continues to rise, lenders have loosened their requirements, and mortgage rates appear to be on the downcycle.
However, the fall should offer house hunters the peak time to save money and become homeowners, according to a study by Realtor.com.
Of course, the dates shift depending on where you live. See when house hunters can find their best time to purchase property across the U.S.
See what rate you qualify for on your mortgage. Start hereWhen is the best time for home buyers?
As summer ends and school’s back in session, prospective home buyers may find their top opportunities of the year to purchase property.
Historically, fall and winter provide lighter competition and, in turn, price tags for borrowers. Overall, the best time for U.S. home sellers to list their houses is the week of Sept. 29 - Oct. 5, according to Realtor.com.
Drawing from the past five years of data (excluding 2020 for outlier purposes), the average listing price decreased by about $14,000 from the annual high point in the summer. Moreover, house hunters can expect about a 14% jump in active listings, 29.5% fewer property views, 13 additional days on market, a 5.6% drop in median prices, and a 1.3% share of price reductions.
“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. “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.”
Don’t fear if you miss out on 2024’s top week for home buyers. The two following weeks (Oct. 6-12 and Oct. 13-19) are second- and third-best, according to Hannah Jones, senior research analyst at Realtor.com.
The best times for home buyers, by city
While autumn has shown to provide the optimal conditions for home buyers, the exact timing varies by location. Among the 50 largest U.S. metro areas, the best individual weeks to buy a house ranges from early January to mid-November.
Check your home buying options. Start hereSeattle gets the biggest gain in active listing count during its top week for home buyers with a 34.7% increase. Denver and San Francisco trail at 32.8% and 30.9%, respectively.
Views per property — used to gauge competition — fall 55.2% in Seattle, 49.1% in Buffalo, N.Y., and 46.7% in Detroit.
Portland, Ore., leads in additional time on market versus its busiest week of the year, gaining 27 more days. The Rose City beat out 26 days in Buffalo and 23 days in Austin, Texas.
When it comes to the bottom line, the furthest drops in median list prices come in Rochester, N.Y. (-15.6% versus peak prices), Detroit (-12.9%), and Cleveland (-10.8%).
Portland, Ore., also tops the nation in new listings over the average week, with a 44.9% boost. Boston placed second with 43.5% and Seattle third at 32.2%.
Austin, Texas, saw the fastest sales pace with a 13-day reduction in listing time. Denver’s days on market fell by 12, followed by four cities tied at 11 fewer days — Birmingham, Ala., Boston, New Orleans, and New York.
Austin also sees the highest share of price reductions in its golden week, with 2.8% of listings lowering their ask. Columbus, Ohio followed at 2.4% while Indianapolis and Las Vegas tied for third at 2.3%.
Find your mortgage rate hereThe table below shows the top 50 U.S. housing markets in alphabetical order with their best home buying weeks for 2024, according to Realtor.com.
| Metro | Best Week | Active Listings vs. Average | Views per Property vs. Peak | Additional Days on Market vs. Peak | Median List Price vs. Peak | New Listings vs. Average | Price Reductions vs. Average |
| Overall United States | Sept 29 – Oct 5 | 14.0% | -29.5% | 13 | -5.6% | -1.3% | 1.3% |
| Atlanta | Oct 6-12 | 16.2% | -33.5% | 13 | -5.4% | -4.1% | 1.7% |
| Austin, Texas | Sept 29 – Oct 5 | 27.5% | -43.5% | 23 | -6.3% | -4.5% | 2.8% |
| Baltimore | Oct 13-19 | 16.6% | -34.6% | 11 | -5.6% | -0.4% | 1.5% |
| Birmingham, Ala. | Nov 3-9 | 10.9% | -28.6% | 21 | -4.9% | -13.3% | 0.8% |
| Boston | Sept 8-14 | 19.2% | -31.0% | 17 | -5.3% | 43.5% | 1.4% |
| Buffalo, N.Y. | Nov 10-16 | 13.9% | -49.1% | 26 | -10.4% | -23.0% | -0.1% |
| Charlotte, N.C. | Nov 3-9 | 18.1% | -35.8% | 14 | -6.2% | -9.8% | 1.3% |
| Chicago | Sept 29 – Oct 5 | 15.9% | -34.4% | 10 | -6.7% | -3.6% | 1.4% |
| Cincinnati | Oct 27 – Nov 2 | 20.2% | -31.3% | 12 | -10.5% | -6.2% | 1.2% |
| Cleveland | Oct 27 – Nov 2 | 18.2% | -32.8% | 15 | -10.8% | -9.1% | 1.6% |
| Columbus, Ohio | Oct 6-12 | 26.7% | -42.8% | 15 | -10.1% | 3.8% | 2.4% |
| Dallas | Sept 29 – Oct 5 | 21.3% | -39.5% | 16 | -7.1% | -1.5% | 2.2% |
| Denver | Sept 8-14 | 32.8% | -42.7% | 17 | -8.7% | 23.6% | 2.1% |
| Detroit | Nov 3-9 | 19.0% | -46.7% | 17 | -12.9% | -12.2% | 1.3% |
| Hartford, Conn. | Sept 22-28 | 14.6% | -34.1% | 21 | -6.2% | -4.2% | 1.1% |
| Houston | Oct 27 – Nov 2 | 11.5% | -38.6% | 18 | -5.6% | -14.3% | 0.9% |
| Indianapolis | Oct 6-12 | 26.2% | -36.7% | 11 | -9.0% | 3.1% | 2.3% |
| Jacksonville, Fla. | Oct 27 – Nov 2 | 17.7% | -40.8% | 15 | -7.4% | -6.4% | 1.5% |
| Kansas City, Mo. | Oct 13-19 | 21.8% | -29.8% | 11 | -7.9% | -3.3% | 1.5% |
| Las Vegas | Oct 6-12 | 13.9% | -42.8% | 11 | -5.1% | 5.8% | 2.3% |
| Los Angeles | Oct 27 – Nov 2 | 11.8% | -40.4% | 14 | -5.7% | -12.6% | 1.1% |
| Louisville, Ky. | Nov 3-9 | 22.0% | -34.7% | 13 | -10.1% | -6.3% | 1.8% |
| Memphis, Tenn. | Sept 22-28 | 13.6% | -29.7% | 11 | -4.7% | 0.3% | 1.4% |
| Miami | Jan 7-13 | 7.5% | -12.5% | 19 | -9.8% | 8.1% | 0.4% |
| Milwaukee | Sept 8-14 | 15.9% | -35.0% | 9 | -7.9% | 23.8% | 1.3% |
| Minneapolis | Oct 27 – Nov 2 | 22.7% | -38.6% | 17 | -9.7% | -17.7% | 2.2% |
| Nashville, Tenn. | Sept 8-14 | 16.6% | -30.5% | 10 | -4.7% | 19.9% | 1.3% |
| New Orleans | Oct 6-12 | 9.2% | -29.9% | 20 | -4.4% | -5.1% | 0.7% |
| New York | Sept 15-21 | 9.1% | -27.5% | 19 | -3.5% | 4.8% | 0.6% |
| Oklahoma City | Sept 29 – Oct 5 | 12.5% | -32.4% | 13 | -6.3% | -9.8% | 1.2% |
| Orlando, Fla. | Oct 27 – Nov 2 | 14.2% | -37.7% | 12 | -4.0% | -6.2% | 1.2% |
| Philadelphia | Sept 8-14 | 10.0% | -29.6% | 12 | -3.7% | 22.9% | 0.8% |
| Phoenix | Nov 3-9 | 19.4% | -37.5% | 10 | -5.6% | 22.2% | 1.3% |
| Pittsburgh | Oct 27 – Nov 2 | 15.9% | -33.6% | 15 | -8.2% | -12.7% | 1.5% |
| Portland, Ore. | Oct 27 – Nov 2 | 19.2% | -42.7% | 27 | -4.3% | 44.9% | 0.8% |
| Providence, RI | Oct 27 – Nov 2 | 17.5% | -32.3% | 11 | -4.6% | -9.9% | 1.5% |
| Raleigh, N.C. | Nov 3-9 | 20.9% | -35.1% | 19 | -6.0% | -9.5% | 2.2% |
| Richmond, Va. | Oct 27 – Nov 2 | 16.5% | -33.5% | 12 | -6.4% | -0.1% | 1.2% |
| Riverside, Calif. | Sept 29 – Oct 5 | 15.6% | -38.2% | 11 | -2.0% | 1.0% | 1.4% |
| Rochester, N.Y. | Oct 6-12 | 14.2% | -34.8% | 12 | -15.6% | 3.8% | 1.3% |
| Sacramento, Calif. | Sept 15-21 | 25.3% | -43.6% | 14 | -4.9% | 14.1% | 1.8% |
| San Antonio | Oct 27 – Nov 2 | 19.6% | -41.3% | 16 | -7.1% | -6.9% | 1.2% |
| San Diego | Sept 29 – Oct 5 | 15.0% | -38.5% | 11 | -6.1% | -3.2% | 1.5% |
| San Francisco | Oct 13-19 | 30.9% | -45.3% | 13 | -6.9% | 2.2% | 1.9% |
| San Jose, Calif. | Sept 8-14 | 24.5% | -42.2% | 15 | -7.1% | 25.4% | 1.1% |
| Seattle | Oct 20 -26 | 34.7% | -55.2% | 21 | -8.4% | 32.2% | 1.6% |
| St. Louis | Sept 29 – Oct 5 | 14.5% | -27.2% | 11 | -5.0% | 3.2% | 2.0% |
| Tampa, Fla. | Nov 3-9 | 17.5% | -37.7% | 10 | -4.4% | -1.3% | 1.0% |
| Virginia Beach, Va. | Sept 22-28 | 13.4% | -29.5% | 14 | -3.4% | 6.7% | 1.4% |
| Washington, D.C. | Sept 8-14 | 18.6% | -32.4% | 11 | -4.4% | 25.2% | 1.2% |
The bottom line for borrowers
The comparative slowness of the 2024 housing market set up some nice home buying conditions. Though, many will try to benefit as the run of high interest rates pushed a lot of would-be buyers to the sideline.
“Buyers trying to close this fall should prepare now, and a great way to start is by saving a search to stay up to date on homes in their price range without the work of having to refresh or recreate their search,” said Jones.
If you’re ready to become a homeowner, reach out to a local mortgage lender today and see what you qualify for.
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