Why home buyers do better in fall and winter
As 2022 begins to wrap up, borrowers looking to buy a home may find it’s their best opportunity of the year. Mortgage rates have climbed overall, but home buying conditions generally ease up in fall and winter as demand fades and sellers become more flexible.
House hunters have a better chance of paying lower premiums when closing on a property in these months, according to Attom Data Solutions. Although, the best times to buy vary by state — so check out where you live if you’re ready to purchase a home.
Check your home buying options. Start hereWhen is the best month to buy a home?
As foliage changes color and temperatures drop, prospective home buyers get their best opportunities to save money.
Attom Data Solutions found the most affordable months to buy a home by comparing median property values and median sales prices. In October, buyers pay just 3.3% above the median home value on average. By comparison, home buyers in May pay an average premium of 10.5% above the median home value — more than three times higher than October’s premium.
“Savvy home buyers can take advantage of those lower prices and less competition from other buyers once the leaves start to turn.“
-Rick Sharga, EVP of market intelligence at Attom Data Solutions
“Apparently the old adage ‘Spring forward and Fall back’ applies not only to setting your clocks, but to home prices as well,” said Rick Sharga, EVP of market intelligence at Attom Data Solutions.
He explained, “Seasonality has always had an impact on home prices, which tend to weaken in the fall and winter months when there’s less buying activity. Savvy home buyers can take advantage of those lower prices and less competition from other buyers once the leaves start to turn.”
Home values versus sales prices by month
| Month | Total sales | Median valuation | Median sales price | Premium paid |
| January | 2,440,874 | $ 190,362 | $ 198,157 | 4.1% |
| February | 2,366,350 | $ 189,000 | $ 200,000 | 5.8% |
| March | 3,123,442 | $ 196,342 | $ 210,000 | 7.0% |
| April | 3,261,709 | $ 198,600 | $ 215,000 | 8.3% |
| May | 3,560,639 | $ 199,000 | $ 219,900 | 10.5% |
| June | 3,932,078 | $ 211,000 | $ 227,500 | 7.8% |
| July | 3,896,532 | $ 213,182 | $ 229,000 | 7.4% |
| August | 3,891,711 | $ 215,000 | $ 226,500 | 5.3% |
| September | 3,505,874 | $ 214,000 | $ 225,000 | 5.1% |
| October | 3,515,328 | $ 215,000 | $ 222,004 | 3.3% |
| November | 3,028,121 | $ 217,000 | $ 225,000 | 3.7% |
| December | 3,206,084 | $ 217,000 | $ 225,000 | 3.7% |
Attom Data Solutions’ analysis is inclusive of over 39.7 million single-family homes and condos sold from 2013 to 2021. The premium is the difference between the median valuation and the median sales price.
Check your home buying options. Start hereThe best days to buy a home
Broken down further, some individual days offer even lower home prices on average.
Nationally, the lowest premiums paid by borrowers are Nov. 28 at 1.1%, followed by Jan. 9 at 1.3%, then 1.5% for both Dec. 5 and 26. On the other end of the spectrum, May 23 has the highest premium at 16%, then May 20 at 15.7% and May 27 at 15.1%. Below are two tables showing the best and worst days to buy a house based on median sales prices.
Best days of the year to buy a house
| Date | Total sales | Median valuation | Median sales price | Premium paid |
| Nov. 28 | 48,760 | $ 204,000 | $ 206,250 | 1.1% |
| Jan. 9 | 80,726 | $ 182,789 | $ 185,169 | 1.3% |
| Dec. 5 | 93,854 | $ 197,000 | $ 200,000 | 1.5% |
| Dec. 26 | 53,228 | $ 197,000 | $ 200,000 | 1.5% |
| Dec. 19 | 98,130 | $ 196,449 | $ 200,099 | 1.9% |
Worst days of the year to buy a house
| Date | Total sales | Median valuation | Median sales price | Premium paid |
| May 23 | 108,359 | $ 175,000 | $ 203,000 | 16.0% |
| May 20 | 123,226 | $ 190,000 | $ 219,900 | 15.7% |
| May 27 | 99,009 | $ 200,000 | $ 230,103 | 15.1% |
| May 16 | 107,662 | $ 177,000 | $ 202,482 | 14.4% |
| May 19 | 106,593 | $ 196,414 | $ 224,000 | 14.0% |
The best months to buy a house by state
The number one rule of real estate is location, location, location. So it should come as no surprise that the top months to buy a home vary by state.
In nearly half the country, house hunters can actually get a discount compared to the median valuation if they close on a property during the right month. Purchasing in New Jersey during February gives borrowers a 3.9% discount. Maryland in January followed with a 3.5% discount, then came 3.3% and 2.7% for October in Michigan and Illinois, respectively.
Best time to buy a house in each state
| State | Month | Discount/Premium | State | Month | Discount/Premium |
| Alabama | December | 5.0% | Missouri | December | 9.7% |
| Alaska | October | 10.7% | Montana | November | 30.8% |
| Arizona | January | -0.2% | Nebraska | October | -0.6% |
| Arkansas | October | 4.0% | Nevada | December | 0.6% |
| California | January | 0.7% | New Hampshire | December | -2.3% |
| Colorado | October | -0.3% | New Jersey | February | -3.9% |
| Connecticut | December | -2.4% | New Mexico | December | 11.8% |
| Delaware | December | -1.7% | New York | January | -1.5% |
| District of Columbia | October | 0.0% | North Carolina | January | 1.3% |
| Florida | January | -2.1% | North Dakota | October | 15.9% |
| Georgia | December | -0.5% | Ohio | December | -2.3% |
| Hawaii | June | -2.3% | Oklahoma | November | 2.9% |
| Idaho | October | 20.6% | Oregon | November | -1.1% |
| Illinois | October | -2.7% | Pennsylvania | December | -0.9% |
| Indiana | October | 15.9% | Rhode Island | January | -1.2% |
| Iowa | October | 7.1% | South Carolina | October | -1.1% |
| Kansas | October | 12.9% | Tennessee | November | -2.3% |
| Kentucky | October | 2.9% | Texas | December | 7.8% |
| Louisiana | November | 0.8% | Utah | November | 11.4% |
| Maine | November | 5.2% | Vermont | December | 3.6% |
| Maryland | January | -3.5% | Virginia | October | 3.1% |
| Massachusetts | December | -1.5% | Washington | December | -0.9% |
| Michigan | October | -3.3% | West Virginia | December | 24.3% |
| Minnesota | December | -1.5% | Wisconsin | January | -0.1% |
| Mississippi | July | 63.6% | Wyoming | October | 27.7% |
The bottom line
Timing is everything in home buying and the end of 2022 and opening of 2023 present borrowers with a chance to get a good deal.
With competition lower relative to the spring and summer, and conditions softening overall, buyers can take advantage of a slower housing market.
If you’re ready, start your homeownership roadmap and reach out to a local mortgage professional today.
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