September 13 2021
The week of Sept. 12 kicks off the best time to buy and is the optimal week to shop for a home in New York City, Los Angeles, Boston, Denver, Detroit, Minneapolis, and Portland
SANTA CLARA, Calif., Sept. 13, 2021 -- The best time to buy a home in America is officially here. Between Sept. 12 and Oct.17, the majority of markets across the country will hit their home buying sweet spot with more homes for sale, lower prices and less buyer competition compared to the average week of the year, according to Realtor.com's Best Time to Buy Report. This week kicks off the season with optimal home buying conditions in New York, Los Angeles, Boston, Denver, Detroit, Minneapolis, and Portland, but the majority (18 markets) won't hit their prime until the week of Oct. 3 (see chart below for optimal weeks by market).
Those who buy a home during their market's best time to buy week on average will see 166,000 (31%) more listings than the average week of the year and have an additional 100,000 more new listings to choose from nationwide. They will have 18% less competition from other buyers than the peak and 6% less than the typical week. They could see prices $10,000 (2.6%) below their seasonal high and will have 7 more days, on average, to consider a home before it's gone.
"Home prices peaked in the summer, and new listings continue to come on the market helping slow the pace of sales -- which is good news for homebuyers," said Danielle Hale, chief economist, Realtor.com®. "As families across the country focus on getting back into school routines, there are fewer buyers in the market, creating a great opportunity especially for first-time homebuyers to make a purchase with somewhat less competition."
Based on an analysis of listing data since 2018, Realtor.com® has found that this time period offers the best balance of market conditions for homebuyers. While the current market is still challenging, especially for first-time homebuyers, the key factors -- available homes and buyers in the market -- align best starting Sept. 12 to reduce prices and competition with the majority of major metro areas hitting their sweet spot by Oct. 17.
Fall sees a seasonal slowdown partly driven by the opening of schools, as many buyers put their home search on hold when their children return to the classroom.
Prices and affordability remain at the forefront of many buyers' minds, especially after the double-digit price growth earlier in the year. During the best week to buy, homes may be more affordable.
Homes have been selling at a blistering pace, forcing many buyers to make a purchase sight unseen, or to make more concessions to close a deal. But the best week to buy should bring some relief to those who need more time to make their decision.
Methodology:
Realtor.com® analyzed six supply and demand metrics at a national and metropolitan level using data for 2018-2019 period (2020 data was omitted due to anomalies caused by the pandemic). Those metrics 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.
Each week of the year was ranked using each of those metrics by how favorable the conditions were for buyers (e.g. high score for lower prices). The week with the highest composite score across all metrics was considered the best time to buy. This week represents a balanced view of market conditions favorable for buyers.
About Realtor.com®
Realtor.com® makes buying, selling, renting and living in homes easier and more rewarding for everyone. Realtor.com® pioneered the world of digital real estate more than 20 years ago, and today through its website and mobile apps is a trusted source for the information, tools and professional expertise that help people move confidently through every step of their home journey. Using proprietary data science and machine learning technology, Realtor.com® pairs buyers and sellers with local agents in their market, helping take the guesswork out of buying and selling a home. For professionals, Realtor.com® is a trusted provider of 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. under a perpetual license from the National Association of REALTORS®. For more information, visit Realtor.com.