We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. Learn more.

Housing

Home Buying

This Is the Best Week of the Year to Buy a House

Photo-illustration of little houses and one has a sold sign

Money; Getty Images

Thinking of buying a home? If so, you're in luck. Next week could be the best time of year to find your dream home.

According to a study published by Realtor.com, the week of October 12-18 is the best week to purchase a home. Buyers will have more for-sale inventory to choose from, less competition for available homes and easing mortgage rates — a combination of factors that has been missing from the housing market until recently. Although home prices remain elevated, housing affordability has improved, making it easier for would-be homeowners to buy.

To determine the best time to buy, Realtor.com analyzed data from 2018 to 2024 (excluding 2020 as an outlier), applying six supply and demand metrics, including listing prices, inventory levels, new “fresh” listings, time on the market, views per property on their website and price reductions. Each metric was scored from 0 to 100 for each week of the year, and these scores were then ranked by their average, with the week with the highest score ranked as the best week to purchase a house.

Why next week could be the best time to buy a house

Fall is typically considered the end of the peak homebuying season. Most families shopping for a home prefer to buy in the summer, when the kids are out of school and they can get settled in before the start of the new year. The warm summer weather also makes it a more favorable time for showings and inspections, another benefit for prospective buyers.

Once summer ends and the weather starts to turn, however, there are fewer active buyers on the market, which means you won't face as much competition for desirable homes as you would in more active months. Historically, demand is 30.6% lower than the peak and 14.8% lower than the average week, according to the report. This could result in less pressure to make a deal fast and more willingness from sellers to meet buyers halfway.

Less demand also means that home prices tend to dip. The median listing price during the week of October 12 to 18 is 3.4% lower than the peak average price, with some cities such as Columbus, Ohio and Cincinnati falling by more than 10%. Compared to prices during the peak buying period, you could save up to $15,000.

Listings tend to increase during the fall as well. This year, housing inventory is higher than it has been at any time since before the pandemic. Although inventory levels generally tend to peak in early fall, the supply bump is bigger this year because buying trends in the market cooled earlier in the year, and the summer has had slower buying activity compared to other years, leading to a build-up of listings.

Prospective buyers can also expect better financing conditions. Mortgage rates have dropped by almost half a percentage point since mid-July and are expected to continue to decline over the next few months. Lower rates make homes more affordable and accessible to buyers who rely on taking out a mortgage to buy a home, which is the majority of buyers on the market.

Other factors to consider when buying a home

The wild card in this rate scenario is the current government shutdown and its impact on the U.S. economy. Important data reports used by the Federal Reserve to set monetary policy are being delayed. The Fed already cut rates once in September and is expected to cut them again at its meeting later this month, although buyers shouldn't rely on a future cut.

Hannah Jones, senior economic research analyst at Realtor.com and author of the report, notes that while a rate cut can indirectly affect the housing market, its impacts are unpredictable by nature. “Buyers should therefore avoid trying to 'time the market' based on these variables," she says.

You should also consider the fact that housing markets are becoming more localized, and what’s true for the country as a whole may not be true for your region. The South and West, for example, are traditionally more affordable for buyers than other areas of the country, such as the Northeast. For this reason, it’s important to get to know your local market before making any decisions about when to buy a home.

Your personal circumstances will also determine the best time to buy. Most major decisions, including a home purchase, are often triggered by life events such as marriages, new jobs and having children.

“If a household's timing doesn't align with the 'best time', all is not lost,” Jones says. “Households should focus on finding a home they can afford, in an area they want to live in, in the timeframe that works for them.”