Based on US housing market data from 2023 and 2024, the best time to buy a house is in fall and winter – September until February. That makes today the first day of a five month window for purchasing. What makes this the ideal time frame?
- The average price of homes on the market. Median sales prices are more affordable between September and February. January has the lowest median sale prices overall. So searching for your new home September through December can put you on track to purchase in January; but even if you don’t make the lowest median month, you can benefit from reduced prices.
- The median number of days a home spends on the market rises. Between November and January, the median rises which creates less competition for home buyers. A higher number of days on the market can also encourage sellers to be more receptive to negotiations on 1) price, 2) closing date, and 3) other buyer terms. January is once again the best month for median days on the market.
- The percentage of price reductions is higher. Once a home has been listed on the market for a while with very few or even no offers, it’s common for homeowners and/or real estate agents to reduce the asking price. According to FRED Economic Data, December has the highest percentage of price reductions in every housing season.
This indicates that the ideal timeline would be searching for your home September through November and following through on purchasing December through January. However, as the numbers indicate, purchasing anytime between September and February will result in lower costs for potential homeowners.
Want to take advantage of the ideal purchasing time? Check out my listings and schedule your viewing today to start the process of securing your new home!