The Best Time for Home Buying in 2024 Begins Sept. 29

September 16, 2024 - 4 min read

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.

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When 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.

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Seattle 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%.

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The 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.

MetroBest WeekActive Listings vs. AverageViews per Property vs. PeakAdditional Days on Market vs. PeakMedian List Price vs. PeakNew Listings vs. AveragePrice Reductions vs. Average
Overall United StatesSept 29 – Oct 514.0%-29.5%13-5.6%-1.3%1.3%
AtlantaOct 6-1216.2%-33.5%13-5.4%-4.1%1.7%
Austin, TexasSept 29 – Oct 527.5%-43.5%23-6.3%-4.5%2.8%
BaltimoreOct 13-1916.6%-34.6%11-5.6%-0.4%1.5%
Birmingham, Ala.Nov 3-910.9%-28.6%21-4.9%-13.3%0.8%
BostonSept 8-1419.2%-31.0%17-5.3%43.5%1.4%
Buffalo, N.Y.Nov 10-1613.9%-49.1%26-10.4%-23.0%-0.1%
Charlotte, N.C.Nov 3-918.1%-35.8%14-6.2%-9.8%1.3%
ChicagoSept 29 – Oct 515.9%-34.4%10-6.7%-3.6%1.4%
CincinnatiOct 27 – Nov 220.2%-31.3%12-10.5%-6.2%1.2%
ClevelandOct 27 – Nov 218.2%-32.8%15-10.8%-9.1%1.6%
Columbus, OhioOct 6-1226.7%-42.8%15-10.1%3.8%2.4%
DallasSept 29 – Oct 521.3%-39.5%16-7.1%-1.5%2.2%
DenverSept 8-1432.8%-42.7%17-8.7%23.6%2.1%
DetroitNov 3-919.0%-46.7%17-12.9%-12.2%1.3%
Hartford, Conn.Sept 22-2814.6%-34.1%21-6.2%-4.2%1.1%
HoustonOct 27 – Nov 211.5%-38.6%18-5.6%-14.3%0.9%
IndianapolisOct 6-1226.2%-36.7%11-9.0%3.1%2.3%
Jacksonville, Fla.Oct 27 – Nov 217.7%-40.8%15-7.4%-6.4%1.5%
Kansas City, Mo.Oct 13-1921.8%-29.8%11-7.9%-3.3%1.5%
Las VegasOct 6-1213.9%-42.8%11-5.1%5.8%2.3%
Los AngelesOct 27 – Nov 211.8%-40.4%14-5.7%-12.6%1.1%
Louisville, Ky.Nov 3-922.0%-34.7%13-10.1%-6.3%1.8%
Memphis, Tenn.Sept 22-2813.6%-29.7%11-4.7%0.3%1.4%
MiamiJan 7-137.5%-12.5%19-9.8%8.1%0.4%
MilwaukeeSept 8-1415.9%-35.0%9-7.9%23.8%1.3%
MinneapolisOct 27 – Nov 222.7%-38.6%17-9.7%-17.7%2.2%
Nashville, Tenn.Sept 8-1416.6%-30.5%10-4.7%19.9%1.3%
New OrleansOct 6-129.2%-29.9%20-4.4%-5.1%0.7%
New YorkSept 15-219.1%-27.5%19-3.5%4.8%0.6%
Oklahoma CitySept 29 – Oct 512.5%-32.4%13-6.3%-9.8%1.2%
Orlando, Fla.Oct 27 – Nov 214.2%-37.7%12-4.0%-6.2%1.2%
PhiladelphiaSept 8-1410.0%-29.6%12-3.7%22.9%0.8%
PhoenixNov 3-919.4%-37.5%10-5.6%22.2%1.3%
PittsburghOct 27 – Nov 215.9%-33.6%15-8.2%-12.7%1.5%
Portland, Ore.Oct 27 – Nov 219.2%-42.7%27-4.3%44.9%0.8%
Providence, RIOct 27 – Nov 217.5%-32.3%11-4.6%-9.9%1.5%
Raleigh, N.C.Nov 3-920.9%-35.1%19-6.0%-9.5%2.2%
Richmond, Va.Oct 27 – Nov 216.5%-33.5%12-6.4%-0.1%1.2%
Riverside, Calif.Sept 29 – Oct 515.6%-38.2%11-2.0%1.0%1.4%
Rochester, N.Y.Oct 6-1214.2%-34.8%12-15.6%3.8%1.3%
Sacramento, Calif.Sept 15-2125.3%-43.6%14-4.9%14.1%1.8%
San AntonioOct 27 – Nov 219.6%-41.3%16-7.1%-6.9%1.2%
San DiegoSept 29 – Oct 515.0%-38.5%11-6.1%-3.2%1.5%
San FranciscoOct 13-1930.9%-45.3%13-6.9%2.2%1.9%
San Jose, Calif.Sept 8-1424.5%-42.2%15-7.1%25.4%1.1%
SeattleOct 20 -2634.7%-55.2%21-8.4%32.2%1.6%
St. LouisSept 29 – Oct 514.5%-27.2%11-5.0%3.2%2.0%
Tampa, Fla.Nov 3-917.5%-37.7%10-4.4%-1.3%1.0%
Virginia Beach, Va.Sept 22-2813.4%-29.5%14-3.4%6.7%1.4%
Washington, D.C.Sept 8-1418.6%-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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Paul Centopani
Authored By: Paul Centopani
The Mortgage Reports Editor
Paul Centopani is a writer and editor who started covering the lending and housing markets in 2018. Previous to joining The Mortgage Reports, he was a reporter for National Mortgage News. Paul grew up in Connecticut, graduated from Binghamton University and now lives in Chicago after a decade in New York and the D.C. area.
Aleksandra Kadzielawski
Reviewed By: Aleksandra Kadzielawski
The Mortgage Reports Editor
Aleksandra is the Senior Editor at The Mortgage Reports, where she brings 10 years of experience in mortgage and real estate to help consumers discover the right path to homeownership. Aleksandra received a bachelor’s degree from DePaul University. She is also a licensed real estate agent and a member of the National Association of Realtors (NAR).