Realtor.com has long been a trusted resource for homebuyers and sellers, giving users the tools that help them choose the best options for their upcoming move—including when to make it. On September 13, the platform released its 2023 Best Time to Buy Report, giving insight into this year’s all-around best week to purchase a new home based on six different metrics.
The new report predicts that the week of October 1 through 7 will give buyers the most advantage in the housing market. It states you could see over $15,000 in savings (relative to the $445,000 peak price in the summer) and up to 17% more active listings compared to the beginning of 2023. While you may save more if you wait to buy after the peak week, you won't find as many fresh options—so your "best week" ultimately depends on your priorities.
"Our analysis shows that buying in the fall does give buyers some more predictable advantages that could potentially ease the pain of higher rates and other stressful aspects of the home buying process, including making fast decisions and bidding wars," Realtor.com chief economist Danielle Hale said in a press release.
The housing market is expected to follow a more typical, pre-pandemic pattern during the remainder of the year in some areas, but high mortgage rates and inflation continue to impact buyers and sellers.
"Despite these challenges, the typical seasonal trend coupled with the shifting market will play in the favor of persistent, informed buyers who are ready to purchase," the report reads. "Today’s market, though still challenging, tilts slightly more in the favor of buyers than in the last few years."
This is the fifth annual Best Time to Buy report. For this year, Realtor.com analyzed data from 2018-2022 (sans 2020 due to the pandemic), considering: listing prices, inventory levels, new "fresh" listings, time homes spent on the market, homebuyer demand, and price reductions. Each metric was examined in one-week periods and given a rating from 0-100, with the best of each category given the highest score.
It's expected that buyers can take more time to settle on which house is right for them during the first week of October: The report anticipates homes staying on the market one week longer than average. Buyers should have less competition to deal with than usual; demand is expected to be about 18% lower than typical peak buying periods.
Prospective buyers should also consider the rise of nearly 12% in active listings during the first week of October. High mortgage rates caused a drop in the number of homes for sale this summer, so anyone hoping for an assortment of options should wait for this year’s Best Time to Buy. The report still predicts some competition in October, but with a 13.5% lower-than-average demand.
In previous years, home prices have dipped as much as 10% during the Realtor.com's predicted Best Time to Buy week in larger housing markets, with a historical national average of dropping around 5%. Read the full report at realtor.com.