The best week to buy a house is Oct. 1-7 this year, according to data from Realtor.com®, which based its decision on various housing metrics. These included list prices, inventory levels, new listings, days on the market, homebuyer demand, price reductions in previous years and weekly housing data for 2023.
Realtor.com® says that homebuyers can expect to save more than $15,000 this week compared to summer peak prices. The median price of a home nationwide during this time is estimated to be $445,000. In Pennsylvania, the August median price of a home was $223,131.
Another added benefit buyers may see is decreased competition from other buyers. With children back in school, many families are deterred from buying homes as moving is no longer as convenient. Less competition also provides homebuyers with more flexibility and time to consider their options and make a decision.
The beginning of October is also expected to bring more listings, with Realtor.com estimating an 18.9% increase in new listings compared to the start of the year and an overall 17% increase in the total number of homes for sale.
PAR President Al Perry says, “I love the buying opportunities this time of year. It’s one of the reasons my wife and I put our house under contract this same week a number of years ago. The pool of buyers usually isn’t as deep, and typically the inventory is often a little more robust. Plus, it gives you the opportunity to close on the home before the year ends. Sellers often prefer closing before the annual calendar turns over. That might give buyers a little more negotiating power. Every little bit helps!”