Tell your frustrated buyers that they may finally get a break this year.
According to a realtor.com® analysis, the period between Sept. 12 and Oct. 17 is the best time to buy a home in the U.S. this year. If you want to narrow it down even further, the best week to buy a house is Oct. 3 to 9. Experts predict there will be up to 100,000 more homes on the market than the summer peak, with listings reaching about 705,000, up by 166,000 homes or 31% higher than the average week so far this year. Inventory in 2021 started low due to the pandemic, and has slowly been building back up throughout the year, expecting to peak soon.
In addition to more inventory, buyers may be able to save on the purchase as well. Due to the increase in inventory and slightly less demand, buyers can save around $10,000 or 2.6% of the median listing price of $385,000. About 7% of listed homes should drop their price, representing approximately 50,000 homes, letting some buyers catch a break.
Competition is also expected to drop, with buyers expecting to see 18% less competition among themselves than the peak in July. Over the past year, homes have been flying off of the market, leaving homes listed, pending and sold in 37 days on average. This is expected to slow to 44 days, leaving buyers an extra week.
“Home prices peaked in the summer, and new listings continue to come on the market helping slow the pace of sales, which is good news for homebuyers,” said Danielle Hale, chief economist of realtor.com®.