The best time to buy a home is coming soon! Get ready to take advantage of that sweet spot in the real estate market. What makes September 29th to October 5th the best time? Good inventory, lower interest rates, reduced demand, lower prices and an overall slower market make that week a stellar time to buy.
What Realtor.com Says About the Best Week to Buy
The long predicted shift in the housing market looks like it is finally happening. If you’ve been sitting on the sidelines waiting for the right moment to jump back into your homebuying search, you are about to be rewarded. That’s because the best week to buy a home this year is just around the corner.
Don’t take my word for it! The experts at Realtor.com study seasonal trends to figure out the ideal week for homebuyers:
“Nationally, the best time to buy in 2024 is the week of Sept. 29–Oct. 5. This week historically has shown the best balance of market conditions that favor buyers. Inventory tends to be high, prices are below peak levels, demand is waning, and the pace of the market slows to a more manageable speed.”
What more could you ask for? Besides the dream home you have been waiting for! If you are thinking of relocating to DC but you thought it was too competitive, we definitely need to talk!
Interest Rates Are Dropping Too!
In addition to the historical trends and typical seasonality that Realtor.com looks at, there are also clear indicators in today’s market data that you’ll see better conditions right now than you would have over the last few years.
Mortgage rates just hit their lowest point in 19 months, and that goes a long way to help with your purchasing power and affordability. Andy Walden with Intercontinental Exchange Inc. (ICE) points out:
“Recent easing in mortgage rates brought some much-sought relief to prospective homebuyers. Along with a general cooling in home price growth, rates falling below 6.5 percent made August the most affordable month for housing since February.”
Here are the stats from Bright MLS for the DC metro area for last month.
| Statistic | Aug | YoY | MoM |
|---|---|---|---|
| Total Sold Dollar Volume | 3,210,003,662 | up0.1% | down11.5% |
| Closed Sales | 4,351 | down5.1% | -9.6% |
| Median Sold Price | $612,000 | up4.6% | -2.1% |
| Average Sold Price | $739,595 | up4.8% | -2.6% |
| Median Days on Market | 10 days | up25% | +25% |
| Average Days on Market | 21 days | up10.5% | +5% |
| Median Price per Sq Foot | $314 | up1.6% | -1.9% |
| Average Price per Sq Foot | $349 | up0.9% | -1.4% |
Inventory is Increasing Too!
And Ralph McLaughlin, Senior Economist at Realtor.com, explains that it’s not just rates that have improved – inventory has too:
“The number of homes actively for sale continues to be elevated compared with last year, growing by 35.8%, a 10th straight month of growth, and now sits at the highest since May 2020.”
That should give you more options. At the same time, sellers now have to compete with each other for your attention. That means they’ll be more likely to negotiate and come off the list price because they know their house will sit on the market longer if they don’t. As Zillow says:
“Buyers waiting on the sidelines could find that early fall presents a ‘sweet spot,’ where there’s less competition from other buyers, more motivated sellers and lower interest rates to finance their purchases.”
In Washington DC there were 2296 homes for sale, contrasted with the five year average of 1783. That translates to a 4.4 month supply of homes compared to a five year average of 2.7 months of supply. Montgomery County was better with approximately the same number of homes on the market now as compared with the five year average – but there still was 1.4 months of supply versus the five year average of 1.1 months. Northern Virginia always bucks the trend. There are fewer Arlington homes on the market (293 homes in August versus 386 homes in the five year average.) Still, Arlington saw a drop in the average and median sale prices and an increase in days on market like the rest of the DMV market.
What Are You Waiting For?
If you want to make sure you’re ready to take advantage of this sweet spot in the real estate that is starting now and will likely continue through until the Super Bowl in February 2025, let’s connect and start the prep work now. If you are relocating to the DC metro area, maybe it’s time to get off the sidelines and into the action. Call me at 240-401-5577 or email me at lise@lisehowe.com.
Are You Thinking of Selling? Downsizing?
As you can see by the numbers, the sellers’ market is beginning to shift to a normal market (defined as approximately 6 months of inventory.) If you are thinking of downsizing and want to maximize your sale price, then you want to get on the market this fall. Let’s talk about how to get your home ready and try to time the market as much as possible. I love helping sellers who are downsizing by providing reliable contractors with reasonable fees, declutterers, movers and more.
