As much anticipated mortgage relief is on the way and as many potential buyers could step off the sidelines, Realtor.com^® launched its sixth annual Best Time to Buy Report. According to an analysis of key market dynamic metrics including: listing prices, inventory levels, new "fresh" listings, time on market, homebuyer demand (Realtor.com^® listing views), and price reductions, the Best Time to Buy in 2024 is the week of September 29 - October 5.

During this optimal week, buyers could save over $14,000 compared to summer's peak price on the median priced home and could see as much as 37% more inventory than at the start of the year. 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 pace of the market slows to a more manageable speed.

"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, Realtor.com^®. "This year 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."

Purchasing a home or making an offer on a home this week may offer:

• Savings of more than $14,000 relative to the summer's peak price of $445,000

• Up to 37% more active listings than at the start of the year

• More time to decide as homes are expected to stay on the market for more than two weeks longer, on average, than during this year's peak

• Less competition with demand expected to be 29.5% lower than peak buying periods

"If the Best Week feels like it is approaching too quickly, buyers may be happy to hear that the following two weeks are the second- and third-best weeks to buy," said Hannah Jones, senior economic research analyst, Realtor.com^®. "These weeks boast many of the same benefits as the best week, but are just slightly less favorable due to falling new listing activity."

Since 2018, Realtor.com^® has analyzed home prices, inventory, listing views, and time on market, indicators that tend to follow regular seasonal patterns, to determine the best time to buy. Here's how these factors breakdown during this unique window:

• Reduced Listing Prices: Nationally, the best week could mean roughly 50,000 homes seeing price reductions, based on inventory estimates. This weekly price reduction rate would translate to a monthly price reduced share of more than 22%.

• Increased Listings To Choose From: 2024 has diverged somewhat compared to past years as sustained seller activity and tepid buyer demand have pushed inventory levels higher. If this trend continues, the first week in October may see active listings climb to their highest level since pre-pandemic.

• Less Competition From Other Buyers: Home buyers shopping during the best week should expect less competition from other buyers. Historically, during the Best Week to Buy, demand is 29.5% lower than the peak, and 14.0% lower than the average week.

• A More Manageable Market Pace: The best week historically slowed by 34.8% compared to the peak pace earlier in the year. With a peak market pace of just 44 days in June, based on seasonal trends and a cooling market, the Best Week is expected to add more than two weeks to the market peak.

Jones added, "Buyers trying to close this fall should prepare now, and a great way to start is by saving a search, like you can do on Realtor.com^®, to stay up to date on homes in their price range without the work of having to refresh or recreate their search."

To learn more read the full Best Time to Buy report and check out the Realtor.com Economic Research and Data