The lowest house prices are usually in January. Average sales prices are more affordable between October and February compared to other months of the year. Winter is often the cheapest time of year to buy a home. Sellers are often motivated, which automatically translates into an advantage for you.
Most people suspend their ads from Thanksgiving to the New Year because they assume that buyers are scarce. Sellers who list at that time usually want to sell as soon as possible. They may even be more willing to offer additional benefits, such as appliances and window treatments. January is the cheapest month to buy a home in 30 of the 50 metropolitan areas analyzed; February in 19 of them.
New York City's cheapest month, on average, came in March. Seasonal trends in the real estate sector have become a reliable pattern. House prices will generally fall in the winter months because there are fewer buyers in the market. On the other hand, there are usually more sellers than buyers in the winter months.
Homes in San Jose and Seattle, both highly competitive and high-priced markets, spent the shortest time on sale: 24 days, on average, in May and June, respectively. Across the country, home sales prices are generally lowest in January and highest in June, but there are some variations in the 50 largest metropolitan areas. It may take 60 to 90 days to sell a house in summer, but it will take 120 days to sell it in winter for the same price. So, you can buy a property in December or January because the prices are relatively lower, and then fix up the property and resell it in spring.
The housing market can fluctuate with the seasons, but there are also broader market forces that can influence current house prices, inventory, and interest rates. In addition, moving when it's cold can be difficult, and some people may wait to sell until they can get a higher price. Depending on where they're looking for a home, buyers may find a sweet spot at a time of year when average prices start to fall, but there are still plenty of homes to choose from. And in Phoenix, prices rise gradually until December, while inventory peaks in February, when most other markets are at their lowest point.
Realtors have more free time to be with you in the fall months due to the declining number of sellers. Sales prices are the highest in summer and house prices begin to fall in the fall and to rebound next spring. The recent rise in home prices should encourage more sellers to put their properties on the market, which would make it easier and more likely for buyers to find their ideal home. Therefore, while supply is increasing, it hasn't increased fast enough to meet demand and prices have continued to rise.
Usually, the homebuying season, with its wave of newly listed homes with higher prices, intensifies in early spring and is in full swing when classes are suspended for the summer. So far, I haven't seen the housing market slow down in the fall and winter months, and the housing market is busier than in previous years. November is the most expensive month in Raleigh, North Carolina, and four metropolitan areas reserve the most expensive month for the end, in December (Las Vegas, Orlando, Phoenix and Riverside, California).
