According to the National Association of REALTORS® (NAR), October is the best month to buy a home. Specifically, the first week of October is when market conditions most 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.”
RealtyTrac’s analysis of 32 million homes also found that buyers get the best deals in October. “Of the 2.7 million sales closed in October over the last 15 years, the average sales price was 2.6 percent below the average estimated full market value at the time of sale.” February, July, December and January follow October as the best months to buy.
It’s important to note that the best month to buy a home may vary depending on your location. For example, seasonal inventory and pricing patterns could be less noticeable if you’re looking to move to an area with a more moderate climate.