This Year's Best Opportunity for Buyers

This Year's Best Opportunity for Buyers

Last week I gave local examples of why I expected this fall to be the best time to buy a home in 2024. This week Realtor.com offered their opinion that the best time to buy a home in our metro area is next week. Buyers can expect up to 37% more active listings compared to earlier in the year and potential savings of over $14,000 compared to the summer peak for a median-priced home of $445,000. Here’s their findings for the New York / New Jersey Metro Area:

• The best week to buy is Sept 15th - 21st

• Active Listings vs. Average: +14.0%

• Views per Property vs. Peak: -29.5%

• Days on Market vs. Peak: +13 Days

• Median List Price vs. Peak: - 5.6%

• New Listings vs. Avg: -1.3%

• Price Reductions vs. Avg: 1.3%

Ralph’s Take

Falling mortgage rates are making homeownership more affordable and Realtor.com predicts buyer demand to be 29.5% lower than the peak periods of the year. This offers a balanced mix of market conditions that favor buyers. Meanwhile, the Westchester County market added 182 single-family homes, 35 condominiums, 49 cooperatives, and 25 multi-family homes for sale this week.