The best time to buy a house is usually late summer or early fall—when home prices are low and inventory is high. But the best time for you really depends on your financial situation.
If we’re going “by the book,” the best month to buy a house is typically considered August or September—when home prices get lower and inventory is still high. But keep in mind, no one can predict real estate trends with 100% accuracy. So never let what month it is made or break your home-buying decision—only your financial situation can truly determine the right time for you.
What Is the Cheapest Month to Buy a House?
Home prices are usually at their lowest in winter. January kicked off 2019 with the lowest median home price of the year at $249,000. And then, after rising all year, prices saw their greatest fall from December 2019 to January 2020—a drop of $9,000! So if the best time to buy for you means getting the lowest price, be sure to slip on your warm woolen mittens.
Keep in mind, winter is usually hibernation time for real estate—fewer houses are for sale during the busy holiday season (not to mention some regions have the cold and snow to deal with). Last year, the number of homes for sale saw its greatest drop from November to December—losing 250,000 homes from the market!
Super low inventory could make it harder to find a home that has all the features you want. But no worries—who really needs a jacuzzi in the master bathroom anyway?