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While October is being declared the best month to buy a home this year, Massachusetts market data suggests otherwise.
According to an analysis of market metrics by Realtor.com economists, including listing prices, inventory levels, time on market, Realtor.com listing views (a proxy for homebuyer demand) and price reductions, the best time to buy this year is from Sept. 29 until Oct. 5. Realtor.com economists wrote they believe that an increase in inventory and price savings could play a role in the positive buying climate.
“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,” Danielle Hale, chief economist at Realtor.com, said in a statement. “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.”
While the beginning of October might be the best week to buy, the following weeks are also projected to be favorable for buyers with homes staying on the market for more than two weeks on average.
“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,” Hannah Jones, senior economic research analyst at Realtor.com, said in a statement. “These weeks boast many of the same benefits as the best week, but are just slightly less favorable due to falling new listing activity.”
According to data from The Warren Group, publisher of Banker & Tradesman, single-family home sales in Massachusetts saw a peak of 4,442 in June of 2024. While sales dropped in July, it was by less than 50 homes (to 4,427). But when looking at all residential properties, a metric that includes condominiums, two- and three-family homes, sales are trending upwards possibly lending credence to Realtor.com’s claims. All residential property sales reached a year-long high of 7,278.
Market-watchers say the state’s inventory problems continue to restrain home sales. While significantly more homes have gone up for sale in Massachusetts market this year through July 31 compared to 2023 according to the Massachusetts Association of Realtors, the single-family total is up only 9.7 percent and the condo total is up only 5.6 percent against last year’s record low numbers of new listings and are still below both 2022 and pre-pandemic totals.
