2023 Housing Market: Ideal Buying Time in These Major Cities

Real estate is often associated with the mantra of “location, location, location,” but timing plays a crucial role, especially when purchasing a home. The ideal scenario for homebuyers is a market with low prices, favorable mortgage rates, and reduced competition, providing an opportunity to acquire a spacious, move-in-ready home in a desirable location at an attractive price.

However, the current real estate market does not align with this dream for many prospective buyers. The prevailing conditions are characterized by elevated home prices, limited inventory, and the highest mortgage rates in over two decades. Despite these challenges, it’s not an inopportune time to embark on a home-buying journey, provided you act swiftly.

Economists at Realtor.com have scrutinized major U.S. housing markets, assessing factors such as the volume of homes available for sale, the rate of new listings, the duration properties remain on the market before selling, and the level of homebuyer demand. While the market remains competitive, there are encouraging signs of relief.

This year’s market has exhibited a considerable slowdown compared to previous years, which is a welcome change for buyers. In several markets, properties are spending more time on the market, indicating that sellers may be more receptive to flexible deals, unlike the fast-paced pandemic market.

Here are seven major metropolitan areas where Realtor.com has identified an impending optimal time to purchase a home:

Louisville, Kentucky
Best week to buy: November 5 to November 11
Median list price: $316,358
Louisville leads Realtor.com’s list due to the highest rate of price reductions during the optimal week compared to an average week. Sellers in this region are particularly motivated to close deals during this period, presenting an excellent opportunity for buyers. The listings mainly comprise single-family homes, but condos and townhomes are also available.

Phoenix, Arizona
Best week to buy: November 5 to November 11
Median list price: $532,000
As winter approaches, Phoenix becomes an attractive destination for buyers seeking warm weather. The first week of November offers a unique window of opportunity with 28% more new listings than an average week, the highest among all markets analyzed.

Charlotte, North Carolina
Best week to buy: November 5 to November 11
Median list price: $425,000
Charlotte’s red-hot housing market experiences an 18% rise in active listings during the first full week of November compared to an average week. Furthermore, price reductions typically hover around 1.2%, making it a favorable time for potential buyers.

Birmingham, Alabama
Best week to buy: November 5 to November 11
Median list price: $299,000
In the Birmingham metro area, homes tend to remain on the market for an average of over three weeks longer than during the peak homebuying season. With 1.1 million residents, Birmingham is the smallest metro area identified in Realtor.com’s analysis.

Buffalo, New York
Best week to buy: November 12 to November 18
Median list price: $259,900
November is deemed the prime month for home purchases in Buffalo, driven by sellers keen to close deals before the arrival of winter weather. The urgency leads to price reductions and favorable conditions for buyers.

Tampa, Florida
Best week to buy: December 3 to December 9
Median list price: $439,244
The Tampa metro area, encompassing St. Petersburg and Clearwater, typically witnesses a decline of over 40% in property views per listing in early December, compared to peak times. Furthermore, Florida’s tax laws make this period advantageous for sellers aiming to leverage tax benefits before the new year.

Miami, Florida
Best week to buy: January 8 to January 14
Median list price: $599,000
Despite Miami’s reputation for being an expensive city, early January presents an opportunity for homebuyers to secure better deals. New listings during this time increase by 8% compared to an average week, affording buyers a fresh array of choices.

While the current real estate landscape presents its challenges, these highlighted periods provide windows of opportunity for prospective buyers to make informed decisions in various markets. It’s crucial to act promptly and take advantage of these favorable conditions.