The odds are that anyone who closed on their home today snagged the best price 2024 could offer.
Dec. 4 is the best day to buy a home because that's when Americans have historically paid the least amount for their new property, real estate data firm ATTOM said in a new report. Homebuyers tend to find deals at a time of the year when fewer people are looking and are often distracted by their families or the holidays.
Researchers arrived at that conclusion after studying 52 million single-family and condo home purchases between 2013 and 2023. In most cases, a buyer pays more money than the home's actual market value, the study concluded, but on Dec. 4, the price-to-value difference is at its smallest.
"If you're aiming to close on a home by one of the best days to buy, such as Dec. 4, you should plan to start the process at least 60 to 90 days in advance," ATTOM CEO Rob Barber said in an interview. The timeline allows for the steps involved in buying a house, from getting preapproval for a loan to finding an agent, making an offer, and closing the deal, he said.
For years, real estate agents and economists have noted that spring and summer months offer the busiest homebuying weeks of the year, in part because warmer weather motivates more house hunters to attend open houses and place offers. The price-conscious homebuyer should keep Dec. 4 in mind because "identifying the best days to buy can help buyers save significantly," Barber said.
The report found that Oct. 2, Dec. 24, Jan. 16, Nov. 13 and Oct. 9 are also buyer-friendly because those days have shown low price-to-value differences. Homebuyers typically find homes priced lower in the winter and late fall because that's when competition starts to dwindle, Barber added.
More holidays, less sunlight
"As people focus on holidays, they are less inclined to prioritize significant life changes, such as purchasing a home," he said. "Colder weather and shorter daylight hours also deter prospective buyers from attending open houses or moving, particularly in regions with harsher climates."
The data lands at a time when house hunters nationwide are experiencing elevated mortgage rates and some of the highest home asking prices in decades. The median existing home sales price hit $407,200 in October, up 4% from a year prior, according to the latest data from the National Association of Realtors.
Homebuyers should expect much of the same next year, according to the NAR. It expects home prices to inch up further and mortgage rates to float around the same levels they are at today — about 7% for a 30-year fixed.
The findings sync with other recent real estate research that has found that winter is an ideal price environment for homebuyers. A May report from Rocket Mortgage added that, even though prices typically drop in the winter, so do the number of homes available for sale.
A September study from Danielle Hale, chief economist at Realtor.com, concluded that Sept. 29 through Oct. 5 was the best week to buy a home because asking prices were slightly lower and the number of homes for sale had seen an uptick. Buyers who purchased a home during that week probably saved more than $14,000 compared to shopping and buying during the peak summer season, according to Hale.
Conversely, the ATTOM study found that buyers have paid the highest amount over market value on May 26, making that day the best moment for homeowners to sell their property.