When Is the Best Time of Year to Buy a House?

By Lisa Sturtevant, PhD 
Chief Economist, Bright MLS 

The best time to buy a home depends on your personal priorities and circumstances, but certain times of the year can offer advantages. During some months, home prices tend to be lower, and buyers can have more leverage on price. In other times of the year, there are more options available for buyers to choose from.  

Buy in January or February for the Lowest Price  

During any given year, home prices tend to be at their lowest point of the year in January or February. Prices typically are lower during the winter because demand is lower. The holidays and colder weather generally mean fewer homebuyers in the first part of the year. As a result, if you are looking to buy this year, it may make sense to do your home shopping in January or February when you may be able to get a better price. 

Between 2010 and 2024, according to home price data across the Bright MLS service area, home prices are an average of 15% lower in January and February than they are during the month of peak home prices. (In most years, home prices are highest in June.) 

Homes are also most likely to sell below asking price in January. In the Bright MLS service area, the lowest average sold-to-list-price ratios were in January in 11 out of the past 14 years. (In the other three years, the lowest average sold-to-list-price ratios were in February and December.) Buyers tend to have more leverage on price during these months when sellers are seeing less traffic. 

 

Buy in April or May for the Most Inventory 

A lack of inventory has been a major constraint on the market. While new listing activity has increased, supply is still tight. If you are a buyer who prioritizes choice over price, you may want to wait until the spring to look for a home.  

Before the pandemic, April was typically the high point for fresh listings across the Bright MLS service area. With the first sign of warmer weather, sellers were ready to spruce up their home and get it on the market. Since 2020, however, seasonality in the housing market has shifted somewhat, which has more to do with COVID-era concerns and mortgage rate fluctuations. Since 2020, listing activity in the Bright MLS service area generally has peaked in May.  

Waiting until later in the spring to buy will mean you will have more choices, but it also means you will have more competition. Bidding wars and multiple offers are more likely in the late spring than in other parts of the year. The average sold-to-list-price ratio in the Bright MLS service area tends to be at its highest level in May and June.  

The best time to buy—when it is right for you 

While January and February could offer the best deals, and April and May could present the most choices, the best time to buy a home is always when it is best for the individual or family looking to purchase. Changes to family situations are the most common reasons people decide to buy a home. Financial considerations, including the ability to save for a down payment and current mortgage rates, are also critical to the timing of a home purchase. 

If you’re looking to buy in 2025, working with a local real estate professional who represents your interest as a buyer is also a good way to understand local market dynamics to decide when to jump into the market.