Homebuyers in Phoenix and two other sunny locales are about to catch a much-needed break in their search for the perfect forever home.
Nationally, the best time to buy a home was the week of Sept. 29 to Oct. 5., when savvy homebuyers could save an average of $14,000 on a median-priced $445,000 home.
However, as Realtor.com® senior economist Ralph McLaughlin notes, “buyers looking for more favorable market conditions have to wait about a month longer than the nationwide average” in places like Phoenix, Tampa, FL, and Raleigh, NC.
The week of Nov. 3 to Nov. 9 is when seasonal real estate market dynamics line up in favor of buyers in these three cities.
Historically, this week strikes the perfect balance of conditions, with reduced demand, a slower pace, and an uptick in housing inventory, making it a prime opportunity for buyers.
Why Phoenix home shoppers should buy now
November kicks off the best time of year to visit Phoenix, according to U.S. News & World Report, since temperatures have started cooling off, and highs are typically in the upper 60s, 70s, and 80s.
With Phoenix’s median list price hovering just under $520,000 in October, Arizona real estate agents say buyers should make a move.
“The first week in November is one of the best times to buy in Phoenix,” says Stacy Miller, real estate agent for The Miller Team at Re/Max Fine Properties in Phoenix. “The weather is great. The snowbirds are back in town. People either want to get rid of their home or purchase a new home before they start their holiday celebrations.”
Luckily for buyers, Miller says she’s never seen a market that’s quite like this one.
“Prices, as well as seller terms and concessions, seem to be more negotiable than ever,” she says. “Some incredible homes in great school districts are sitting longer than I would expect.”
But Phoenicians aren’t the only ones in a prime position to purchase next week. Buyers looking to reside in Tampa and Raleigh are, too.
What these cities have in common
Phoenix, Tampa, and Raleigh have warm climates—with Tampa and Phoenix getting especially steamy in the summer.
These thriving metros have all experienced significant surges in population over the past few years—making them vibrant, diverse cities to live in.
Let’s check out each of these three cities, where next week is the time to buy.
Phoenix, AZ
October median list price: $519,950
Discount next week vs. peak: -5.6%
Phoenix has an average of 300 sunny days a year, which is why so many people are drawn to the region.
Homebuyers who elect to purchase a home there during election week could see prices as much as $30,000 below the year’s peak, which could certainly buy a lifetime supply of sunscreen.
Tampa, FL
October median list price: $400,000
Discount next week vs. peak: -4.4%
This gorgeous city is known for the Tampa Riverwalk, which connects a variety of museums, shops, restaurants, and parks.
Next week, Tampa homebuyers will enjoy a potential savings as much as $21,000 below peak—perfect for a Riverwalk shopping spree.
Raleigh, NC
October median list price: $450,000
Discount next week vs. peak: -6.0%
The city, nicknamed “The Smithsonian of the South,” is lauded for its arts and culture scene—and next week, homebuyers could see home prices as much as $25,000 below the year’s peak price. That leaves buyers with plenty of cash to buy tons of tickets for the ballets, plays, and operas the city is known for.