Home shoppers the week of Sept. 22 will find less competition, more price reductions and a larger amount of inventory, making this week the “Black Friday” of real estate, according to a new study released Friday by realtor.com

Of the 53 markets tracked by the real estate listing portal, 41 markets reported the week of Sept. 22-28 as the best time of the year to buy a home.

“As summer winds down and kids return to school, many families hit pause on their home search and wait until the next season to start again,” George Ratiu, senior economist of realtor.com, said in a statement. “With dramatically less competition, persistent buyers will feel the scales tip in their favor as eager sellers begin to cut their prices in an effort to entice a sale.”

“As seasonal inventory builds up and restores itself to more buyer-friendly levels, fall buyers will be in a better position to take advantage of today’s low mortgage rates and increased purchasing power,” Raitu added.

In the last three years, buyers face, on average, 26 percent less competition, with 6.1 percent more homes on the market than the average week, according to metro-level data compiled by realtor.com from 2016 to 2018. Nearly 6 percent of homes go through price reductions this week and tend to be 2.4 percent cheaper than at their peak, the study found.

“As seasonal inventory builds up and restores itself to more buyer-friendly levels, fall buyers will be in a better position to take advantage of today’s low mortgage rates and increased purchasing power,” Raitu added.

Data courtesy realtor.com

The impact of the lower competition and increase in price reductions will be most strongly realized in the West, where buyers have almost 30 percent less competition than the average week. List prices are down 4 percent and nearly 9 percent of homes will see a reduction.

Email Patrick Kearns

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
We're giving away 3 free ICLV tickets at Connect Now next week. Register and attend live for your chance to win!REGISTER×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription