News
The Best And Worst Months To Buy A House — The Difference Could Save You $23,000
If you’re looking for a new home, consider waiting until there’s snow on the ground and a nip in the air. Buying in winter can save you tens of thousands of dollars, according to a new LendingTree study.
A review of 2024 real estate data found that January was the cheapest month for home sales, with properties going for a median of $178.60 per square foot. By May, the priciest month, comparable homes were selling for $194.20 per square foot, an 8% increase. On a typical 1,500-square-foot house, that’s an extra $23,400.
In February, the second-cheapest month, houses sold for a median of $183.70 per square foot, or $15,750 less than in May.
| Month | Price per square foot |
|---|---|
| January | $178.60 |
| February | $183.70 |
| March | $187.90 |
| April | $190.50 |
| May | $194.20 |
| June | $193.40 |
| July | $190.30 |
| August | $189.70 |
| September | $187.40 |
| October | $189.40 |
| November | $188.10 |
| December | $187.40 |
In part, the price differential is due to competition. Summer is the most popular time for homebuying, according to LendingTree, which found Americans buy about 1.4 times more homes between June and August than they do between December and February.
“Moving during the summer means parents don’t have to uproot their kids in the middle of a school year, which can be traumatic,” Matt Schulz, LendingTree chief consumer finance analyst, said in a release.
Online mortgage lenders can often help homebuyers with lower interest rates and faster closing times
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
5% for conventional loans, 3.5% for FHA loans, 0% for VA loans, 10.01% for jumbo loan
The longer days and warmer weather also mean touring homes is a more pleasant experience. And many leases end in the summer, enabling renters to smoothly segue into homeownership.
According to Schulz, however, there are ample benefits for those willing to brave the cold. Homes stay on the market longer in January — a median of 75 days, compared to just 48 days from April to June.
“While there may be less inventory in the winter, you may find less competition for available homes,” he said. “You might also find that sellers are more eager to bargain during those off-peak times, not wanting to alienate buyers.”
Subscribe to the CNBC Select Newsletter!
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Why trust CNBC Select?
At CNBC Select, our mission is to deliver high-quality service journalism and comprehensive consumer advice to our readers, enabling them to make informed financial decisions. Every mortgage article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of mortgage products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content independently of our commercial team and any outside third parties and pride ourselves on maintaining high journalistic standards.
Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
