Homebuyers Saved $23K by Buying in January [LendingTree Report]

LendingTree's latest analysis shows that in 2024, timing the market saved buyers tens of thousands of dollars, with January offering the biggest savings. Here's what else we found. 

• May is the most expensive month to buy, at $194.20 per square foot. January is 8% cheaper at $178.60 — saving buyers about $23,400 on a 1,500-square-foot home.
• Americans buy 1.4x more homes in summer than in winter. From 2015 to 2024, summer made up 29.1% of all home sales, ahead of spring (25.4%), fall (25.2%), and winter (20.2%).
• Seasonal price swings were steepest in Hawaii (25.7%) and topped 20% in Vermont and Illinois. The gaps were smallest in Arizona (3.2%) and Colorado (6.2%).
• Size doesn’t matter — timing does: Prices per square foot always peak in June and bottom out in January, no matter the home size.

You can check out the full report here: https://www.lendingtree.com/home/mortgage/cheapest-month-to-buy-study/

LendingTree's Chief Consumer Finance Analyst, Matt Schulz, had this to say:

“Saving $23k+ is a significant difference. That can shave tens of thousands off the cost of the home, making something affordable that might not have been otherwise. It can also make it a little easier to reach 20% with a down payment, which is huge. If you reach that magic 20% mark, you can avoid paying private mortgage insurance (PMI), which can make a major difference in your monthly payments.”

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