If you’ve been thinking about buying a home in Raleigh, NC, you might want to mark your calendar for the week of November 3-9. But keep this just between us...

While Realtor.com identifies September 29 – October 5 as the best week to buy a home nationally, Raleigh and the Triangle's sweet spot looks like it might hit a little later. With mortgage rates poised to drop and more homes hitting the market, this could be your golden opportunity to snag that dream home you’ve been eyeing.

Why November 3-9?

Raleigh's housing market typically follows a seasonal pattern where inventory increases and buyer competition cools off just in time for fall. Historically, November brings more for-sale homes than earlier in the year, giving buyers fresh options without the intense competition seen in summer.

• This year, however, several key factors make early November an especially attractive time to buy in the Raleigh area:

• More Inventory: Based on local trends, the Raleigh market is expected to have up to 37% more homes for sale than in January 2024. That means more choices for buyers and less pressure to settle for something that doesn’t quite fit your needs.

• Potential Savings: With a median home price around $445,000 nationally, buyers in Raleigh could save big by purchasing in early November. On average, homes during this week are expected to cost up to $14,000 less than during the summer peak, helping stretch your budget further.

• Lower Competition: Fewer buyers will be in the market during this time, as many families have already made their moves before the school year started. This creates a less hectic, more manageable pace for serious buyers, giving you the time you need to consider your options without feeling rushed.

Why Act Now?

The 2024 real estate market has been challenging for buyers with high home prices and mortgage rates, but things look like they are shifting in your favor. Fall brings increased inventory, lower competition, and the possibility of falling mortgage rates—all good news for buyers in Raleigh. That is, until rates get so low that the floodgates open up and all the buyers that have been waiting for this jump in, driving competition and prices back up through the roof.

So, this window looks like it will only be open for a hot minute. Over the last few years, the Raleigh market has stayed strong, but like the national market, it’s seeing the effects of more homes being listed and a slight cooling in demand. If you can and if you're ready, I'd say act now. But if not now, by November, you'll be in an excellent position to find the right home at the right price without having to battle intense competition from other buyers.

What does this mean for the local economy?

Real estate trends have a significant impact on the local economy in Raleigh. As inventory rises and competition cools, it’s not just homebuyers and sellers who are affected—local businesses and industries also feel the ripple effects. When more homes are sold, there’s an increase in demand for goods and services, from construction and home improvement to local retail and hospitality. A more active real estate market means more people moving to Raleigh, which translates into greater spending at restaurants, shops, and other local businesses, boosting the overall economy. Additionally, when buyers can enter the market with less competition and secure homes at lower prices, it encourages more relocation and investment in Raleigh. This influx of new residents can drive job creation in sectors like real estate, finance, and home services, strengthening the city's employment base and fostering further economic growth. As we see these shifts in the housing market, it becomes clear how closely tied the real estate industry is to Raleigh’s continued development and prosperity.

What to Do Next?

If you’re serious about buying, the time to start getting ready is now. Make sure your finances are in order, talk to a financial advisor and a mortgage lender about getting pre-approved, and work with a local real estate agent (I happen to know one) to keep an eye on homes that fit your criteria.

Being prepared will give you a leg up as we approach November. This window of opportunity won’t last long, so let’s get you ready to take advantage of the best week to buy in Raleigh!