Buying in January Can Save You $23K [LendingTree Report]

If you're thinking about buying a home this year, now might be the best time to do it.  LendingTree's latest analysis shows that timing the market can save 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.”