October isn’t just the prime time to purchase halloween candy or flights home for the holidays—it’s also the best month to buy a house in Chicago!
Well, according to one study at least. Here’s a look at the data and what it means for your homeownership aspirations.
October ranked best month for home-buying in Chicago and nationwide
Online real estate platform Redfin recently released a study documenting the best month of the year to buy a home in 16 major metro areas, and October ranked the top month overall nationwide.
The analysis, originally compiled in April, combined housing market data gathered by Redfin and housing research platform Home Economics.
It took into account factors like most new listings, most housing inventory, and steepest discounts.
The results showed early October is the optimal window in Chicago as far as scoring big deals on homes.
Redfin notes that price cuts and negotiations off of a property’s original asking price tend to be highest during this time of year.
October is also the best time for housing discounts in other major cities like Boston, Philadelphia, and Minneapolis.
“Seasonality trends suggest buyers in these places looking to score a bargain may want to get serious about their home search now that fall is here,” said Redfin senior economist Asad Khan.
“…[I]f a lower price is a priority, October is the time to make a move in these places. Sellers who put their home on the market over the summer might be open to dropping their price or offering concessions now that we’re past Labor Day.”
