Best time to buy homes arrives in Phoenix and other sunny cities

Homebuyers in Phoenix, Tampa, and Raleigh are expected to benefit from favorable market conditions as the best time to purchase a home approaches. According to Realtor.com® senior economist Ralph McLaughlin, "buyers looking for more favorable market conditions have to wait about a month longer than the nationwide average" in these cities. The optimal week for purchasing homes is identified as November 3 to November 9.

This period typically sees reduced demand, slower market pace, and increased housing inventory. In Phoenix, temperatures have cooled down, making it an attractive time for home shopping. Stacy Miller of The Miller Team at Re/Max Fine Properties highlights that "the first week in November is one of the best times to buy in Phoenix," due to negotiable prices and seller terms.

Phoenix's median list price was $519,950 in October. Buyers might find prices up to $30,000 below the year's peak during this week. Meanwhile, Tampa's October median list price was $400,000 with potential savings of $21,000 next week. In Raleigh, known for its arts scene and dubbed “The Smithsonian of the South,” buyers could see prices drop by $25,000 compared to peak prices.

These cities share warm climates and have experienced population growth recently. As a result, they present vibrant living options for prospective homeowners seeking good deals next week.