Key facts
- October is considered a prime dealmaking season for homebuyers seeking discounts.
- Sellers are more likely to offer price cuts or concessions after Labor Day.
- Inventory is increasing, and affordability constraints are holding back some buyers.
- In August, sellers outpaced buyers by approximately 500,000, or 35%.
- 45% of sellers offered a concession in August, and 16% offered a concession and cut their home's price.
Homebuyers seeking discounts may find opportunities in the US housing market, particularly in 15 cities identified by Redfin as offering the best deals in October. The real estate company's analysis suggests that the fall season, following Labor Day, is a prime time for negotiation as sellers who listed homes over the summer may be more inclined to drop prices or offer concessions.
The overall housing market is shifting in favor of buyers due to increasing inventory and persistent affordability challenges that have kept some prospective buyers on the sidelines. Buyers who remain active in the market often have greater leverage. Redfin estimated that in August, sellers outnumbered buyers by approximately 500,000, or 35%.
Concessions and price reductions are becoming more prevalent. Data from Redfin indicates that 45% of sellers offered a concession in August, with 16% of those also reducing their home's price. The report highlights specific cities where these trends are most pronounced, categorizing them by when peak dealmaking season is expected to occur in early, mid-, or late October. Among the cities listed for early October dealmaking are Boston, MA, with a median sale price of $859,431 and 29.7% of homes experiencing price drops; Chicago, IL, with a median sale price of $426,255 and 16.8% of homes with price drops; Minneapolis, MN, at $374,752 median sale price and 32.0% of homes with price drops; and New Brunswick, NJ, with a median sale price of $459,696 and 11.4% of homes with price drops.