Experts: Here Are the 6 Best Cities To Buy a Home This Fall
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Heather Taylor
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Gary Dudak
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If you want to buy a home, a shopping sweet spot is generally found in the early fall months. Some of the advantages available to potential homebuyers during early fall include less competition from other buyers, more active inventory and price reductions.
Those who plan to buy a home this fall are likely asking themselves which cities have the most favorable conditions. The good news is potential buyers have a wide range of major metros with affordable listings to choose from this year. According to experts, here are the six best cities to buy a home this fall.
Dallas
In January 2023, CNBC Make It ranked Dallas as the third best U.S. city to buy a home in 2023, thanks to the city’s tremendous job growth and high number of active listings.
Hannah Jones, economic research analyst at Realtor.com, said home prices fell 0.9% year-over-year in Dallas in September 2023. Active inventory increased by 4.8% and homes spent 3.5% more time on the market. The median home listing price in September was $450,000, which was $23,000 lower than the peak prices during summer 2023.
Thanks to the inventory increase and fading buyer demand, Jones said buyers may be able to secure a favorable deal on a home in Dallas this fall.
Arthur Greenstein, real estate agent at Douglas Elliman, agrees with Jones’ assessment of the Dallas housing market.
“Many sellers pull their properties off the market after Thanksgiving until January so they don’t become stagnant when buyers are busy and traveling during the holiday season,” said Greenstein. “Because of this, off-market inventory often increases. A licensed real agent can pull these up and help you find a great deal.”
New Orleans
Buyers interested in buying a home in New Orleans this fall will benefit from a major win-win because prices are down and active inventory is up.
According to Jones, home prices in New Orleans fell $10,000 from the summer’s peak in September 2023. Meanwhile, active inventory continued piling up on a month-over-month and year-over-year basis.
“Homes also spent the most time on market since February, signaling buyers this fall may have more time to consider their home purchase, in line with seasonal patterns,” said Jones.
Austin, Texas
Even though buyers shopping in Austin face home prices almost $200,000 higher than pre-pandemic levels, Jones said there are three things on their side: inventory, time on the market and demand.
According to Jones, Austin homes are spending almost 15% more time on the market compared to one year ago. This means Austin home shoppers will see lower prices and more flexibility from sellers this fall. Austin’s active inventory, Jones said, was higher in September 2023 than at any point in the data’s history (tracking back to mid-2016).
Nashville, Tennessee
From July’s peak in September, Jones said Nashville home prices fell $15,000. Additionally in September, active inventory went up 8.4% year-over-year and time on the market expanded 17.7%.
“This fall, Nashville buyers are likely to have more options to choose from, and more time to deliberate than last year,” said Jones.
St. Louis, Missouri
The city of St. Louis received an honorable mention by Forbes as one of the 10 most affordable cities to buy a home in 2023. This fall, home shoppers might find St. Louis offers a better buying environment for their needs.
In September 2023, Jones said home prices in St. Louis fell to an affordable $280,000, nearly $10,000 less than they were priced at summer’s peak. Active inventory also increased by 3.7% and price reductions increased 10.8% year-over-year. According to Jones, St. Louis home shoppers may have more suitable options thanks to the city’s falling prices, increased inventory and price reductions.
Houston
Buyers have the upper hand in Houston this fall. Jones said while home prices fell only slightly in September, active listings are up 1.8% compared to the previous month and previous year.
In September 2023, the median Houston listing price was $370,000.
“This is almost 15% below the national level, and roughly $10,00 below the summer’s peak, meaning both market conditions and home prices are tilted in favor of buyers,” said Jones.
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