You may not want to put your home-buying plans on hold this winter.
While many buyers assume spring is the best time to buy a home, January often flies under the radar—even though it can offer real advantages for budget-conscious buyers. And if you live in a market like Chicago, where competition can heat up quickly, timing matters more than most people realize.
Surprisingly, as it sounds, January may actually be one of the smartest times of the year to buy. Here’s why it deserves a serious look.
1. Prices Tend To Be Lower This Time of Year.
LendingTree reports that January is the least expensive month to buy a home. And there’s something to that. January has historically offered one of the lowest price-per-square-foot points of the entire year.
But the spring?
That’s when demand (and prices) usually peak. And that’s not speculation – it’s a well-known trend based on years of market data.
So, how much less are we talking?
Here’s a look at the numbers.
According to the most recent full year of data, for a typical 1,500-square-foot house, buyers who closed in January paid about $23,000 less than those who closed in May.
And that general trend typically holds each year (see chart below):
Your number will depend on the home’s price, size, and type.
But the trend is clear.
For today’s buyers, meaningful savings are significant, especially when affordability remains tight for many households.
2. Fewer Buyers and More Motivated Sellers.
And why do buyers typically save in the winter?
It’s simple.
Winter is one of the slowest times of year for the housing market.
Both buyers and sellers tend to pull back, thinking it’s better to wait until spring. And that means:
- You face less competition
- You’re less likely to get into a multiple offer scenario
- Sellers are more willing to negotiate (since there aren’t as many buyers)
With fewer buyers in the market, you can take your time browsing.
But winter doesn’t just thin out the pool of buyers; it also reveals which sellers truly need to sell.
Because fewer people are house hunting during the colder months, sellers who really need to move tend to be more open to negotiating. As Realtor.com explains:
“Less competition means fewer bidding wars and more power to negotiate the extras that add up: closing cost credits, home warranties, even repair concessions. . . these concessions can end up knocking thousands of dollars off the price of a home.”
This can include everything from price cuts to covering closing costs, adjusting timelines, and more.
It doesn’t mean you’ll automatically get discounts on every home. But it does mean you’re more likely to be taken seriously and given room to negotiate.
Should You Wait for Spring?
Here’s the real takeaway.
When you remove the pressure and frenzy of the busy spring season, it becomes much easier to get the home you want at a price that fits your budget.
But if you wait until spring, more buyers will be in the market.
So, waiting could actually mean you spend more, and you’d have to deal with more stress.
Now, only you can decide the right timing for your life, but don’t assume you should wait for warmer weather before you move.
Buying in January gives you: less competition, potentially lower prices, and more motivated sellers. And those are three perks you’re not going to see if you wait until spring.
Why January Could Be the Right Time for You to Buy
If you’ve been waiting for the “perfect” moment to buy a home, January may offer more opportunity than you expect.
Less competition, potentially lower prices, and motivated sellers can all work in your favor—especially when affordability is top of mind.
Whether you’re buying your first home or making a move within a city like Chicago, the right timing can make a real difference in both cost and stress.
If you’re curious what buying in January could look like for you, let’s take a closer look at your numbers and the homes currently available.
- KM Realty Group LLC
- 111 N Wabash Ave STE 1734, Chicago, IL 60602
- Call Us: (312) 283-0794
