Housing Market Trends: Insights and Updates in Austin, Texas

Larry David would be mad, but Happy New Year! I hope you had a wonderful holiday season and were able to get some much needed rest and relaxation. There is a lot to look forward to in 2024 and as your REALTOR®, it is my privilege to keep you informed about the latest market trends. So, here are some insights and updates about the market for single family homes in Austin, TX.

Months of Inventory

📈📉 There is currently a 3.13 Months Supply of Inventory in Austin, marking the first time there has been less than a 4 Months Supply of Inventory since April, 2023. If interest rates continue to fall as projected, there could be even more competition among buyers, further squeezing the availability of homes and decreasing the Months Supply of Inventory. Remember, you can change your interest rate but you can’t change your purchase price – If you’re thinking about buying, it might be best to start looking sooner than later.

List to Sold Price 

💰💼 The List to Sold Price percentage is at 96.2%. This shows that sellers in Austin are getting pretty close to asking price on their homes. Interestingly, the List to Sold Price has shown a yearly trend, peaking in April each of the last three years. Will 2024 show a similar trend and should we expect the List to Sold price to increase between now and April? Sellers, let me know if you’d like to discuss a springtime listing. 

Median Sold Price

💲💵 The median sold price in Austin stands at $570,000. This indicates a healthy and stable real estate market, offering competitive pricing for both buyers and sellers. However, keep in mind that this is the median price, and there are homes available at a wide range of prices. For example, there are new construction homes available in South Austin for under $500,000, as of the publish date. If you're looking for something at a higher price, I’ll be hosting an open house at another new-build home in South Austin priced at $1,549,000 on Friday, January, 12th. The point is, there’s something for everyone here in Austin, so let me know if you would like more info about what homes are available.

Overall, these market trends reveal a favorable climate for making a move and signs point to the housing market in Austin heating up as the year goes on. As your trusted REALTOR®, I am here to guide you through the process and help you achieve your real estate goals. Contact me today let's navigate the Austin real estate market together!