AUSTIN, TEXAS ~ August 2024 housing market statistics have been released by the Austin Board of Realtors® (ABoR).
In August the Austin-Round Rock MSA housing inventory level continued to rise to the highest level in more than 13 years.
Let's take a closer look at the year-over-year real estate highlights for the Greater Austin MSA and Williamson County.
In the Austin-Round Rock MSA:
Rising Metrics:
Active listings increased by 15.4% to 12,334.
Average days on the market increased by 8 days to 70 days.
Housing inventory increased by 1.1 months to 4.9 months. While this is the most available inventory in more than 13 years, it remains below the Texas Real Estate Research Center at Texas A&M University's benchmark of 6 months to maintain a balanced housing market.
Decreasing Metrics:
Closed sales fell by 10.4% to 2,591.
The median sales price decreased by 4.4% to $439,990.
New listings fell by 4.1% to 3,781.
In Williamson County:
Rising Metrics:
Active listings rose by 14.1% to 3,643.
New listings increased by 1.4% to 1,269.
Average days on the market increased by 5 days to 65 days.
Housing inventory rose by 1.2 months to 4.4 months. As with the greater Austin-Round Rock metro, this is below the Texas Real Estate Research Center at Texas A&M University's benchmark of 6 months to maintain a balanced housing market.
Decreasing Metrics:
Closed sales fell by 12.6% to 857.
The median sales price decreased by 3.3% to $428,500.
What do these metrics indicate for those looking to make a real estate move in the Austin area?
If you're looking to purchase a home or investment property, now is a good time to take advantage of the Federal Reserve lowering the benchmark interest rate by 0.50 percentage points, the "softer" median home price, and the highest level of inventory the Austin metro has seen in more than 13 years. If you'd like to speak with my clients who have recently closed or who are under contract, they are happy to share their experience working with me. If you're looking for financing options, I can also connect you with my trusted lending network which can help you explore options - consultations are free!
If you're selling you're in a solid position to make a timely move even though there's increased competition. Contact me and I can provide you with a complimentary, current competitive market analysis for your home. This will help you understand what your home is likely to sell for given the changing dynamics of the Central Texas real estate market.
Ready to make your next real estate move? Connect with me and let's discuss your goals and the current market conditions and set a plan to leverage both to your advantage!
Joe Paul Reider
Home Style Austin Founder Austin Realtor®, CLRA Keller Williams Realty, Inc.
Email: JoePaul@KW.com Mobile: 512-222-3302 Web: JoePaulReider.KW.com
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