In October, the Austin-Round Rock MSA saw an increase in residential homes sold, rising 4.1% to 2,337 total sales. This data confirms that buyers are still entering the 2023 housing market despite higher interest rates. The median home price across the MSA dropped 7.5% in October as well, now at $435,000, another contributing factor to an increase in qualified buyers. According to the Austin Board of REALTORS® October 2023 Central Texas Housing Market Report, the increase in sales and pending sales demonstrates the value that buyers are finding in the Austin market.
Now, with more bargaining power as we near the end of the year, buyers will have more opportunities to find quality properties. Ashley Jackson, the 2023 ABoR president, reminds buyers that, “The market is still normalizing, and as we look to the end of the year, it’s important to remember that working with a REALTORⓇ who can share their expertise and help buyers and sellers alike, is the surest path to success in this market.” The National Board Of Realtors® affirmed the importance of partnering with an experienced Realtor® in the home buying process with their 2023 Profile of Home Buyers and Sellers. Data from this report shows that nearly 90% of buyers recently purchased their home through a real estate agent or broker, while all home buyers utilized the internet to search for a home. These statistics mark a trend that is important to recognize, especially as we look to the upcoming 2024 real estate climate.
“Despite higher mortgage rates this summer and fall, closed sales across the MSA rose 4.1% year over year in October to 2,337 sales. With the close to original list price ratio hitting 93.1% in October, it is also a reminder that buyers have more negotiating power than at virtually any point since March 2020,” says Clare Losey, Ph.D., housing economist for ABoR.
“Homeownership is still the best way to create generational wealth, and the region would benefit from reforms and policies that make homes more attainable and buying more accessible for people across different income levels.”
Feel free to reach out if you have any questions about buying or selling in the current market!