We finally have a look at the 2024 real estate climate for the Austin metropolitan area. According to the Austin Board of REALTORS® Central Texas Housing Market Report for January 2024, Austin saw an uptick in residential homes sold, a jump in pending sales, and an increase in new home listings. This first analysis of the year calls for buyer and seller optimism as we settle into 2024. More options are available to homebuyers, and sellers can expect a buoyant market as we near the busy summer season.
“January marks the fifteenth consecutive month of year-over-year median sales price declines in the Austin Round Rock housing market, empowering more homebuyers to enter our market,” says Clare Losey, Ph.D., housing economist for the Austin Board of REALTORS®. She also notes that mortgage rates are starting to decline, which will continue to contribute to lower home prices and a spike in closed sales activity. “Mortgage rates peaked in late October before declining in November and December, providing a boost to buyer’s purchasing power, which is borne out of the increase in residential homes sold in January. While there are more options available for homebuyers in our market today, more work needs to be done to ensure more affordable housing is available in Central Texas. ABoR will continue to work to champion housing policies aimed at assisting those who need it the most and collaborate with Austin City Council.”
Stay up-to-date on your local real estate climates with the January 2024 Market Reports for the Austin Round-Rock MSA and The City of Austin below!
Austin Round-Rock MSA – January 2024 Market Report
- 1,667 – Residential homes sold
- 4.3% more than 2023
- $430,000 – Median price for residential homes
- 4.4% less than 2023
- 3,064– New home listings on the market
- 5.1% more than 2023
- 7,976– Active home listings on the market
- 3.6% less than 2023
- 2,480 – Pending sales
- 3.8% more than 2023
- 3.2 – Months of inventory
- 0.2 months more than 2023
- $892,581,695– Total dollar volume of homes sold
- 0.1% less than 2023
City of Austin – January 2024 Market Report
- 520 – Residential homes sold
- 0.6% less than 2023
- $534,500 – Median price for residential homes
- 2.8% less than 2023
- 979 – New home listings on the market
- 4.8% less than 2023
- 2,691 – Active home listings on the market
- 7.7% more than 2023
- 788 – Pending sales
- 0.6% more than 2023
- 3.2 – Months of inventory
- 0.7 months more than 2023
- $348,321,203– Total dollar volume of homes sold
- 7.3% less than 2023
Stay Tuned For More Market Updates
Curious about what this market update means for you? For more insights into your local housing climate, contact The Cummings Team® today!