The median home price in the Austin-Round Rock-Georgetown MSA rose slightly at 1.2% from the same time period last year, as did closed sales–up 1.3%. New listings totaled 3,915 units, up a whopping 44.9% from February 2023, providing a silver lining to aspiring homeowners since the majority of these were priced at $400,000 and below.
Notably, the average close-to-list price in February 2024 hovered at 95.4%, up 3.2% from the same time last year. This is important because it means that sellers are receiving closer to their list price, preserving the median sales price. That, coupled with the strong increase in new listings and marked decrease in active listings, indicates that more buyers are getting off the sidelines, and yet the market was able to absorb those new listings easily (indicated by the active listing drop of 5.5% from February 2023).
From Kent Redding, 2024 Unlock MLS and ABoR president, “The spring homebuying season is typically a busy period, especially in the Austin area, where over 35% of annual sales occur between March and June. Buyers are keen on securing homes before the fall and the upcoming school year in August, drawn out by the enhanced curb appeal and favorable weather conditions.”
The dynamic in Williamson County echoed the Austin-Round Rock-Georgetown MSA stats, with a 1.9% increase in median sales prices to $423,000, a rise in new listings of 41.7%, and a decrease in active listings by 26.6% from one year ago. Months of inventory dipped to 2.4 months, while the average close-to-list price hovered at 95.5%, compared to 92.3% in February 2023.
What Does This Mean For You?
For Sellers: If you’re considering selling your home, there has never been a better time this year (or within the last year) to do so.
For Buyers: If you’re thinking about buying a home, it’s time to beat the rush and shop when the competition between other buyers is reduced. The median sales price is likely to continue to increase through the busy spring and summer months, which are traditionally the period of highest demand for homes. Our low inventory environment (indicated by the decreasing months of inventory statistics) will also impact it.
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Want to talk through your specific home buyer or seller situation? We’re always here to help–contact The Cummings Team® today!