The median home price in the Austin-Round Rock-Georgetown MSA remained stable from the same time period last year (coming in at $450,000), while closed sales decreased less than 1%. New listings totaled 4,714 units, a 10.2% increase from March 2023, providing a silver lining to first-time home buyers since many of these were priced at $400,000 and below.
According to Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, “The current housing market is more favorable for first-time homebuyers, with an uptick in new listings for the lowest priced homes. More inventory means more options tailored to buyers’ specific needs and interests, allowing them more personalization and choice of location when looking for their new home. It’s great to see the stability of the current market in the first quarter of 2024.”
Notably, the average close-to-list price in March 2024 hovered at 95.4% (identical to February 2024), which was up 4.5% from the same period last year. This is a notable change over a year’s time, and it’s important to note because it means that sellers are accepting offers closer to their list price, which also preserves the median sales price.
Average days on market remained unchanged from a year ago (coming in at 80 days), and months of home inventory increased by approximately 3 weeks. Meanwhile, closed sales remained steady from March 2023 at 2,563 sales.
Trends in Williamson County were similar, with a scant 1.6% year-over-year decrease in median sales price to $420,000 (also notable–down $3,000 from February 2024). New listings increased by 11.2%, active listings decreased by 3.2%, and pending sales increased by 11.8%. Months of inventory came in steady at 3.0 months, while the average close-to-list price came in at 95.4%, a whopping increase of 14% from the same period in 2023.
What Does This Mean For You?
For Sellers: Buyer activity is increasing. While new and active listings are on the rise, the average days on market remains unchanged and months of inventory have increased only slightly, meaning that the market is absorbing additional inventory reasonably well. It is a great time to sell your home.
For Buyers: Get off the sidelines now. Heading into summer, buyer competition is expected to increase due to higher seasonal demand. Recent inflation reports could signal flat or increasing mortgage rates to come, but there is a great deal of uncertainty about how much rates will decrease in the near term (if they do). But when you boil it all down, right now is a fantastic time to buy a home…Remember, marry the house and date the rate.
Stay Tuned For More Market Updates
Want to talk through your specific home buyer or seller situation? We’re always here to help–contact The Cummings Team® today!