The Austin-Round Rock-San Marcos MSA real estate market has seen a shift in recent months, with the median home price dropping by 6.6% year-over-year to $425,000. This change suggests that some sellers are adjusting their pricing to align better with current market demand. The inventory level stands at 5.9 months, indicating a balanced market where neither buyers nor sellers have a clear advantage. Meanwhile, closed sales have experienced a slight decline.
Key Market Trends
One of the most notable trends is the 20.2% increase in pending sales. This spike follows the Federal Reserve’s September decision to lower the target range for the federal funds rate, which led to a slight decrease in mortgage rates. This drop likely encouraged potential buyers who were previously hesitant to move forward with a purchase.
The average time a home remains on the market has risen to 79 days, which is 10 days longer than during the same period in 2023. New listings have stayed relatively stable, with less than a 1% decrease, while active listings have grown by 11.6% to 12,153.
“Sellers are adjusting their expectations to reflect buyers’ growing leverage in light of ongoing affordability constraints,” said Clare Knapp, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®. “We are also seeing active listings grow at a slower pace compared to earlier in the year, which indicates that our housing market will continue to be balanced between buyers and sellers.”
Let’s dive into the raw data:
Year-Over-Year Market Statistics for Austin-Round Rock-San Marcos for September 2024:
That’s great, but what does all this mean for home sellers and home buyers?
Advice for Home Sellers
Planning to sell your home before the end of the year? Be aware that market pricing is continuing to soften across the greater Austin area. However, surrounding counties like Williamson County are experiencing lower inventory levels, making these suburban areas slightly more favorable for sellers. Why is this? While there are many factors, suburban areas often offer more affordable price points, which can attract buyers who might be priced out of the Central Texas market. If you’re selling in these areas, you might notice the market moving a bit faster.
No matter where you live, it’s crucial to work with an experienced real estate professional who understands the nuances of pricing, especially during the pre-holiday and holiday seasons. Selling during the holidays can have advantages, including buyer urgency. Buyers shopping at this time of year are often serious and motivated, looking to close and settle before the new year, which is traditionally a popular time for corporate relocations.
Additionally, the pre-holiday and holiday seasons provide a perfect opportunity for beautiful and festive home staging, which can make your home stand out.
Advice for Home Buyers
Thinking of buying a home before the end of the year? Mortgage rates continue to play a significant role in the real estate market. After a slight dip in September, rates have begun to rise again, but they appear to be leveling off. This unpredictable trend highlights the importance of working with a knowledgeable local loan officer who can help you lock in the best rate at the right time. If you need recommendations, we can connect you with excellent lenders in the area.
From there, your experienced real estate professional will guide you through the ins and outs of Austin’s dynamic housing market. Whether you’re buying or selling, expert advice can make all the difference in achieving your real estate goals.
The latest month-over-month figures align closely with the year-over-year trends. In September, the median sales price dipped by 3.5% from August, while closed sales saw a decline of 13.3%. Properties stayed on the market an average of nine days longer, and the months of inventory experienced a noticeable increase, reaching 5.9 months. Active and pending listings remained steady, but new listings continued to show a slight decrease.
Month-Over-Month Market Statistics for Austin-Round Rock-San Marcos for September 2024:
For Sellers: Your Path to Success
If you’re considering selling your home this fall, there are still plenty of opportunities. To make the most of it, hire a seasoned agent who understands how to prepare, price, and present your property effectively during this season. Even as the market shifts, having an excellent negotiator on your side can make all the difference.
For Buyers: What to Expect
The inventory of homes is likely to keep growing, giving you more options. Additionally, interest rates are expected to ease, which could create even more favorable conditions. Whether you’re buying your first home or looking for an upgrade, make sure to work with a dedicated agent who represents your best interests throughout the process.
Year-Over-Year Market Statistics for Williamson County for September 2024:
Final Thoughts
No matter where you are on your real estate journey, partnering with an experienced and knowledgeable real estate professional is crucial. At The Cummings Team, we take that responsibility seriously and always strive to protect your interests.
Have questions about the current market in Leander and/or the greater Austin area? Thinking about selling or buying a home? Reach out to us today, and let’s talk about how we can help you achieve your goals. We’re always here to support you. Contact The Cummings Team® today!