The Median Sales Price saw a modest decline of 3.2%, settling at $430,000, while Closed Sales experienced a slight dip, totaling 2,248. This is likely attributed to the seasonal slowdown that typically occurs in late fall. The Months of Inventory stood at 5.1 months, signifying a “balanced market”—one that equally supports both buyers and sellers. Meanwhile, the Average Days on Market extended by a week compared to the same time last year, now averaging 70 days.
A key highlight is the rise in inventory levels compared to October 2023. New Listings increased by 7.4%, reaching 3,333, and Active Listings climbed by 9.3% to 11,599. This uptick provides homebuyers with more options in the current market. Additionally, the List-to-Close Price ratio remained steady at 92.7%, indicating that sellers are receiving nearly 93% of their asking prices—a favorable trend for prospective buyers.
Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, noted that the biggest factor affecting home sales continues to be mortgage rates.
“Mortgage rates averaged 6.4% in October with signs pointing to them remaining in the low-to mid-6% range as we head into 2025, even with the Fed’s second rate cut last week. Buyers waiting on the sidelines for rates to drop significantly may be in for a long wait. In the meantime, sellers must recognize that bringing buyers to the table requires a more aggressive pricing approach. Even in a more balanced market, buyers with limited purchasing power are struggling to meet current price expectations.”
Let’s dive into the raw data:
Year-Over-Year Market Statistics for Austin-Round Rock-San Marcos for October 2024:
Month-Over-Month Market Statistics for Austin-Round Rock-San Marcos for October 2024:
Year-Over-Year Market Statistics for Williamson County for October 2024:
That’s great, but what does all this mean for home sellers and home buyers?
Advice for Home Sellers
Market pricing continues to show slight declines across the greater Austin area and its surrounding counties, a trend we anticipate will carry through the holiday season. These adjustments are not drastic but more gradual, representing fractional changes. Despite this, it remains a favorable time to sell your home.
This might seem surprising, but it’s true. Buyers actively searching for homes during this period are often highly motivated, frequently driven by the need to secure a property before the new year. Many of these buyers are involved in corporate moves or job relocations, making their search both urgent and focused.
Even with serious buyers in the market, partnering with an experienced real estate professional is critical during the holiday season. A knowledgeable agent will help you navigate the nuances of pricing and preparation, ensuring you are guided through every step of the selling process with expertise.
Advice for Home Buyers
Don’t let interest rates hold you back. While they do play a role, the long-term benefits of building equity through homeownership far outweigh the impact of slightly higher rates. When you’re ready to take the first step, we’re here for you. We’d be delighted to connect with you and introduce you to a trusted mortgage lender who will provide exceptional support throughout the process.
Final Thoughts
Whether you’re buying or selling, 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!