The Median Sales Price saw a modest increase of 2.4%, settling at $435,000, while Closed Sales echoed that increase, coming in at 2,130. Meanwhile, Months of Inventory stood at 4.8 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 75 days.
New Listings saw a slim 2.2% decline, totaling 2.570, but Active Listings and Pending Sales both increased from the same time period in 2024. Additionally, the List-to-Close Price ratio remained steady at 92.7%, indicating that sellers are receiving almost 93% of their asking prices—a favorable trend for prospective buyers.
Clare Knapp, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, noted that November’s data reflects continued stability in Austin’s housing market.
“November’s sales increase is largely tied to the activity we saw in September and October, when mortgage rates inched down to 6.08% and prospective buyers felt encouraged to move towards buying a home. What’s really driving behavior in the market is where mortgage rates land. Moving forward, despite higher mortgage rates, sales activity should remain relatively consistent year-over-year.”
Kent Redding, 2024 Unlock MLS and ABoR president, highlighted the current momentum in the market, emphasizing both the opportunities for buyers and sellers as the market continues to stabilize heading into the new year.
“With solid pending sales activity and steady inventory levels, Austin’s housing market is positioned for a steady close to the year. Buyers who locked in lower rates earlier this fall are now finalizing purchases, while sellers are finding promising opportunities as the market stabilizes with the guidance of REALTORS®. Whether you’re ready to build equity through homeownership or have your sights set on a specific neighborhood, now is the time to take action and make your move.”
Next, let’s examine the raw data:
Year-Over-Year Market Statistics for Austin-Round Rock-San Marcos for November 2024:
Month-Over-Month Market Statistics for Austin-Round Rock-San Marcos for November 2024:
With the exception of Median Sales Price and Months Of Inventory, all of November 2024’s statistics came in lower than October 2024. Median Sales Price increased by 1.1% to $435,000, and Months Of Inventory grew by 0.2 months to 4.8 months. On the other side of the spectrum, Closed Sales dipped 5.5% to 2,130, New Listings fell by a whopping 29.7%, Active Inventory decreased 7.0% to 10,845, and Pending Sales fell by 3.9% to 2,255.
Year-Over-Year Market Statistics for Williamson County for November 2024:
That’s great, but what does all this mean for home sellers and home buyers?
Advice for Home Sellers
Market pricing has stabilized somewhat across Central Texas, and it remains a good time to sell your home. The most important advice we can provide is to plan and prepare as early as possible. In other words, if you’re considering putting your home on the market in the spring, it’s time to reach out to a trusted real estate professional so that behind-the-scenes preparation can begin to ensure your goals and priorities are achieved. Contact our experienced team today.
Advice for Home Buyers
After a gradual decline, interest rates seem to be rebounding upward, and while they should play a role in your decision-making, the long-term benefits of building equity through homeownership far outweigh the impact of slightly elevated 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!