April 2024 Market Statistics

In April, the Austin-Round Rock-Georgetown Metropolitan Statistical Area (MSA) witnessed a notable 5.9% increase in closed listings, totaling 2,708 sales. This surge marks the highest year-over-year growth in residential home sales for the year. Simultaneously, the median home price rose by 1.1% to reach $469,998. These figures, unveiled in the latest Central Texas Housing Report by Unlock MLS, underscore a prevailing sense of confidence and positivity among both buyers and sellers in the housing market.

Dr. Clare Losey, a housing economist affiliated with Unlock MLS and the Austin Board of REALTORS®, shed light on the sales expansion throughout the MSA and offered insights into future trends in interest rates.

"The uptick in sales across the MSA reflects increased opportunities for buyers. Despite the current environment of higher interest rates, the availability of more affordable inventory, particularly in the $300,000 range, is facilitating homeownership for first-time buyers. Looking ahead, we anticipate that mortgage rates will likely remain elevated, albeit with a slight potential for gradual reduction, which could enhance buyers' purchasing power."

Kent Redding, serving as the 2024 president of Unlock MLS and ABoR, emphasized the ongoing need to address Austin's affordability challenges.

"While we celebrate the emergence of additional housing options for buyers across the MSA, there remains significant work ahead to promote homeownership opportunities within the city of Austin, especially for first-time buyers, educators, first responders, and others encountering obstacles in affording a home here. It is imperative for our community to unite in advocating for housing reforms that encourage diverse housing options citywide, ensuring a future where everyone can comfortably afford to reside in Austin.

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