January 2024 Market Update

Central Texas Housing Market Report

Source from: Unlock MLS

In the latest Central Texas Housing Market Report from Unlock MLS, the initial market analysis for the year reveals a 4.3% increase in closed residential home sales, totaling 1,667, and a 3.8% rise in pending sales, reaching 2,480 listings. These figures indicate a growing array of choices for potential homebuyers, and sellers are expressing optimism as they enter 2024.

According to Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, the recent dip in mortgage rates, though still relatively high, is contributing to a reduction in home prices and a surge in closed sales activity.

Losey pointed out that January marks the fifteenth consecutive month of year-over-year median sales price declines in the Austin-Round Rock housing market, empowering more homebuyers to join the market. The peak in mortgage rates in late October, followed by a decline in November and December, has increased buyer purchasing power, evident in the uptick in residential homes sold in January. Despite the current availability of more options for homebuyers, efforts are ongoing to ensure increased affordability in Central Texas. ABoR remains committed to advocating for housing policies that support those in need and collaborating with the Austin City Council in this regard.

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