March 2024 Market Update

In Austin, homebuyers are finding more choices as the number of new home listings, available houses, and completed sales have been steadily increasing this year, despite higher interest rates which have kept median prices relatively stable.

March saw a continued rise in new listings, with 4,714 homes coming onto the market, up from 3,915 in February. This surge in listings has led to nearly four months' worth of homes for sale, although experts suggest that a healthier balance between supply and demand usually requires about six months of inventory.

However, the increased inventory hasn't resulted in stagnant sales. March saw 2,563 homes sold in the metro area, about 400 more than February.

This situation is particularly favorable for first-time buyers, according to Clare Losey, an economist with the Austin Board of Realtors and Unlock MLS. She notes that with more homes available, buyers have a wider range of options to match their needs and preferences, providing them with greater flexibility in location and personalization when searching for a new home.

While the number of homes for sale has risen, with March's new listings contributing to a 3.8-month supply compared to three months in February, the median sales price has also slightly increased to $450,000 from $430,000 in January. However, compared to March 2023, the median price remains unchanged.

Losey attributes the stability in prices primarily to higher interest rates and changing demand factors. The average 30-year fixed mortgage rate was 6.88% as of April 11, according to Freddie Mac. Additionally, factors like remote work trends and relocation rates that drove up prices during the pandemic have subsided, reducing the upward pressure on home prices.

Despite the moderation in prices compared to the pandemic's peak, buyers are still experiencing reduced purchasing power due to the elevated interest rates. Losey explains that buyers would need more income to qualify for a mortgage under these conditions. However, higher interest rates typically lead to price moderation, partially offsetting the affordability decline resulting from the rate increase.

Source:  Austin Board of Realtors Market Statistics

5 Properties
$419,999
Condo: Whispering Valley Condo Amd
2
Beds
2F11/2
Baths
1,119
Sq.Ft.
1999
Year Built
20
Days on Site
6113388
MLS
$2,595 / month
Condo: Whispering Valley Condo Amd
2
Beds
2F11/2
Baths
1,119
Sq.Ft.
1999
Year Built
26
Days on Site
9102966
MLS
$399,000
Neighborhood: MYERS, C. SUR
2
Beds
1
Baths
924
Sq.Ft.
1963
Year Built
97
Days on Site
2377530
MLS
$1,150,000
Condo: Marina Village At Lakeway Condo
3
Beds
3
Baths
2,226
Sq.Ft.
2008
Year Built
103
Days on Site
8948415
MLS
$1,400,000
Neighborhood: Burleson, Jonathan
89.44
Acres
193
Days on Site
2145268
MLS

Phone(512) 791-7725

Email[email protected]

Fax(512) 448-4822

Address Taylor Realty Group
1801 S Mopac Expressway
Austin, TX 78746

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