Austin Housing Market Report – September 2024

Discover how a drop in Austin-area home prices and rising buyer demand shape a new market dynamic. Explore what these trends mean for your next real estate move.

Market Overview

Staying informed about the Austin housing market is crucial whether you’re looking to buy or sell. With fluctuating mortgage rates, changing inventory levels, and shifting buyer demand, making informed decisions is essential in this dynamic environment. In this blog, we’ll dive into the latest trends, analyze key indicators, and discuss what these changes mean for you.

September Market Highlights

According to Unlock MLS’ September 2024 Central Texas Housing Report, the Austin-Round Rock-San Marcos housing market saw the median home price drop by 6% to $425,000, while pending sales surged by 20% year-over-year. Inventory reached 5.9 months, now a buyers market, though affordability remains a challenge.

Homes actively for sale: Up by 11% year-over-year.
Median home prices: $425,000, down 6% from last year.
Time on the market: Average of 79 days, up 10 days.
Pending sales: Increased by 20% year-over-year.
Home sales: Down 2% from last year and 11% from last month.
Housing supply: 5.9 months, up 1.3 months from last year.

Looking Ahead to 2025

Experts, such as Charlie Dougherty from Wells Fargo, forecast mortgage rates easing in 2025, offering potential buyers more affordability. However, national home prices are expected to grow more slowly, around 2.5% annually. Local market appreciation will vary.

Mortgage Rates Near 7%: Will They Stay There?

Mortgage rates, currently in the low 7% range, are expected to stay there for the rest of 2024, following Treasury yield trends. John Coake of Realty Austin Compass advises working with a lender to navigate these fluctuations, emphasizing the importance of timing for affordability.

Connect with Our Team

At the Muñoz Group, we help you navigate market trends, pricing dynamics, and negotiation strategies. Connect with us today to confidently approach your next move.

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