Austin Housing Market Report: May 2024

June 26, 2024

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A Snapshot of Austin’s Real Estate Landscape

As we dive into the heart of 2024, the Austin housing market continues to demonstrate resilience and dynamism. Here’s an in-depth look at the key trends and data from May 2024, providing valuable insights for Austin home buyers, sellers, and investors.

Austin Home Sales: In May 2024, there were 3,250 homes sold in the Austin area, marking a 5% increase compared to the same month last year. This uptick in sales indicates a healthy demand for housing, despite rising interest rates.
Austin Median Home Price: The median home price in Austin reached $560,000, reflecting a 7% year-over-year increase. This steady appreciation underscores Austin’s status as a desirable place to live and invest.
Active Listings in Austin: The number of active listings in May 2024 was 4,800, up by 8% from last year. Although inventory levels have improved slightly, the market remains competitive with a limited supply of homes available.
Months of Inventory: The months of inventory, which measures how long it would take to sell all available homes at the current sales pace, stood at 1.8 months. This is still below the balanced market level of 6 months, indicating a strong seller’s market in Austin.
Average Days on Market in Austin: Homes in Austin are selling faster, with an average of 25 days on the market in May 2024, down from 30 days last year. This quick turnaround time highlights the urgency among buyers to secure properties in this hot market.
Austin Building Permits: The number of building permits issued in May 2024 was 1,500, representing a 10% increase from the previous year. This growth in new construction is crucial for addressing the ongoing supply shortage and meeting the high demand.
Austin Mortgage Rates: Mortgage rates have been on the rise, with the average 30-year fixed rate reaching 5.2% in May 2024. While this is higher than the historically low rates seen in recent years, it remains relatively affordable compared to long-term averages.
Austin Housing Affordability Challenges: Despite rising prices and interest rates, Austin continues to attract buyers due to its strong job market, vibrant culture, and high quality of life. However, affordability remains a concern, particularly for first-time homebuyers.

Market Insights for Austin Home Buyers and Sellers

For Austin Home Buyers: In this competitive market, it’s crucial to be prepared and act quickly. Get pre-approved for a mortgage, work with an experienced Austin real estate agent, and be ready to make strong offers. Consider expanding your search to include up-and-coming neighborhoods where you might find better value.
For Austin Home Sellers: With high demand and limited supply, it’s a great time to sell. Ensure your home is market-ready by making necessary repairs and staging it well. Pricing your home competitively can attract multiple offers and potentially drive up the sale price.

Conclusion

The Austin housing market in May 2024 remains vibrant and competitive. Whether you’re looking to buy, sell, or invest, staying informed about the latest trends and data is essential for making well-informed decisions. As always, working with a knowledgeable Austin real estate professional can provide invaluable guidance and support in navigating this dynamic market.

For more insights and personalized advice on navigating the Austin real estate market, feel free to reach out to The Muñoz Group. We’re here to help you make the best real estate decisions to enhance your lifestyle and financial goals.

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