AUSTIN, TEXAS ~ January 2024 housing market statistics have been released by the Austin Board of Realtors® (ABoR). For the 20th consecutive month, the Austin-Round Rock MSA housing market continued its normalizing trend with more available inventory. For the 14th consecutive month, the Austin-Round Rock MSA median sales price did not increase - it decreased slightly versus January 2023. Let's look closer at the year-over-year highlights for the Austin-Round Rock MSA and Williamson County. In the Austin-Round Rock MSA:
What increased? New listings increased by 5.1% to 3,064, closed sales increased by 4.3% to 1,667, pending sales increased by 3.8% to 2,480, and average days on the market increased by 9 days to 86 days. Housing inventory increased by 0.2 months to 3.2 months available, which remains below the Texas Real Estate Research Center at Texas A&M University's benchmark of 6 months to maintain a balanced housing market.
What decreased? The median sales price decreased by 4.4% to $430,000, and active listings decreased by 3.6% to 7,976.
In Williamson County:
What increased? Closed sales increased by 9.6% to 607, new listings increased by 9.5% to 992, and pending sales increased by 4.5% to 897.
What decreased? Active listings decreased 16.8% to 2,307, and the median sales price decreased by 2.5% to $429,000. Months of inventory dropped by 0.3 months to 2.6 months of inventory and average days on the market decreased by 5 days to 81 days. As with the greater Austin-Round Rock metro, this is still well below the Texas Real Estate Research Center at Texas A&M University's benchmark of 6 months to maintain a balanced housing market.
What do these metrics indicate for those looking to make a real estate move in the Austin area?
If you're looking to purchase a home or investment property, now is a good time to take advantage of the softer median home price and increased inventory. If you'd like to speak with my clients who have recently closed or who are under contract, they are happy to share their experience working with me. If you're looking for financing options, I can also connect you to my trusted lending network which can help you explore options - consultations are free!
If you're selling you're still in a solid position to make a timely move even though there's increased competition and homes are remaining on the market longer than last year. Contact me and I can provide you with a complimentary, current competitive market analysis for your home. This will help you understand what your home is likely to sell for given the changing dynamics of the Central Texas real estate market.
Ready to make your next real estate move? Connect with me and let's discuss your goals and the current market conditions and let's set a plan to leverage both to your advantage!
Joe Paul Reider
Home Style Austin Founder Austin Realtor®, CLRA Keller Williams Realty, Inc.
Email: JoePaul@KW.com Mobile: 512-222-3302 Web: JoePaulReider.KW.com
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