Austin Housing Market Stats for August 2024

 
Austin Housing Market Update – August 2024: Rising Inventory, Lower Prices, and Opportunities for Buyers and Sellers

The Austin housing market continues to shift, creating both opportunities and challenges for buyers and sellers. Whether you're considering buying your first home, upgrading, or selling your property, understanding current market trends is crucial for making informed decisions.

Key August Housing Market Trends:

1. Increased Inventory
August saw a noticeable uptick in housing inventory across the Austin area. This means more options for buyers, giving you the opportunity to find a property that suits your needs and budget. For sellers, the rise in inventory creates competition, so strategic pricing is essential for a quicker sale.

2. Longer Days on Market
Homes are staying on the market longer compared to previous months. While this trend may seem concerning for sellers, it's a reflection of the more Buyer's market, offering buyers more options and have the ability to negotiate favorable terms.

3. Drop in Median Home Price
The median home prices in Austin continues to fall, and this provides potential buyers a chance to enter the market with more affordable price points. For sellers, it’s crucial to understand that while prices have dipped, properties priced accurately for the market are still in high demand.

4. Multiple Offers for Well-Priced Homes
Despite the general slowdown, homes that are priced right are still receiving multiple offers within the first week. Buyers are willing to move quickly on properties they see as a good deal, which means if you’re selling, setting a competitive price is key to maximizing your return on investment.

What This Means for Buyers:

With more inventory and longer days on market, buyers have more negotiating power. The drop in median price and mortgage rates could make now the perfect time to buy before prices adjust again. However, be prepared to act quickly if you find a property that’s priced well—those are moving fast!

What This Means for Sellers:

Pricing your home correctly is more important than ever. Overpricing could result in your property sitting on the market for extended periods of time.
For those properties that are priced accurately, more potential home buyers are visiting and we are seeing multiple offers come in within the first week of being on market.

With the lower mortgage rates, my team of Loan Originators are receiving an uptick in applications. Therefore, now can be a great time to list! However, you'll need the right strategy to stand out in a competitive market. If you are thinking about selling, I will love to learn your motivation and let's create a roadmap that fits your goal.

Conclusion:

Whether you're buying or selling, having a trusted partner who understands the current market trends is essential. As a real estate professional, my goal is to understand what motivates you and create a tailored roadmap to help you maximize your real estate investment.

Curious about how these trends impact your next move? Contact me today to schedule a consultation. Let’s work together to make sure you achieve your real estate goals in this evolving Austin market!