Austin Housing Report - April 2024

In April, the Austin housing market saw a 5.9% year-over-year increase in home sales, alongside a modest 1% uptick in the median home price, now at $469K. Insights from the Austin Board of REALTORS® suggest a prevailing atmosphere of confidence and optimism among buyers and sellers alike. 

Let's take a closer look at the latest trends and what they mean for you:

Home price gains — Median home prices increased by 4% from last month and showed a slight 1% increase compared to last year.
Time on the market decreases — Homes are now on the market for an average of 68 days, down 12 days from last month and 4 days from last year.
New listings surge — The number of new homes hitting the market increased by 8% from last month and 26% compared to last year, providing buyers with more options in today’s market.
Increased buyer demand — Pending sales increased by 2% compared to last year and 1% from last month.
Rise in home sales — Home sales increased by 5% compared to last year and by 5% from last month.
Housing supply and inventory — Housing supply stands at 4.3 months, up from 3.2 months last April.
Current market snapshot — Over 10,000 homes are for sale, selling for 95% of their original listing price. 

Understanding Home Price Trends

According to recent data from Fannie Mae, almost 1 in 4 people think home prices will come down. However, recent data paints a different picture: home prices have risen since the beginning of the year, with minor dips during seasonal lulls. These fluctuations should be balanced with the overall trend of sustained price growth. 

Housing Inventory Reaches 8-Year High

As mortgage rates fall, the Austin housing market hit a significant milestone, reaching an 8-year high with 4.3 months of inventory and over 10,000 homes for sale. The increased housing supply means home buyers have more choices and potentially less competition. With more homes on the market, buyers might find it easier to search for properties that meet their needs and budget. 

Why Buying a Home Makes Financial Sense

There are compelling reasons to buy rather than rent for your financial future. According to Federal Reserve data, home values generally appreciate over time, as evidenced by a consistent upward price trend over the past 60 years. On the other hand, rent tends to increase steadily over time, making homeownership with a fixed-rate mortgage a more stable and financially rewarding option in the long run. 

Conclusion:

If you're thinking about moving or purchasing a property, having a REALTOR who understands your unique motivations and has a proven process to maximize your Return on Investment is crucial. I'd love to discuss how we can create a plan to achieve your goals. Contact me to schedule a complimentary consultation on my website: welcometotheatx.com or by email: [email protected].