The Austin, TX real estate market is experiencing notable trends and shifts in May 2024. Here are some key highlights:
Inventory and Listings: April 2024 saw the highest number of new listings since April 2019, with a 26.1% increase compared to April 2023. However, recent buyer activity has been somewhat lackluster, resulting in inventory levels hovering around 4-5 months. This is slightly higher than the same time last year, indicating a more balanced market​ (Trey McWhorter)​​ (Austin Board of REALTORS®)​.
Prices and Appreciation: Home prices have shown a moderate increase, with a year-over-year appreciation of about 1.1% in April 2024. This follows a significant drop in prices during April 2023, making the recent gains appear more substantial against last year's lower base​ (Trey McWhorter)​​ (Norada Real Estate Investments)​.
Market Dynamics: The market is currently seeing a mix of homes selling both above and below their list prices. Approximately 72% of properties are sold under the list price, while 11.6% are sold over the list price, reflecting a balanced negotiation environment between buyers and sellers​ (Norada Real Estate Investments)​​ (Redfin)​.
Interest Rates: Higher interest rates continue to impact buyer activity, contributing to slower market movement. There are no expected interest rate cuts in 2024, which could further influence market dynamics​ (Trey McWhorter)​.
Neighborhood Variations: Different neighborhoods around Austin, such as Lakeway, Leander, and Round Rock, exhibit varying market trends. For example, Lakeway has a median list price of $829,900 with an average days on market of 81, whereas Round Rock's median list price is $450,000 with homes typically spending 55 days on the market​ (Realfx)​.
These insights suggest that while the Austin market remains strong with a steady long-term growth outlook, current conditions offer a more balanced landscape for both buyers and sellers. For more detailed information and monthly updates, you can check resources like the Austin Board of Realtors (ABoR) and local real estate market reports​ (Austin Board of REALTORS®)​​ (Realfx)​.
Make sure to like and subscribe to our channel and email me at Jordan.Moorhead@kw.com with any questions!