Austin Real Estate Market Trends in 2024

Real Estate Market

Buyers have a lot more power in the Austin market in 2024 than before when it was a clear seller’s market. So what are the latest trends and how may they impact buyers and sellers?

A Cooling Market

COVID-19 had a massive impact on median sale prices in the early part of 2024 as compared to 2023. With more available listings and indications of seller withdrawal, this is a move away from the seller’s market. Sellers now face more competition for customers and possibly harder negotiations. Statistics point to a surge in homes for sale in 2024, which would mean lower competition for bidder’s warms.

Market Stabilization

The median sale prices saw a slight increase in March 2024 compared to March 2023 but overall the market seems to be experiencing balanced conditions which is welcome news for home sellers and buyers. And this coincides with the situation regarding new listings and general market activity as reported by the aforementioned Austin Board of Realtors (ABOR). Based on these facts and circumstances it can be assumed that the market is slowly coming back into balance.

Opportunities for First-Time Buyers 

These two categories have been on an increase recently especially the number of houses available in the under 400 000 price segment and likely to interest the home buyers especially in Houston cities.

 This can be attributed to the broad increase in the number of low-cost products available after a period of rising prices that forced many potential buyers out of the market.

What the future holds for the Austin Real Estate Market?

Analysts are optimistic that Austin will not experience the expected correction in the real estate Broker market in the coming few months and therefore, do not anticipate changes in prices anytime soon and perhaps in the next couple of years or so, prices are likely to correct back to historical appreciation rate. Rates are limited but other refinancing opportunities can be expected in future.

The Significance of All This to You.

For shoppers, there are more choices and, perhaps, more bargaining power over sellers. This is probably a good time to enter the market if the price for a home is within an affordable range for you as a potential buyer. This does not mean that sellers are not allowed to have the option of pricing their products in the new market conditions.

Stay Informed

The economic scenario in the given region of Austin is always changing. A little research on these trends and a talk with a professional realtor is worthwhile. I don’t have to worry about my client’s success in the Austin market in 2024 if I can provide them with the proper support.

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