Low or no?
Report forecasts significant drop in Austin home prices in 2024
We all know how expensive it is to live in Austin, especially if you're looking for a home. But some experts say there may be good news on the horizon for homebuyers.
A new report from Realtor.com predicts home prices in the U.S. will dip by 1.7 percent in 2024. But what's surprising is its prediction that the Austin area will see a 12.2 percent drop in home prices next year.
"I just don't see them going that low," Ian Grossman said.
Grossman is a local realtor. He said that number is just too far-fetched, especially when the median home price in the Austin area is sitting at $435,000 as of October.
"A 12 percent drop from where we're at now would take us around $375,000. And we just — we weren't there. We haven't been there since the end of 2020, early 2021," Grossman said.
He predicts home prices will actually go up a little next year.
As for how the market is doing now?
"We're still seeing buyers out there, even with rates in the sevens, just not at the high volume that we did, you know, when they were in the threes, fours and fives," Grossman said.
With the higher interest rates, he said some buyers are still waiting it out.
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