real estate report
Austinites waiting for the right time to buy a home should buy now, new report says
Elevated mortgage rates and declining home prices in November allowed for more accessible housing options, but many homes in Austin are still out of reach to the average buyer, the Austin Board of Realtors has revealed in a new report.
In the Austin-Round Rock metropolitan statistical area (MSA), median home prices dropped more than 8 percent to $424,450 in November, and more than 2,000 homes were sold. There were more than 9,300 active home listings on the market, and pending sales increased 9.2 percent year-over-year to 2,065.
Even with the lower prices, Austin-area homes are spending more time on the market than in previous months, averaging about 75 days in November. According to 2023 ABoR president Ashley Jackson, Central Texas homebuyers now have a greater selection of inventory to choose from than in past years.
"The drop in median home prices indicates buyers can be a little more selective in the search for a home that checks all their boxes," Jackson said. "For buyers actively shopping for a home — and those who have been sitting on the fence waiting for their time to strike — now is the time to contact your realtor and get serious about buying a home."
ABoR housing economist Clare Losey, Ph.D. added that increased mortgage rates were balanced out by the "moderation" in home prices, which also helped the ongoing issue regarding affordability. There is some optimism ahead in the coming year.
"Rates peaked in late October and early November, signaling a rise in buyers’ purchasing power moving into 2024," Losey said.
840 homes were sold in November in Travis County, with median prices dropping nearly 2 percent year-over-year to $510,000. There were 4,489 active listings on the market; about 15.2 percent more than November 2022.
Nearly 700 homes were sold in Williamson County, with median prices falling to $416,545. There were 818 new home listings, with a total 2,587 active home listings.
381 homes were sold in Hays County, which was a massive 41.6 percent jump in comparison to November 2022. Median home prices have dropped to $368,995; a 10.3 percent decrease year-over-year. Active listings also rose 20 percent to 1,503 homes.
Home sales in Bastrop County fell 17 percent with only 88 homes sold in November. Median prices have settled at an even $349,000. There were 566 active listings on the market and 147 new home listings.
Homes in Caldwell County sold for a median price of $313,275. A total of 59 homes were sold, which was more than 50 percent more than the same month the year before, and there were 189 active homes on the market. Caldwell County had 40 new homes on the market in November.