Austin-Round Rock MSA Market Report: January 2024

2023 Central Texas housing market performance underscores need for improved housing affordability

 Home sales accounted for more than $17 billion in economic activity in 2023

The Austin housing market is experiencing a shift in 2024, moving towards stability amidst changing economic factors. While maintaining its allure, the market dynamics are evolving, presenting both challenges and opportunities for buyers and sellers alike.

Market Overview:

  • Stabilizing Prices: Median home prices are stabilizing after a period of rapid growth, offering a more balanced environment for buyers.
  • Increased Inventory: The market is witnessing a rise in inventory, providing buyers with more options and potentially easing the competition.
  • Mortgage Rates Impact: Mortgage rates fluctuate, impacting affordability and influencing buyer demand.

Strategies for Buyers:

  • Focused Search: Target specific neighborhoods aligned with your needs and budget.
  • Pre-Approval Advantage: Obtain pre-approval to strengthen your negotiating position and demonstrate financial readiness.
  • Utilize Local Expertise: Leverage the insights of knowledgeable Austin realtors to navigate negotiations and identify opportunities.

Tips for Sellers:

  • Accurate Pricing: Work with your realtor to determine a competitive yet realistic price for your property.
  • Effective Presentation: Invest in staging and high-quality visuals to enhance your listing’s appeal to potential buyers.
  • Flexibility in Approach: Understand that selling may take longer; be open to negotiation and flexible closing options.

Staying Informed:

  • Market Awareness: Stay updated on trends and forecasts through resources like the Austin Board of Realtors and local publications.
  • Expert Consultation: Seek guidance from trusted realtors to make informed decisions tailored to your specific situation.

Ready to Take Action?

Contact Ready Front Real Estate at (737) 276-1953. Broker-Owner Raoul Rowe, a military veteran with extensive local knowledge, is committed to assisting you in your Austin real estate journey, whether you’re buying, selling, or exploring options.

In conclusion, the Austin real estate market is evolving, presenting both challenges and opportunities. By staying informed, leveraging expert guidance, and adopting strategic approaches, individuals can navigate this changing landscape effectively.

City of Austin

2023

  • 8,554 – Residential homes sold, 14.9% less than 2022.
  • $540,000 – Median price for residential homes, 8.2% less than 2022.
  • 13,362 – New home listings on the market, 4.3% less than 2022.
  • 2,489 – Active home listings on the market, 57.5% more than 2022.
  • 8,579 – Pending sales, 9.7% less than 2022.
  • $5,943,650,502 – Total dollar volume of homes sold, 19.0% less than 2022.

December 2023

  • 558 – Residential homes sold, 8.4% less than December 2022.
  • $511,250 – Median price for residential homes, 1.7% less than December 2022.
  • 540 – New home listings on the market, 11.3% more than December 2022.
  • 2,140 – Active home listings on the market, 21.1% more than December 2022.
  • 549 – Pending sales, 7.2% more than December 2022.
  • 3.0 – Months of inventory, 0.9 months more than December 2022.
  • $356,934,322 – Total dollar volume of homes sold, 10.0% less than December 2022.

Travis County

2023

  • 13,664 – Residential homes sold, 13.3% less than 2022.
  • $523,800 – Median price for residential homes, 8.9% less than 2022.
  • 20,827 – New home listings on the market, 5.6% less than 2022.
  • 4,170 – Active home listings on the market, 54.3% more than 2022.
  • 13,670 – Pending sales, 7.5% less than 2022.
  • $9,501,653,000 – Total dollar volume of homes sold, 18.0% less than 2022.

December 2023

  • 915 – Residential homes sold, 8.9% less than December 2022.
  • $527,500 – Median price for residential homes, 2.4% more than December 2022.
  • 896 – New home listings on the market, 8.9% more than December 2022.
  • 3,581 – Active home listings on the market, 14.3% more than December 2022.
  • 890 – Pending sales, 8.0% more than December 2022.
  • 3.1 – Months of inventory, 0.7 months more than December 2022.
  • $628,104,180 – Total dollar volume of homes sold, 4.8% less than December 2022.

Williamson County

2023

  • 10,414 – Residential homes sold, 9.6% less than 2022.
  • $430,000 – Median price for residential homes, 10.0% less than 2022.
  • 12,828 – New home listings on the market, -16.0% less than 2022.
  • 2,533 – Active home listings on the market, 30.6% more than 2022.
  • 10,337 – Pending sales, 2.4% less than 2022.
  • $5,102,558,914 – Total dollar volume of homes sold, 17.0% less than 2022.

December 2023

  • 872 – Residential homes sold, 10.1% less than December 2022.
  • $425,000 – Median price for residential homes, 2.3% less than December 2022.
  • 577 – New home listings on the market, 2.5% less than December 2022.
  • 2,156 – Active home listings on the market, 14.8% less than December 2022.
  • 718 – Pending sales, 11.3% more than December 2022.
  • 2.5 – Months of inventory, 0.1 months less than December 2022.
  • $412,864,151 – Total dollar volume of homes sold, 14.0% less than December 2022.

Hays County

2023

  • 4,423 – Residential homes sold, 0.1% less than 2022.
  • $397,330 – Median price for residential homes, 9.7% less than 2022.
  • 5,989 – New home listings on the market, 6.8% more than 2022.
  • 1,407 – Active home listings on the market, 72.2% more than 2022.
  • 4,407 – Pending sales, 9.6% more than 2022.
  • $2,162,632,140 – Total dollar volume of homes sold, 13.6% less than 2022.

December 2023

  • 362 – Residential homes sold, 4.7% less than December 2022.
  • $401,500 – Median price for residential homes, 5.0% less than December 2022.
  • 335 – New home listings on the market, 39.0% more than December 2022.
  • 1,311 – Active home listings on the market, 17.9% more than December 2022.
  • 330 – Pending sales, 18.7% more than December 2022.
  • 3.6 – Months of inventory, 0.6 months more than December 2022.
  • $174,205,270 – Total dollar volume of homes sold, 7.0% less than December 2022.

Bastrop County

2023

  • 1,421 – Residential homes sold, 6.1% less than 2022.
  • $350,210 – Median price for residential homes, 11.3% less than 2022.
  • 2,208 – New home listings on the market, 0.9% less than 2022.
  • 533 – Active home listings on the market, 61.0% more than 2022.
  • 1,415 – Pending sales, 1.4% more than 2022.
  • $560,854,895 – Total dollar volume of homes sold, 15.9% less than 2022.

December 2023

  • 108 – Residential homes sold, 12.2% less than December 2022.
  • $364,450 – Median price for residential homes, 3.5% more than December 2022.
  • 109 – New home listings on the market, 6.0% less than December 2022.
  • 497 – Active home listings on the market, 0.2% less than December 2022.
  • 109 – Pending sales, 87.9% more than December 2022.
  • 4.2 – Months of inventory, 0.3 months more than December 2022 and the highest inventory in the MSA.
  • $42,362,462 – Total dollar volume of homes sold, 13.0% less than December 2022.

Caldwell County

2023

  • 516 – Residential homes sold, 0.8% more than 2022.
  • $299,990 – Median price for residential homes, 10.5% less than 2022.
  • 771 – New home listings on the market, 15.4% more than 2022.
  • 148 – Active home listings on the market, 100.0% more than 2022.
  • 524 – Pending sales, 4.4% more than 2022.
  • $166,940,902 – Total dollar volume of homes sold, 8.7% less than 2022.

December 2023

  • 38 – Residential homes sold, 9.5% less than December 2022.
  • $321,990 – Median price for residential homes, 2.6% more than December 2022.
  • 39 – New home listings on the market, 18.2% more than December 2022.
  • 172 – Active home listings on the market, 62.3% more than December 2022.
  • 35 – Pending sales, 40.0% more than December 2022.
  • 4.0 – Months of inventory, 1.5 months more than December 2022.
  • $11,915,163 – Total dollar volume of homes sold, 11.6% less than December 2022.
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