Central Texas Housing Report - April 2024

If you are looking to buy or sell a home in Central Texas, contact me via email or at 512-650-7300. If you prefer to read instead of watch, here are the chart and transcript.

Welcome to the April 2024 edition of "How's the Market in Central Texas.”  It’s more of the same with this month’s stats.

The stats I’m providing are resale homes only in Travis and Williamson Counties.  More about the stats at the end.

In March,1,454 homes closed which was down 5.2% from March 2023.  That marks the 24th month out of the last 25 in which the monthly number of sales declined on a year-over-year basis.  Last month was the only increase and we weren’t able to keep that streak going. The median price in March decreased 2.6% year-over-year to $462,700.  It’s also down 0.5% from February 2024.  This slow drift downwards has been the routine for quite a while.  In real estate, the primary way we measure home values is with the median price.  But there are other numbers worth examining.  Year-over-year, the average price of a home dropped 0.4% to $606,436.  The average price per square foot decreased by 0.7% to $293.

The number of available homes in March was 5,183, up 13% since last March.  During the month, 2,950 new listings hit the market which was up 7.2% from last year. 

The average sales price to list price ratio was 98%.  For homes that closed in March, the average days on market was 69, down from 71 last year.  The March sales ranged from a low of $110,000 to a high of $6,460,000.  

Last month I expressed my doubts that 30-year fixed rate mortgages would drop into the 5s this year, and that’s been the rallying cry of the housing industry all year long.  Since then, the inflation data has gotten worse and geopolitical concerns have helped push rates back over 7%.  Even before this recent move up, the economists at Fannie Mae finally updated their mortgage rate expectations for the year and they no longer expect that rates will dip into the 5s.  So, this means that the expected influx of new buyers is unlikely to materialize this year.  That’s okay in many parts of the country that still have multiple offers and lines of people waiting to see homes, but here in the Austin area, our prices are still drifting down.  Spring and summer historically experience price increases. Whether we see that this year has yet to be seen, but the rising rates certainly won’t help.

If you have any real estate related questions, please don’t hesitate to call or text me at 512-650-7300 or email me at [email protected].  Thanks for watching “How’s The Market in Central Texas.”

The stats I’ve cited are resale homes only in Travis and Williamson Counties classified as single family residential, condominium, or townhouse.  This is different than the stats released by the Austin Board of Realtors which include all types of homes and also include Hays, Bastrop, and Caldwell Counties.  Plus, their numbers include any new construction homes that are listed in the MLS.

Statistics based upon information from Unlock MLS for the periods cited.

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