Central Texas Housing Report - March 2024

Welcome to the March 2024 edition of "How's the Market in Central Texas.”  The stats I’m providing are resale homes only in Travis and Williamson Counties.  More about the stats at the end.

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.

In February 1,156 resale homes closed in Travis & Williamson Counties which was up 2.8% from February 2023.  That’s the first time in two years that we’ve seen an increase in year-over-year sales so I’m definitely taking that as a positive sign. The median price in February increased 2% to $465,000. 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 increased 4.3% to $595,159.  The average price per square foot increased by 1.4% to $292.

The number of available homes in February was 4,343, up 9.8% from last February.  During the month, 2,308 new listings hit the market which was up 45% from last year.  As we head into the stronger spring market, it’s nice to see those two numbers increasing.  While inventory is still low compared to historical norms, we’ll take whatever we can get.

The average sales price to list price ratio was 98%.  For homes that closed in February, the average days on market was 81, up from 79 last year.  The February sales ranged from a low of $113,000 to a high of $7,545,000. 

Hopefully we’ll start to see more buyers coming out across all price ranges.  Of course, we continue to see the market driven by interest rates which are generally just under 7% for a 30-year fixed right now.  Many in my industry were expecting rates below 6% by spring and clearly that isn’t going to happen.  “Industry experts” are now saying under 6% will happen in the second half of the year.  Personally, I don’t think it will happen in 2024, but don’t base your decisions on me.  I will reiterate that whenever the rates do indeed drop under 6%, buyers will come out of the woodwork so prices will likely jump.  I think the better play is to buy while rates are higher but prices are lower, then refinance when the opportunity presents itself.  Why?  Because I think prices will rise by more than the cost of a refinance & and the extra interest paid in the meantime.

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 County 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 listed in the MLS.

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

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