Central Texas Housing Report - May 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 May 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.

In April,1,665 homes closed which was up 12.5% from April 2023.  The median price in April increased 1% year-over-year to $495,000.  Even though it is only 1%, that’s a positive sign as we haven’t seen many price increases.  Even though prices were down overall in 2023, we did see some appreciation in the spring and summer months.  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 2.7% to $653,397.  The average price per square foot was flat at $304.

The number of available homes in April was 6,176, up 26% since last April.  During the month, 3,268 new listings hit the market which was up 26% from last year. 

The average sales price to list price ratio was 98.2%.  For homes that closed in April, the average days on market was 53, down from 60 last year.  The April sales ranged from a low of $97,000 to a high of $8,000,000.  

There were a lot of price reductions in Central Texas last month with over 4,000 homes reducing their price.  That’s almost two-thirds of the homes that were on the market at any given time during the month.  Why?  Because there are just more homes available than buyers to buy them.  I’ve mentioned before that Austin is about the worst real estate market in the country right now – when viewed from the seller side.  We were the number one market for a while and our prices ran up big time.  Now we’re still dealing with the hangover.  Let me give you some sobering numbers.  These figures presume a buyer purchasing a median priced resale home in Central Texas with a 30-year mortgage and a 10% down payment.  If they bought a home in March 2020 the principal and interest payment was $1,362.  A buyer purchasing a median priced home in Central Texas in March 2024 would have a monthly principal and interest payment of $2,775.  That’s slightly more than double in just four years.  That’s what buyers are facing today and many are simply staying out of the market causing the prices to come down.  It’s not all gloom and doom, but it is just a very different market than we’ve seen here in a while.

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.

Post a Comment