Austin Housing Market Update 2024: What This Means for Buyers and Sellers
The Austin housing market has been on fire for the past few years, but it seems to be cooling down in 2024. This is good news for buyers, who are finally starting to see some relief from the bidding wars and high prices that have been the norm. Sellers, on the other hand, may need to adjust their expectations and be prepared to negotiate.
See gallery below for individual county statistics.
What's happening in the Austin housing market?
Inventory is up. The number of homes for sale in Austin has increased significantly in 2024. This is due to a number of factors, including rising mortgage rates, a slowing economy, and more people moving out of the city.
Prices are starting to stabilize. The median sales price of homes in Austin is still high, but it has not been increasing as rapidly as it was in 2023. This is a good sign for buyers, who are finally starting to see some affordability relief.
Homes are selling more slowly. It is taking longer for homes to sell in Austin than it did in 2023. This is because there are more buyers to choose from, and sellers are not able to command as high of a price.
What does this mean for buyers?
More options. Buyers now have more options to choose from, and they are not as likely to get into bidding wars.
More negotiating power. Buyers are now in a better position to negotiate the price of a home.
Lower prices. Buyers may be able to find homes that are priced below the asking price.
What does this mean for sellers?
More competition. Sellers need to price their homes competitively in order to attract buyers.
Be prepared to negotiate. Sellers may need to be prepared to negotiate the price of their home.
It may take longer to sell your home. Sellers may need to be patient and wait for the right buyer to come along.
Overall, the Austin housing market is starting to cool down in 2024. This is good news for buyers, who are finally starting to see some relief from the bidding wars and high prices that have been the norm. Sellers, on the other hand, may need to adjust their expectations and be prepared to negotiate.
Here are some additional tips for buyers and sellers in the Austin housing market:
Buyers: Get pre-approved for a mortgage before you start looking for a home. This will show sellers that you are a serious buyer and help you move quickly when you find a home you love.
Sellers: Price your home competitively and be prepared to negotiate. Make sure your home is in good condition and that it shows well.
I would also recommend that buyers and sellers consult with a real estate agent who is familiar with the Austin market. A good agent can help you navigate the buying or selling process and ensure that you get the best possible outcome.
