Austin Homebuyers Rejoice: More Homes on the Market!
Looking to buy a home in Austin? There's good news! The number of homes for sale in our city has jumped a whopping 40.1% compared to last year, according to a new report from Realtor.com®. This means there's more inventory than we've seen since before the pandemic, giving you more options to choose from.
This surge in listings is part of a nationwide trend. Across the U.S., the total number of homes for sale is up 29.2% year-over-year, marking the 12th consecutive month of growth.
What's driving the increase in Austin's housing inventory?
A few factors are at play:
Lower mortgage rates: The recent dip in mortgage rates might be enticing some homeowners to sell, especially those who were on the fence before.
More seller activity: Overall, sellers are becoming more active, with newly listed homes up 2.9% in the South compared to last year.
What does this mean for you as a buyer?
More choices: With a wider selection of homes, you'll have more time to find the perfect place that meets your needs and budget.
Less competition: Homes are taking longer to sell (up eight days compared to last year), giving you more room to negotiate and make an offer.
A few things to keep in mind:
While there are more homes for sale, prices haven't budged significantly. The median home price remains steady at $424,950 nationally, though the price per square foot has continued to rise.
Don't wait too long to make a move. As the market shifts, buyer activity is also expected to increase.
Overall, this is a positive trend for Austin homebuyers. With more options and potentially less competition, it could be a good time to enter the market.