According to the latest Central Texas Housing Report released by Unlock MLS, in May, the Austin-Round Rock-Georgetown Metropolitan Statistical Area (MSA) experienced a 12.8% decline in closed listings, totaling 2,968 sales. This decline was accompanied by an increase in available inventory to 4.9 months, a level not seen in 13 years. Concurrently, active listings rose by 37.7% year-over-year, reaching 12,211, providing buyers with more options and the leverage to be more selective when purchasing a home. Despite the increase in inventory, the median home price saw a slight decrease of 0.4%, settling at $459,450. These statistics suggest a more balanced market, with buyers benefiting from increased choices, though the overall market sentiment is tempered by higher interest rates and reduced purchasing power.

MARKET OVERVIEW

As of May 2024, the Austin-Round Rock-Georgetown Metropolitan Statistical Area (MSA) has shown significant shifts in its real estate dynamics, reflecting broader trends and local factors. According to the latest Central Texas Housing Report from Unlock MLS, several key statistics stand out that potential buyers and sellers should be aware of.

Sales and Listings In May, the Austin MSA saw a 12.8% decline in closed listings, amounting to a total of 2,968 sales. This decline in sales activity can be partly attributed to rising interest rates, which have tempered buyer enthusiasm and purchasing power. However, this slowdown in sales has led to a noteworthy increase in available inventory.

Inventory Levels The inventory level in the Austin MSA has risen to 4.9 months, a level not seen in 13 years. This increase represents a substantial shift from the tight market conditions that have characterized the area in recent years. With more homes available, buyers now have more options, allowing them to be more selective in their purchases. The number of active listings has surged by 37.7% year-over-year, reaching 12,211.

Pricing Trends Despite the significant increase in inventory, the median home price in the Austin MSA experienced a slight decline of 0.4%, settling at $459,450. This marginal decrease suggests that while there are more homes on the market, sellers are adjusting their pricing strategies to reflect the current buyer’s market.

Market Balance The increase in inventory and the slight dip in home prices indicate a movement towards a more balanced market. Buyers are now in a stronger position to negotiate, given the higher number of available properties. However, higher interest rates continue to pose a challenge, impacting affordability and buyer sentiment.

Overall, the May 2024 market statistics for the Austin-Round Rock-Georgetown MSA reflect a dynamic and shifting real estate landscape. The increase in available inventory provides buyers with more choices and greater negotiating power, while the slight decline in median home prices suggests a stabilizing market. Sellers need to be mindful of these changes and may need to adjust their strategies accordingly. As the market continues to evolve, staying informed about these trends will be crucial for both buyers and sellers navigating the Austin real estate market.

For personalized insights and expert guidance tailored to your specific goals, feel free to contact me. As your trusted real estate advisor, I am here to assist you every step of the way.

Disclaimer: The information provided in this report is based on data available as of June 2024 and is intended for informational purposes only. Actual market conditions may vary, and individuals are encouraged to conduct their own research and consult with a qualified real estate professional for specific advice and guidance.