Is the market warming up?

The first market analysis of the year released by Unlock MLS shows an increase in residential homes sold, up 4.3% to 1,667 closed sales, and an uptick in pending sales, which rose 3.8% to 2,480 listings, according to the latest Central Texas Housing Market Report. The data demonstrates that more options are available for potential homebuyers and sellers are feeling optimistic moving into 2024.

Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, noted that although still elevated, the recent decline in mortgage rates is contributing to lower home prices and the increase in closed sales activity.

“January marks the fifteenth consecutive month of year-over-year median sales price declines in the Austin Round Rock housing market, empowering more homebuyers to enter our market. Mortgage rates peaked in late October before declining in November and December, providing a boost to buyer’s purchasing power, which is borne out in the increase in residential homes sold in January.”

There are seasonal trends to be expected for busier and slower months. In 2023, Feb had hit a low in Median Sales Price with $436,419 before climbing up to the 450s, 460s and 480s over summer (with high mortgage rates).

Click here to see what the median house price

gets you in the Greater Austin Area

To summarize, data shows that the market is starting to get more busy and we are seeing more buyers out in the field looking. Buyers might be scoping out the market to start jumping in when the rates start decreasing. 

If you are considering to buy or sell in 2024, now is the time to reach out to us to put together a thought-through plan and be ready as market conditions change.