Good afternoon, and thank you for subscribing to Building Austin, our weekly newsletter focused on real estate, growth and development in the Austin region. I’m Shonda Novak, the American-Statesman’s real estate reporter.
With the typical busy spring buying season upon us, what’s happening in the Austin-area housing market?
The Austin Board of Realtors just released its monthly housing report, which shows that there were 4,714 new home listings across the Austin-Round Rock-Georgetown region last month, 10.2% more over the prior March. The increase has led to four months of inventory in multiple parts of the Central Texas region as the market continues to stabilize, the board said.
The board said 2,563 homes sold last month, down 0.3% from March 2023. The median price last month was flat year-over-year, with half of the homes selling for more than $450,000 and half for less.
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The numbers indicate that homeowners have confidence in their ability to sell their homes for a good value, while buyers now have a larger selection of home options, helping to keep price growth flat, the board said.
“The increase in monthly inventory is a sign of a healthier and robust housing market,” said Clare Losey, the board’s housing economist.
Within Austin’s city limits, new home listings increased to 1,812, a 4.9% bump over March 2023. Home sales in Austin were up 3.1% in March, with 900 homes changing hands. The median sold price was $564,995, up 2.7% from the previous March.
The March through June spring buying season is when more than 35% of annual sales happen, according to Kent Redding, president of the Austin Board of Realtors.
Losey said there was an uptick in new listings for the lowest priced homes last month, making the housing market more favorable for first-time homebuyers. In March, homes priced at less than $300,000 made up 55.1% of sales, and homes priced from $300,000 to $399,999 made up 10.7% of sales, according to the board’s figures.
“More inventory means more options tailored to buyers’ specific needs and interests, allowing them more personalization and choice of location when looking for their new home. It’s great to see the stability of the current market in the first quarter of 2024,” Losey said.
Last week, Eldon Rude, a longtime Austin-area housing market expert, said that although the supply of homes has increased in recent months, overall listings remain low in many areas, which has resulted in prices stabilizing in spite of rising interest rates.
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This article originally appeared on Austin American-Statesman: home sales median sold price Central Texas Austin Board of Realtors