Let's dive into what's been happening in the Austin real estate market this month. It’s been a dynamic time, so whether you're looking to buy, sell, or just curious about trends, here's the scoop!
📉 Market Overview: Prices Decline, Buyers Hesitate, But Opportunities Are Everywhere!
Average and Median Sold Prices saw a slight dip, with a 5.2% and 5.3% decline respectively, year over year. While this might seem concerning, it’s more of a continuation of the pricing stability we’ve seen throughout the year. Sellers, it’s important to stay competitive!
Total Sales were down 8.2%, which is pretty much in line with expectations for Q3. With inventory building, we’re moving toward a more balanced market.
The Average Days on Market jumped to 80 days – the highest in a decade! Buyers, this means more time to explore your options 🕒.
Average and Median Sold Prices saw a slight dip, with a 5.2% and 5.3% decline respectively, year over year. While this might seem concerning, it’s more of a continuation of the pricing stability we’ve seen throughout the year. Sellers, it’s important to stay competitive!
Total Sales were down 8.2%, which is pretty much in line with expectations for Q3. With inventory building, we’re moving toward a more balanced market.
The Average Days on Market jumped to 80 days – the highest in a decade! Buyers, this means more time to explore your options 🕒.
📈 Pending Units Defy Expectations 📈
Here’s the exciting part! Despite the usual slowdown during an election year, pending units surged by 8.9%! Even with economic uncertainties, buyers are still out there hunting for the right home 🏠. Seasonal slowdowns might still play a part, but this strong pending sales figure points to healthy demand.
Here’s the exciting part! Despite the usual slowdown during an election year, pending units surged by 8.9%! Even with economic uncertainties, buyers are still out there hunting for the right home 🏠. Seasonal slowdowns might still play a part, but this strong pending sales figure points to healthy demand.
🏡 Inventory Growth & Buyer Opportunities
- Months of Inventory climbed to 5.2 months (more options for buyers, more competition for sellers).
- Active listings are up 13.1% YOY. It’s definitely a buyer’s market in some areas! If you're in the market to buy, there are deals to be had and motivated sellers ready to negotiate.
💡 Buyer Tip: With mortgage rates fluctuating and homes sitting on the market longer, now might be the perfect time to snag that dream home before competition heats up next year!
💡 Seller Tip: Stay competitive on pricing and ensure your home is prepped and ready to shine. The market isn’t moving as fast, but homes are still selling when priced right.
- Months of Inventory climbed to 5.2 months (more options for buyers, more competition for sellers).
- Active listings are up 13.1% YOY. It’s definitely a buyer’s market in some areas! If you're in the market to buy, there are deals to be had and motivated sellers ready to negotiate.
💡 Buyer Tip: With mortgage rates fluctuating and homes sitting on the market longer, now might be the perfect time to snag that dream home before competition heats up next year!
💡 Seller Tip: Stay competitive on pricing and ensure your home is prepped and ready to shine. The market isn’t moving as fast, but homes are still selling when priced right.
📊 Economic Snapshot: What’s Ahead for Austin?
Austin's job market, particularly the tech sector, is still facing some challenges, with a downtrend in job postings. However, we're hopeful for a rebound once hiring freezes ease up. This could bring renewed buyer interest, especially from the tech-savvy workforce Austin is known for.
💸 As for mortgage rates, they’ll likely stay a bit higher for now, but the Fed is expected to ease by mid-2025, potentially giving the market a nice boost 📊.
🏠 Thinking of Making a Move? Let’s Talk!
Whether you’re buying, selling, or just keeping an eye on the market, now is a great time to plan your next steps. The market may be shifting, but with change comes opportunity!
👋 As always, we’re here for you – if you, your family, friends, or neighbors need any real estate help, don’t hesitate to reach out. We truly appreciate your referrals, and we’re always happy to answer questions and guide you through the market.
