Market Trends: A Season of Stability and Growth
The Greater Austin market is showing its most positive year-over-year (YOY) metrics in over a year, hinting at a more balanced and confident market heading into 2025. Here’s what’s happening:
- Total Sales: Up +8.6% YOY with 2,237 homes sold in November—more activity than we’ve seen in a while! 🚀
- Prices Are Climbing:
- Average sold price: $557,000 (+3.1% YOY)
- Median sold price: +2.1% YOY 🏘️
- Active Listings: Up +5.2% YOY, signaling a balanced market. 📈
- Withdrawn/Expired Listings: Down -8.2% YOY, reflecting growing seller confidence. 🌟
- Days on Market (DOM): Slower at 87 days (+16% YOY) but steady—no surprises here as we head into winter. ❄️
Pricing Trends: Steady as We Go
Prices are on the rise, with both average and median prices continuing to climb. While we’re not quite at mid-2023 peaks, the steady trajectory signals stability. This is great news for both buyers and sellers planning for the year ahead! 💵
Volume and Pending Sales: Momentum Is Building
- Total Dollar Volume: A whopping $1.25B (+11.99% YOY) in November!
- Pending Units: Up +10.5% YOY, showing buyers are getting ready to jump into action as Q1 2025 approaches. 🔑
Inventory Insights: A Balanced Market
- New Listings: Down -3.0% YOY, but active listings rose modestly (+5.2% YOY).
- Months of Inventory: Now at 4.7 months, indicating a balanced market where neither buyers nor sellers dominate.
Mortgage Rates & the Economy: A Bright Outlook
The Federal Reserve has cut interest rates twice this year and is signaling more reductions to come. Mortgage rates have already dipped slightly, creating opportunities for buyers and sellers alike. 🌟 Local hiring trends are stabilizing too, which could further boost confidence in 2025.
Advice for Buyers & Sellers
🛍️ Buyers: The holiday season means less competition! Explore homes now to take advantage of improved mortgage rates and set yourself up for future growth.
📦 Sellers: Use this slower season to prepare for the spring market. Smart pricing and polished presentation will make all the difference, especially in a balanced market like this.
Wishing You the Best This Holiday Season! 🎉
From our family to yours, we hope your holiday season is filled with joy, laughter, and maybe even a dream home! 🏡✨ Whether you’re planning to buy, sell, or just want to chat about your options, we’re here to help.
🎄 Call, text, or email us today—let’s make your real estate dreams come true in 2025! 📞📧
🔗 Follow us on social media for more updates, tips, and market insights! #AustinRealEstate #HappyHolidays #DreamHomeGoals
