In August, active home listings in the Austin-Round Rock-San Marcos MSA housing market increased by 15.4%, while the median home price dropped by 4.4% to $439,990, according to Unlock MLS’ August 2024 Central Texas Housing Report. While these factors indicate more opportunity for buyers, home prices need to decrease further to significantly impact sales growth across the region.
“Buyers currently have more leverage in this market than previous years and it’s important for sellers to price their homes attainably to reflect current market conditions and attract more buyers,” Clare Knapp, Ph.D, housing economist for Unlock MLS and the Austin Board of REALTORS®, said. “While the Federal Reserve may start cutting rates in September, don’t expect a meaningful decline in mortgage rates. Even if rates drop to 6%, it would only provide a modest 2% boost in buyer purchasing power. In today’s market, a moderation of home prices—rather than interest rates—is what will drive sales.”
Kent Redding, 2024 ABoR and Unlock MLS president, highlighted the importance of working with a REALTOR® to find affordable and attainable housing options throughout the Austin-Round Rock-San Marcos MSA.
“While communities in Central Texas have taken important steps this past year to improve our housing supply and lower the cost of housing, more steps need to be taken to implement solutions to address housing affordability. As always, working with a REALTOR® is important. As experts in this market, REALTORS® understand pricing dynamics and how to list and show a home that will help close the deal more quickly.”
Austin-Round Rock-San Marcos MSA
- 2,591 – Residential homes sold, 10.4% less than August 2023.
- $439,990 – Median price for residential homes, 4.4% less than August 2023.
- 3,781 – New home listings on the market, 4.1% less than August 2023.
- 12,334 – Active home listings on the market, 15.4% more than August 2023.
- 2,583 – Pending sales, 3.1% more than August 2023.
- 9 – Months of inventory, 1.1 months more than August 2023.
- $1,494,659,395 – Total dollar volume of homes sold, 11.0% less than August 2023.
- 3% – Average close to list price, compared to 94.2% in August 2023.
City of Austin
- 866 – Residential homes sold, 16.2% less than August 2023.
- $585,000 – Median price for residential homes, 1.8% more than August 2023.
- 1,260 – New home listings on the market, 9.2% less than August 2023.
- 4,541 – Active home listings on the market, 18.1% more than August 2023.
- 838 – Pending sales, 6.2% less than August 2023.
- 4 – Months of inventory, 1.5 months more than August 2023.
- $662,438,441 – Total dollar volume of homes sold, 12.6% less than August 2023.
- 3% – Average close to list price, compared to 93.3% in August 2023.
Travis County
- 1,170 – Residential homes sold, 12.4% less than August 2023.
- $507,875 – Median price for residential homes, 2.3% less than August 2023.
- 1,695 – New home listings on the market, 11.4% less than August 2023.
- 6,016 – Active home listings on the market, 15.1% more than August 2023.
- 1,123 – Pending sales, 3.2% less than August 2023.
- 3 – Months of inventory, 1.2 months more than August 2023.
- $819,479,358 – Total dollar volume of homes sold, 10.0% less than August 2023.
- 7% – Average close to list price, compared to 93.6% in August 2023.
Williamson County
- 857 – Residential homes sold, 12.6% less than August 2023.
- $428,500 – Median price for residential homes, 3.3% less than August 2023.
- 1,269 – New home listings on the market, 1.4% more than August 2023.
- 3,643 – Active home listings on the market, 14.1% more than August 2023.
- 893 – Pending sales, 2.8% more than August 2023.
- 4 – Months of inventory, 1.2 months more than August 2023.
- $423,195,158 – Total dollar volume of homes sold, 15.3% less than August 2023.
- 8% – Average close to list price, compared to 94.8% in August 2023.
Hays County
- 417 – Residential homes sold, 3.5% more than August 2023.
- $377,850 – Median price for residential homes, 5.5% less than August 2023.
- 574 – New home listings on the market, 8.3% more than August 2023.
- 1,860 – Active home listings on the market, 16.5% more than August 2023.
- 414 – Pending sales, 24.3% more than August 2023.
- 6 – Months of inventory, 0.4 months more than August 2023.
- $198,369,671 – Total dollar volume of homes sold, 1.7% less than August 2023.
- 6% – Average close to list price, compared to 94.6% in August 2023.
Bastrop County
- 101 – Residential homes sold, 24.7% less than August 2023.
- $359,950 – Median price for residential homes, 0.3% more than August 2023.
- 193 – New home listings on the market, 3.2% more than August 2023.
- 679 – Active home listings on the market, 26.2% more than August 2023.
- 100 – Pending sales, 9.1% less than August 2023.
- 9 – Months of inventory, 2.1 more than August 2023.
- $39,372,888 – Total dollar volume of homes sold, 27.5% less than August 2023.
- 7% – Average close to list price, compared to 93.6% in August 2023.
Caldwell County
- 47 – Residential homes sold, 21.5% more than August 2023.
- $294,495 – Median price for residential homes, 1.8% less than August 2023.
- 50 – New home listings on the market, 15.3% less than August 2023.
- 137 – Active home listings on the market, 5.5% less than August 2023.
- 52 – Pending sales, 52.9% more than August 2023.
- 9 – Months of inventory, 1.5 months less than August 2023.
- $14,242,320 – Total dollar volume of homes sold, 18.4% more than August 2023.
- 5% – Average close to list price, compared to 96.5% in August 2023.
