March home sales decline for the Austin area, what it means for current buyers and sellers
Sales Volume: The Austin metro area recorded 2,461 residential home sales in March, marking a 9.3% decrease compared to March 2024.
Median Sales Price: The median sales price remained relatively stable year-over-year at $446,000, showing a slight 0.9% decrease
Inventory Levels: Active listings increased by 18.8% from the previous year, totaling 11,659 homes on the market. The months of inventory rose to 4.8 months, up from 4.1 months in March 2024, indicating a shift toward a more balanced market.
Pending Sales: There were 3,064 pending sales in March, a 3.1% increase from the same month last year, suggesting potential stabilization in upcoming months.
How do the numbers compare nationally and what it means if you are currently buying or selling a home in the Austin area.
Comparative Insights:
Sales Decline: While both Austin and the national market experienced declines in existing home sales, Austin’s 9.3% year-over-year decrease in March was more pronounced than the national 2.4% drop.
Price Stability: Austin’s median home price remained relatively flat, with a slight 0.9% decrease, whereas the national median price saw a 2.7% increase, indicating stronger price growth nationally.
Inventory Growth: Both markets saw significant increases in inventory, with Austin’s active listings up 18.8% and the national inventory rising 19.8% year-over-year, suggesting a trend toward more balanced market conditions.
These trends suggest that while the Austin housing market is experiencing challenges similar to the national landscape, including high mortgage rates and affordability concerns, the region is also showing signs of stabilization with increased inventory and pending sales. Buyers may find more opportunities as the market shifts toward balance, but affordability remains a key consideration.
In real estate, a balanced market means supply and demand are roughly equal — there are about as many serious buyers as there are homes for sale. Typically, economists say a market is balanced when there’s about 4 to 6 months of housing inventory. Right now, in places like Austin and nationally, inventory is climbing closer to that range, signaling a potential market balance after years of extreme seller dominance.
For Sellers
Advice to Sellers:
For Buyers
Advice to Buyers:
The real estate market is shifting — and whether you’re ready to buy, sell, or just explore your options, the right agent makes all the difference!
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