Austin Real Estate Market Gains Momentum in Early 2024

The year is off and running, and as we expected, we’re seeing more movement in the Austin real estate market. The latest January numbers are showing some promising signs of recovery. Although the median home price in Austin is down 3% to $535,000 compared to the same time last year, we saw a slight uptick in both the average and median sold prices from late last year.

Austin TX Skyline

Additionally, home sales and the number of homes going under contract are up year-over-year, and those numbers have been consistently improving over the past few months. These indicators suggest that we’re in the early stages of a market rebound. As the year progresses, we anticipate interest rates will gradually come down, and that should really help fuel this recovery.

As we enter peak spring real estate season, buyers are benefiting from expanding options between new seller listings and repriced lingering inventory. Mortgage rate relief could also stretch buyer budgets. While competition still exists given Austin’s strong appeal, we still see increased leverage for buyers to negotiate compared to past years.

For sellers, pent-up demand remains in Austin’s thriving economy, but standing out becomes essential as options multiply for buyers. Listing during peak demand seasons, understanding micro-market trends, and reasonable pricing aligned to today’s market is key.

If you’re thinking of jumping into the Austin real estate market, let’s connect! I would be happy to guide you every step of the way at your own pace.

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