Austin’s housing market showed resilience in November in part by declining mortgage rates. After peaking around 8% earlier this fall, rates dropped nearly a full percentage point to about 7% as of this writing. Austin’s median home price was $575,000 in November, a 5% increase over last November even when rates were a little more favorable in the 6-7% range.
Yet the market remains slow overall. According to Austin Board of Realtors (ABOR) data, November saw just 568 home sales, the lowest for the month since 2008, despite Austin’s considerable population growth over the past 15 years. This low number highlights the market’s sluggishness and buyer’s overall hesitation. On average, sellers waited 42 days to secure a buyer, ultimately accepting nearly 6% less than the initial asking price.
As 2024 approaches, buyers in the market for a new home face a common dilemma: purchase before year-end or wait for potential opportunities in the new year? Both paths hold certain advantages and risks – read more about this here. I’m happy to discuss the pros and cons to help you make the best decision for your situation.