What’s Ahead for Austin Real Estate in 2024​

The Austin housing market moved very slowly towards the end of 2023 with average days on market climbing to 65 and total sales down about 12% year-over-year.

Skyrocketing mortgage rates took Austin housing by storm in 2023. After cresting around 8% in late October, interest rates have settled back into the 6-7% range. This up-and-down rate and price rollercoaster made it hard for buyers and sellers to pin down the shifting market, keeping many on the sidelines uncertain whether to make a move. Home prices have been holding steady as of the last year with the median price at $550,000, a 1.1% increase year-over-year.

Early signs point to continued rate relief ahead in 2024 as inflation cools. Economists forecast rates dropping into the 5% range if inflation continues easing back. This could shape up nicely for 2024 buyers ready to jump into the market. However, if rates do significantly drop, we may also experience a surge in demand. 

Riding the rate rollercoaster is starting to ease up, and I believe looking back, buyers will be happy they bought in 2024.

Check out my recent interview with KVUE on the state of the Austin real estate market.

If you’re thinking of buying in 2024:

  1. Home prices and interest rates have come down some from where they peaked making home-buying more affordable than it has been the last couple years.
  2. We should see more homes hitting the market starting in mid-February as the spring real estate season in Austin heats up.
  3. With rates expected to drop further, demand may rise which could mean more competition in 2024 compared to last.

If you’re thinking of selling in 2024:

  1. The market for 2024 is shifting further in your favor as rates and prices stabilize and more buyers become comfortable jumping into the market.
  2. There will be more listings hitting the market in addition to the homes that did not sell in 2023, so it’s critical to stand out and have a powerful marketing plan.

The housing market is hyperlocal, so specific neighborhood can vary. If you’re considering entering the Austin real estate market this year, let’s connect to strategize the best approach based on your personal situation, neighborhood preference and shifting market trends. Together, we can map out a plan to hopefully make your homeownership goals a reality in 2024!

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