Good afternoon, and thank you for subscribing to Building Austin, our weekly newsletter focused on real estate, growth and development in the Austin area. I am Shonda Novak, the American-Statesman’s real estate reporter.
With the typically busy spring buying season upon us, what’s happening in the Austin area housing market?
The Austin Board of Realtors just released its monthly housing report, showing that there were 4,714 new home listings in the Austin-Round Rock-Georgetown area last month, up 10.2% from the previous March. The increase has created four months of inventory in several parts of the Central Texas region as the market continues to stabilize, the board said.
The board said 2,563 homes were sold last month, down 0.3% from March 2023. Last month’s average price was flat year-over-year, with half of homes selling for more than $450,000 and half for less.
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The figures indicate that homeowners are confident in their ability to sell their homes for a good price, while buyers now have a greater choice of home options, keeping price growth flat, the board said.
“The increase in monthly inventory is a sign of a healthier and robust housing market,” said Clare Losey, the board’s housing economist.
Within Austin city limits, the number of new homes added rose to 1,812, an increase of 4.9% from March 2023. Home sales in Austin rose 3.1% in March, with 900 homes changing hands. The average sales price was $564,995, up 2.7% from March last year.
According to Kent Redding, president of the Austin Board of Realtors, more than 35% of annual sales occur during the spring buying season from March through June.
Losey said there was an increase in new listings for the lowest-priced homes last month, making the housing market more favorable for first-time homebuyers. In March, homes priced under $300,000 made up 55.1% of sales, and homes priced from $300,000 to $399,999 made up 10.7% of sales, according to the board’s figures.
“More inventory means more options tailored to buyers’ specific needs and interests, allowing them greater personalization and location choice when searching for their new home. It’s great to see the stability of the current market in the first quarter of 2024 to see,” said Losey. .
Last week, longtime Austin-area housing market expert Eldon Rude said that while housing supply has increased in recent months, overall supply remains low in many areas, which has helped prices stabilize despite rising interest rates.
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This article originally appeared on Austin American-Statesman: Central Texas Austin Board of Realtors median home sales price
