The real estate market in Central Texas, particularly in the Austin-Round Rock Metropolitan Statistical Area (MSA), witnessed some notable changes in November. A significant development was the decrease in median home prices, which fell by 8.4% to $424,450. This adjustment suggests an increased availability of housing at more accessible price points, although these figures are still notably higher than pre-pandemic levels.

Despite the ongoing challenges posed by higher mortgage rates, the market saw a marginal increase in the number of residential homes sold, rising by 0.2% to a total of 2,065 sales. This uptick indicates a resilient market that continues to attract buyers despite economic headwinds.

The drop in median home prices is creating a more diverse selection of homes, allowing buyers to be more selective. This scenario is particularly advantageous for those who have been waiting for the right moment to enter the market.

November’s statistics further underscore this trend, with a 5.7% year-over-year decrease in sales dollar volume, totaling $1,117,612,190 across the MSA. Homes are staying on the market longer, averaging 75 days, which is 18 days more than in the previous year. This increase in market time is accompanied by a significant rise in housing inventory, which now stands at 3.7 months.

New listings in November rose by 11.6% year-over-year, reaching 2,676 listings. Active listings saw a 7.2% increase, totaling 9,334, while pending listings climbed by 9.2% to 2,065.

Elevated mortgage rates are a key factor in the decrease in home prices and the surge in active listings. As mortgage rates peaked in late October and early November, there was an apparent impact on buyers’ purchasing power. Looking ahead to 2024, there are indications of a potential increase in purchasing power, which could influence market dynamics further.

The Austin City Council’s recent initiative, Phase I of the Home Options for Middle-income Empowerment, aims to create more homeownership and rental opportunities. This initiative aligns with efforts to increase housing inventory and make housing more attainable in Central Texas.

• Austin City: 516 homes sold, median price $518,000, 788 new listings, 2,747 active listings, 493 pending sales.
• Travis County: 840 homes sold, median price $510,000, 1,240 new listings, 4,489 active listings, 838 pending sales.
• Williamson County: 697 homes sold, median price $416,545, 818 new listings, 2,587 active listings, 763 pending sales.
• Hays County: 381 homes sold, median price $368,995, 431 new listings, 1,503 active listings, 339 pending sales.
• Bastrop County: 88 homes sold, median price $346,000, 147 new listings, 566 active listings, 96 pending sales.
• Caldwell County: 59 homes sold, median price $313,275, 40 new listings, 189 active listings, 29 pending sales.

The Central Texas real estate market is experiencing a fascinating period of adjustment and opportunity. Buyers now have a broader range of choices, and with potential shifts in mortgage rates, the market dynamics in 2024 could be quite different. The recent initiatives by local authorities to increase housing options and affordability signal a proactive approach to managing the region’s housing challenges.

In today’s rapidly evolving real estate landscape, having a tailored view of the market can offer an invaluable competitive edge. The Patten Title Market Statistics Dashboard stands out as a pivotal tool in this regard. Designed to provide real-time insights, this dashboard allows users to zoom into their specific niche market, offering a granular perspective that generic reports often miss. Whether you’re a buyer focused on luxury condos in downtown Austin or a seller with property in the suburbs of Round Rock, the dashboard equips you with data directly relevant to your unique needs. By understanding the nuances of your niche, you can make more informed decisions, ensuring that you’re always a step ahead in the market.

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