Austin Market Update: Still a Seller's Game, But Inventory Grows (April 2024)

The Austin housing market continues its shift towards normalcy in April 2024. While seller advantages remain, a rise in new listings suggests a potential cooling trend. Here's a quick look at the numbers:

• Inventory Upward Trend: Good news for buyers! Months of inventory reached 4.3, up from 3.98 in March. This indicates a shift from a seller's paradise to a more balanced market.
• Median Sales Price Holds Steady: The median sold price for residential homes sits at $469,998, reflecting a modest 1.9% year-over-year increase.
• Fewer Bidding Wars: Though sellers are still receiving close to list price (95.6%), the intense bidding wars of the past seem to be fading. Buyers have a bit more breathing room to negotiate.
• Sales Activity Upward Tick: Closed listings across the Austin metro area saw a 5.9% increase compared to April 2023, indicating continued housing market activity.

What Does This Mean?

For sellers, the market is still favorable. Homes are selling quickly, and you can expect to get close to your asking price. However, the days of multiple offers significantly over list price might be waning.

For buyers, there's a sigh of relief. You have a wider selection of homes to choose from and potentially more room for negotiation. However, with overall sales activity still strong, competition can persist, so be prepared to act quickly on properties you love.

The good news for most of my buyers is the market pivot towards buyer's seems to let us negotiate more. Moreover, new built homes are underpriced with so many incentives like rate buydowns, flex cash and cash off the purchase price. Cash flow is not dead here it is just really worth looking for in certain areas, and to look for incentives. 

The takeaway? Austin's real estate market is normalizing. Whether you're buying or selling, consulting a local realtor is key to navigating the ever-changing landscape and achieving your real estate goals.