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Austin real estate inventory grows, offering more options for buyers

In the past month, new home listings in Austin shot up 10% from the previous year, creating an ideal opportunity for potential buyers to make a move. With only a few months of inventory available, Austin’s market is currently balanced, meaning buyers have a wide selection of properties to explore, while sellers can be confident that properly priced homes will sell quickly.

In the latest Central Texas Housing Report from Unlock MLS, the uptick in new home listings in March totaled at 4,714, marking a 10.2% increase from the same period last year. This surge has led to several markets within the MSA now boasting four months of inventory, a clear indicator of a healthy housing market.

Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, highlighted the positive implications of this increase in inventory. She noted, “The current housing market is more favorable for first-time homebuyers, with an uptick in new listings for the lowest priced homes. More inventory means more options tailored to buyers’ specific needs and interests, allowing them more personalization and choice of location when looking for their new home.”

Kent Redding, 2024 Unlock MLS and ABoR president, echoed this sentiment, emphasizing the opportunities for aspiring homeowners. He stated, “In an era marked by economic resilience and favorable market conditions, aspiring homeowners are finding exciting opportunities to realize their dreams of homeownership.”

The data from the report also shed light on the performance of various markets within the MSA. In the city of Austin, there were 900 residential homes sold in March, a 3.1% increase from the previous year. The median price for residential homes in Austin rose to $564,995, a 2.7% increase from March 2023. Similarly, Travis County experienced a 1.4% increase in residential homes sold, with a median price of $510,000, remaining flat compared to the previous year.

Williamson County, however, saw a slight decrease in residential homes sold, with 869 homes sold, a 6.9% decrease from March 2023. The median price for residential homes in Williamson County also saw a slight dip, falling to $420,000, a 1.6% decrease from the previous year.

Overall, the Unlock MLS report indicates a healthy and dynamic housing market in the Austin-Round Rock-Georgetown MSA, offering a range of opportunities for both buyers and sellers. As the market continues to evolve, it is essential for buyers and sellers alike to stay informed and work with trusted real estate professionals to navigate the complexities of the market.

If you’re considering buying or selling a home in the Austin area, contact us today at 512-676-9878. Our team of experienced professionals is here to provide you with expert guidance tailored to your specific needs and goals.

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