Attainable home pricing key to attracting more

buyers in Central Texas

In August, active home listings in the Austin-Round Rock-San Marcos MSA housing market increased by 15.4%, while the median home price dropped by 4.4% to $439,990. While these factors indicate more opportunity for buyers, home prices need to decrease further to significantly impact sales growth across the region.

Buyers currently have more leverage in this market than previous years and it’s important for sellers to price their homes attainably to reflect current market conditions and attract more buyers,” Clare Knapp, Ph.D. “While the Federal Reserve may start cutting rates in September, don’t expect a meaningful decline in mortgage rates. Even if rates drop to 6%, it would only provide a modest 2% boost in buyer purchasing power. In today’s market, a moderation of home prices—rather than interest rates—is what will drive sales.”

Kent Redding, 2024 ABoR and Unlock MLS president, “While communities in Central Texas have taken important steps this past year to improve our housing supply and lower the cost of housing, more steps need to be taken to implement solutions to address housing affordability. As always, working with a REALTOR^® is important. As experts in this market, REALTORS® understand pricing dynamics and how to list and show a home that will help close the deal more quickly.”

You’ll find comprehensive information on the current market stats right here.  Additionally, for more details, feel free to explore www.abor.com.

If you would like to see a comparison to the Market Stats from August 2023, click here.

If you’re curious about markets beyond Austin, take a look at the Corpus Christi market.