Unlock MLS: Austin MSA home and rent prices dip as inventory rises, creating more buyer and renter opportunities
In February, the median home price across the Austin-Round Rock-San Marcos MSA fell 3.9% year-over-year to $430,000. While closed sales in the MSA dipped 6.5% year-over-year to 1,856 sales, rising inventory–up to 5.7 months of inventory––indicates growing opportunities for buyers heading into the spring homebuying season. In the leasing market, supply increased to 2.3 months of inventory, driving a 2.4% drop in median rent to $2,195.
Clare Knapp, Ph.D., “As affordability remains a key constraint for many first-time homebuyers, the single-family leasing market continues to be a viable alternative. While closed sales have slowed this month, sellers adjusting their pricing strategies to align with market conditions are keeping transactions moving. With inventory levels rising, buyers are regaining leverage, creating a more favorable environment for those who have been waiting for the right moment to purchase. Mortgage rates are expected to remain elevated this year, which may not bring significant relief to buyers, but will provide more predictability, allowing both buyers and sellers to navigate the market with clearer expectations. As we head into the traditionally busy spring homebuying season, increased options and improved pricing flexibility could encourage more buyers to transition from renting to homeownership.”
Brandy Wuensch, “Transparent data and market insights are key for clients navigating today’s housing market–whether buying, selling or renting. With both the leasing and for-sale markets experiencing a decline in median prices and increased supply, professional agents play a critical role in helping clients capitalize on market shifts. Sellers must price competitively to attract buyers in an evolving landscape, while buyers have a growing number of opportunities to explore as market conditions continue to adjust. In this dynamic environment, expert guidance is key to making informed, strategic decisions.”
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 February 2024, click here.
If you’re curious about markets beyond Austin, take a look at the Corpus Christi market.
