October Housing Market Update: Median Sale Price Drop 5% From Previous Year, Buyer Demand Shows Signs of Rebound Amid Rising Inventory
AUSTIN, Texas — September Austin MSA housing statistics:
Median Sale: $418,000 ⬇️ 5% from previous year.
# of Sales: ⬇️ 8.5% from previous year.
Median Days on Market: ⬆️ 13 days from previous year.
Active Listings: 14,208
Months of Inventory: 5.72
According to Unlock MLS, inventory has reached a 5.72-month supply. While this is higher than what Austin has experienced over the past five years, it is approaching the industry standard of 6 months. The median sales price continues to decline, dropping from $440,000 in 2023 to $418,000 as of September 2024.
However, it's not all negative news for sellers. Buyer demand has seen an uptick this past month, likely due to the recent drop in mortgage rates. Here at Wagner Real Estate, we've also noticed an increase in out-of-state buyers submitting contracts, which is a welcome sign."
Buyers Hold the Advantage: Incentives on the Rise, Legal Changes Require Early Realtor Engagement
As a buyer, you're still in control. Sellers are often offering incentives, including frequently covering part or all of the buyer's commission, based on our experience. However, well-priced, renovated, and staged homes continue to sell quickly. Homes that have been on the market for a longer period tend to offer more flexibility in price and incentives (though this doesn’t always mean the best deal—talk with your Realtor to understand all the details and ensure you get the most value for your money).
It’s also important to note that, due to new legal updates in August 2024, Realtors must have a signed representation agreement with a buyer before showing homes. So, be sure to do your research in advance and start interviewing agents early. That way, when you're ready to start your search, you'll know who you want to work with.
Seller Tips Reamin True: Maximize Value with Proper Preparation, Staging, and Repairs
As we enter October, we're reiterating key advice for sellers that remains as relevant as ever. Maximizing preparation, staging, renovations, and repairs—both inside and out—is crucial. With buyers having more options, it's essential to make the most of each showing by highlighting every bit of value your property offers compared to the competition. At Wagner Real Estate, we'll connect you with the professionals you need to ensure your property looks its best and is ready to list and sell.
Investor Insight: $300K Austin Market Remains Strong with Stable Prices and Rising Demand
Here are some interesting stats for investors seeking residential property. We’ve been preaching the $300,000 residential market as a fairly safe investment and here’s why.
3.7 Months of supply (compared to 5.72)
Median Sales price
$310,000 August of 2023.
$310,000 August of 2024.
# of sles up 7.8% from previous year
Inventory up 35.2% (this is due to the decrease in home values working their way down) but
4.9% increase of properties under contract.
Target the $300,000 market in or around Austin if you’re looking to diversify your portfolio or sure up a fairly stable investment.