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February data reveals increased opportunities for first-time homebuyers

published on March 24, 2024

AUSTIN, Texas —In February across the Austin-Round Rock-Georgetown MSA, new listings jumped 44.9% to 3,915 listings bringing the total months of inventory for the region to 3 months, up 0.1 months more than February 2023, according to the latest Central Texas Housing Report released by Unlock MLS. The data indicates that sellers are feeling more favorable about the market, while buyers have a broader range of home options to select from–specifically first-time homebuyers.

Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, noted that February’s spike in new listings was concentrated among more affordable homes.

“Higher home prices and mortgage rates have diminished affordability for first-time homebuyers over the past few years, but February provided encouragement for these aspiring homeowners. We’ve witnessed a significant surge in new listings, predominantly among more affordable and attainable homes—particularly those priced under $400,000. The increase in housing options presents a promising opportunity for Central Texans who want to become homeowners.”

Kent Redding, 2024 Unlock MLS and ABoR president, provided further insight into current market conditions.

“The spring homebuying season is typically a busy period, especially in the Austin area, where over 35% of annual sales occur between March and June. Buyers are keen on securing homes before the fall and the upcoming school year in August, drawn out by the enhanced curb appeal and favorable weather conditions. Through Unlock MLS, your REALTOR® can combine their expert local market knowledge with the most complete and accurate market data to help you make the best decision for your budget and housing needs.”

Austin Round-Rock-Georgetown MSA

2,144 – Residential homes sold, 1.3% more than February 2023.
$443,065 – Median price for residential homes, 1.2% more than February 2023.
3,915 – New home listings on the market, 44.9% more than February 2023.
7,991 – Active home listings on the market, 5.5% less than February 2023.
1,920 – Pending sales, 15.7% less than February 2023.
3.0 – Months of inventory, 0.1 months more than February 2023.
$1,195,496,123 – Total dollar volume of homes sold, 0.1% less than February 2023.
95.4% – Average close to list price, compared to 92.2% in February 2023.

City of Austin

717– Residential homes sold, 3.0% more than February 2023.
$543,200 – Median price for residential homes, 2.8% less than February 2023.
1,476 – New home listings on the market, 41.7% more than February 2023.
2,785 – Active home listings on the market, 19.6% more than February 2023.
554 – Pending sales, 27.7% less than February 2023.
3.1 – Months of inventory, 0.8 months more than February 2023.
$508,514,541– Total dollar volume of homes sold, 3.5% more than February 2023.
95.2% – Average close to list price, compared to 93.0% in February 2023.

Travis County

953 – Residential homes sold, 1.1% more than February 2023.
$500,000– Median price for residential homes, 0.1% more than February 2023.
1,958– New home listings on the market, 42.8% more than February 2023.
3,920 – Active home listings on the market, 12.8% more than February 2023.
815 – Pending sales, 19.8% less than February 2023.
3.2 – Months of inventory, 0.6 months more than February 2023.
$634,113,309 – Total dollar volume of homes sold, 5.8% more than February 2023.
95.2% – Average close to list price, compared to 92.7% in February 2023.

Williamson County

777 – Residential homes sold, 2.0% more than February 2023.
$423,000 – Median price for residential homes, 1.9% more than February 2023.
1,172 – New home listings on the market, 41.7% more than February 2023.
2,234 – Active home listings on the market, 26.6% less than February 2023.
655 – Pending sales, 19.4% less than February 2023.
2.4 – Months of inventory, 0.6 months less than February 2023.
$369,621,394 – Total dollar volume of homes sold, 4.6% more than February 2023.
95.5% – Average close to list price, compared to 92.3% in February 2023.

Hays County

290 – Residential homes sold, 6.5% less than February 2023.
$385,000 – Median price for residential homes, 1.6% less than February 2023.
549 – New home listings on the market, 56.4% more than February 2023.
1,289 – Active home listings on the market, 8.1% less than February 2023.
312 – Pending sales, 4.3% less than February 2023.
3.4 – Months of inventory, 0.3 months less than February 2023.
$139,721,421– Total dollar volume of homes sold, 5.2% less than February 2023.
95.3% – Average close to list price, compared to 91.7% in February 2023.

Bastrop County

92 – Residential homes sold, 7.0% more than February 2023.
$351,875 – Median price for residential homes, 7.2% less than February 2023.
160 – New home listings on the market, 32.2% more than February 2023.
420 – Active home listings on the market, 3.7% less than February 2023.
96 – Pending sales, 4.3% more than February 2023.
3.8 – Months of inventory, 0.4 months less than February 2023 and the highest inventory in the MSA.
$39,384,615– Total dollar volume of homes sold, 10.3% more than February 2023.
95.4% – Average close to list price, compared to 90.8% in February 2023.

Caldwell County

31 – Residential homes sold, 93.8% more than February 2023.
$299,900– Median price for residential homes, 9.0% less than February 2023.
76 – New home listings on the market, 137.5% more than February 2023.
126– Active home listings on the market, 22.3% more than February 2023.
38 – Pending sales, 26.7% more than February 2023.
3.7 – Months of inventory, 0.5 months more than February 2023.
$11,755,385– Total dollar volume of homes sold, 115.5% more than February 2023.
96.7% – Average close to list price, compared to 99.9% in February 2023.

For more information or to download the February 2024 Central Texas Housing Market Report, visit ABoR.com/MarketStatistics.

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