KHANI ZULU | BROKER ASSOCIATE, MCNE, CLHMS | November 22, 2024
Buyer info
The latest October stats reveal a shifting housing landscape in Central Texas, offering buyers more options even as high interest rates persist. Active listings across the Austin-Round Rock-San Marcos area grew by 9.3%, reaching 11,599 homes. This has pushed inventory levels to over 5 months, a 0.5-month increase compared to October 2023, according to the Central Texas Housing Report from Unlock MLS. From our firsthand experience in the field, we’ve seen how this added inventory is giving buyers more negotiating power while sellers still have opportunities to secure favorable outcomes.
Dr. Clare Losey, housing economist for Unlock MLS and the Austin Board of REALTORS®, identifies mortgage rates as the key driver in today’s market. With October rates averaging 6.4% and expected to remain in the mid-6% range heading into 2025, buyers waiting for significantly lower rates may be in for a long wait. Recently, we have been advising sellers take a strategic approach to pricing their homes to attract buyers who are navigating tighter budgets. In our experience, this method not only brings more interest to a property but also creates opportunities for productive negotiations and successful sales.
While these market corrections bring a healthier balance, the long-term outlook for Central Texas remains bright. Kent Redding, 2024 Unlock MLS and ABoR president, highlights that this adjustment is a natural response to the unsustainable growth experienced during the pandemic. During those years, Austin saw an unprecedented surge in demand, skyrocketing home prices, and a pace of growth that was simply unsustainable. Now, we are returning to a more balanced and stable market, which is healthier for both buyers and sellers, creating opportunities for long-term growth and sustainability in the region. As a sought-after destination for families and businesses, Central Texas real estate continues to be a powerful tool for building generational wealth.
This evolving market presents exciting opportunities. Whether you're buying or selling, these changes are shaping a dynamic and promising environment in Central Texas real estate.
With love from ATX,
Khani Zulu Group
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