Greater Austin Real Estate Market Update

March 2024

I changed the counties I’m using for data to pull from Hays, Travis, and Williamson counties. This is instead of going wider into other counties where the data may not be as complete depending on which MLS the homes are entered.

Overall Market

Compared to February, March activity saw an increase in the number of homes sold. Homes sat on the market for less time. The 3 counties did see an increase in the number of active listings, along with the number of homes pending or under contract from previous months. Average sales price also increased, which reflects the activity of the market. Number of homes also increased from the previous month. Average interest rates for the 30 year fixed have been hovering in the high six to low seven percent range.

Looking at last year’s data for March, we are at about the same point with only slight changes in the numbers. Higher prices in March of 2024; more homes sold in March of 2023.

(If you would like specific data on your county/city/neighborhood, please message me!)

Luxury Market

Any data pulled from the MLS may not represent a full picture of the luxury market, since some luxury properties are privately listed. Some define luxury as anything over a million, while others think it is anything over $2 million. You can decide what luxury is for you. For my luxury market reporting, I stick with anything over $1 million at this time. The number of homes sold in March of 2024 increased from 196 to 208. The average sales price for the three counties increased from $1,681,393 to $1,725,250. Cumulative days on market did increase from last year, meaning it’s taking luxury market homes longer to sell. (71 days to 102 days) Of course, this data depends on the location, condition, and price of the home.

Why study this data?

As a realtor, it is important for me to understand the market – what it’s doing, where it’s going. This knowledge helps me provide knowledgeable data for buyer and seller decisions.

For buyers, this information provides guidance on house prices in an area to help buyers understand if they are pricing their offers appropriately. Buyers also know if they are making a reasonable offer to beat out other offers in a competitive situation.

For sellers, the data helps us price their house according to the current market to help them maximize equity but also keep the house attractive to current buyers.

Though the numbers above are a higher level view, it is an example of the kind of individualized research I do for each client in their given situation.