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April 2024 Austin Real Estate Stats Review: Mortgage Rates & Affordability Become a Headwind

Updated: 3 days ago

April real estate stats for the Austin Metro are in! Here's what you need to know.

Let's jump into the April 2024 statistics, offering a first look at how the market is shaping up. While the market remains stable, the recent inflation data that caused mortgage rates to bump up has added a headwind to the market recovery.

Key Highlights

  • Year Over Year (YOY) units sold increased +13.7% in the Austin Metro and +15.9% in the city.

  • Prices remain stable, which is now a 12-month trend.

  • YOY Pending units declined marginally at -0.9% in the Metro.

  • Average time to sell decreased -9.5% to 57 days in the Metro.

  • YOY New Listings increased +28% in the Metro and +26.7% in the city.

  • Months of Inventory (MOI) increased to 4.0 from 3.3 in April 2023 and 4.2 MOI in March 2024.

Pricing Stabilization & Seasonal Demand  

Average and median sold price did not move in any meaningful way. We’re confident that pricing has stabilized and that we won’t see increases until the market begins to recover, nor decreases unless an unforeseen economic event occurs. Seasonal demand was normal in 2023 and has also remained normal in 2024. We expect seasonal trends to continue, which means more buyer demand and slightly higher prices in the spring and summer with slower sales in the fall and winter months, along with slightly lower pricing.

New Listings Jump for the Third Month 

New listings increased +28% year-over-year in April, which is the third month in a row with double digit increases. New listings are up +20.9% year-to-date, which is a significant increase. This means more options for buyers and more competition for sellers. Inventory is firmly in “neutral” territory at 4.0 months, and average days on market ticked down to 57 days.

Mortgage Rates Increase & Affordability Drops 

Mortgage markets reacted to hot inflation data and increased to roughly 7.5% in April, closing at 7.2% most recently. This caused affordability to decrease and added a headwind to buyer demand. We have seen pending units increase year-over-year every month in 2024, but this leading indicator turned slightly negative in April.

If You're a Buyer:

2024 is still a good time to buy if it makes sense. There is more inventory on the market than there has been in years, and sellers continue to enter the market. If you can afford a home at today’s rates, there is a high likelihood that rates will drop in the near future. Many lenders have introduced creative “free refinance” programs that are great options.

If You're a Seller:

Pricing and strategy are critical as more sellers enter the market and many buyers leave the market due to rates. Competition is heavy. You can absolutely sell your property in 2024, but expect the process to take longer and for buyers to ask for more concessions.

Our goal as your trusted real estate advisors is to provide you with the information you need to help you reach your investment goals.  

As always, real estate is hyperlocal and extremely situational, so please reach out to us to discuss your specific situation. We’d love to help you and strategize what’s in your best interest.


 © 2024 Berbas Group. All rights reserved.



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