As we move into fall, Austin’s real estate market is seeing a surge in available homes and a drop in prices. With the number of homes for sale up 15% and median prices down 4% compared to last year, buyers are gaining more options and negotiating power. Homes are also staying on the market longer, averaging 70 days, putting added pressure on sellers to price competitively and offer concessions to attract serious buyers. With mortgage rates dropping to their lowest point in over a year and inventory growing, buyers are finding more purchasing power to secure a home at a better price. This report will cover what you can expect this season – from industry changes to why early fall might be the best time to buy or sell in Austin’s housing market.

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On September 18th, the Federal Reserve Bank dropped its benchmark rate for the first time since 2020, and many analysts expect further cuts before the end of the year. Inflation has fallen to its lowest reading since early 2021, and mortgage rates are now the lowest since February 2023. Stock markets have been volatile since mid-July, but the S&P 500 & Dow hit new highs on September 19th.  

  • National sales activity was relatively weak in August 2024:  Existing-home sales declined 3.1% from July and 5.7% from August 2023. But sales in August mostly reflect offers accepted in July before many of the positive economic developments mentioned above.

  • Year over year, the median single-family-home sales price and the median condo/co-op price in…

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Follow this winding driveway to my new gorgeous listing in the serene Deerfield Estates neighborhood surrounded by panoramic views of the Texas Hill Country. If you are looking for the iconic and elusive "few acres out in the country, but close in to Austin" property, it will be hard to find something that beats this combination of proximity to Austin and Dripping Springs and privacy in a Hill Country setting. Located on 4.4 acres, this one-story David Weekley features four bedrooms with an office, a three-car garage, a 2,000 sq ft custom built RV storage barn, and a large, fenced-in garden with raised beds. For the equestrian lovers, horses (maximum of two) are allowed. Built in 2008, the home has been kept in great condition by the homeowner who clearly…

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In addition to three home games for fans of UT football, there are many more exciting events taking place in Austin in September.   The iconic Pecan Street Festival, for example, is an annual event in downtown Austin, showcasing the city's vibrant culture and creativity. Held on Sixth Street, the festival features a diverse array of art, crafts, and food from local vendors, as well as live music performances across multiple stages.

See the link below for all of the fun activities to explore in September. 

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July 2024 Market Highlights

  • Year over year, the July median single-family-home sales price and the median condo/co-op price were up 4.2% and 2.7% respectively:  Both declined slightly from all-time highs in June.

  • The supply of existing-home listings rose 20% year-over-year to the highest count since autumn 2020, while the number of new-construction single-family homes on the market was the highest since 2008. Price reductions on active listings in July jumped 43% year-over-year.

  • Existing-home sales increased 3.5% from June and 4.6% from July 2023 but remained far below long-term norms. 

  • Approximately 62% of sales went into contract in less than 1 month (vs. 74% in July 2023), 24% sold over list price (vs. 35% last…

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