New report finds housing market favors first-time buyers
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A house in Cold Springs in Leander goes up for sale. Photo by Nalani Nuylan.
In the latest report from the Austin Board of Realtors, new home listings across the Austin-Round Rock-Georgetown metropolitan area jumped to 4,714 new listings, 10.2 percent more than in March 2023.
The data indicates that homeowners have confidence in their ability to sell their homes for good value, while buyers now have a larger selection of home options, helping to keep price growth flat, according to the latest Central Texas Housing Report released by Unlock MLS.
Housing economist Clare Losey noted that the increase in monthly inventory is a sign of a healthier and robust housing market and is more favorable for first-time homebuyers.
“More inventory means more options tailored to buyers’ specific needs and interests, allowing them more personalization and choice of location when looking for their new home,” she said. “It’s great to see the stability of the current market in the first quarter of 2024.”
The following is March 2024 housing data for Williamson County:
- An estimated 869 residential homes were sold, which is 6.9 percent less than March 2023.
- The median price for residential homes was $420,000, which is 1.6 percent less than March 2023.
- An estimated 1,398 new homes were listed on the market, which is 11.2 percent more than March 2023.
- There are 2,593 active home listings on the market, which is 3.2 percent less than March 2023.
- Currently, 1,100 sales are pending, which is 11.8 percent more than March 2023.
- The dollar volume of homes sold totals $419,596,592, which is 7.8 percent less than March 2023.
“In an era marked by economic resilience and favorable market conditions, aspiring homeowners are finding exciting opportunities to realize their dreams of homeownership,” ABoR President Kent Redding said.