If you’ve been thinking about buying a home in Austin, now might be the perfect time to make your move. According to a new report from the Austin Board of Realtors (ABoR) and Unlock MLS, housing inventory in the Austin area is at its highest level in over 13 years, giving buyers more choices and better opportunities to find the perfect home. Coupled with lower home prices, these market conditions make Austin one of the most buyer-friendly cities in the country right now.
More Homes on the Market = More Choices
With housing inventory up by over 20% compared to this time last year, buyers in Austin are seeing a significant increase in the number of available properties. There are currently more than 12,600 active home listings across the Austin-Round Rock-San Marcos metro area, with the City of Austin alone boasting nearly 5,000 active listings—a 23.8% increase from 2023.
This influx of inventory means prospective buyers have more options to choose from. Whether you’re looking for a downtown condo or a suburban family home, the increased number of available properties means you’re less likely to face the fierce bidding wars that have characterized Austin’s market in recent years. It also provides more opportunities to negotiate better terms, as sellers are more motivated to make a deal in this higher-inventory environment.
Lower Home Prices Benefit Buyers
Not only are there more homes available, but prices have also dropped compared to previous years, giving buyers a financial advantage. The median home price in Travis County is now around $450,000, the lowest it’s been in nearly three years. For context, the last time the median price hovered at this level was in September 2021, just before prices peaked at $550,000 in 2022.
With prices more favorable than they’ve been in years, buyers have a golden opportunity to purchase a home in Austin at a more affordable price. In the surrounding suburbs, prices are even lower, making it an excellent time for buyers who are open to exploring areas like Williamson County or Hays County, where the median home prices are $428,500 and $385,500, respectively.
Suburbs Offer Affordable Alternatives
As Austin’s market continues to grow, many buyers are looking beyond the city limits to find more affordable homes in nearby suburbs. The July 2024 real estate report highlighted an increase in home sales in Williamson, Hays, Bastrop, and Caldwell counties, where median home prices are lower compared to Austin proper. For example, homes in Bastrop County have a median price of just $343,745, while those in Caldwell County are even more affordable, with a median price of $291,000.
This shift toward the suburbs is giving buyers a chance to purchase larger homes with more land at a fraction of the cost compared to properties within Austin city limits. Additionally, the suburbs are experiencing population growth and development, making them attractive options for buyers looking to invest in up-and-coming areas.
Increased Inventory Means More Negotiating Power
One of the key benefits of a higher housing inventory is that it gives buyers more negotiating power. With over 12,600 active listings on the market, sellers no longer have the upper hand, and buyers can negotiate for better deals, including lower prices, closing cost assistance, or repairs. The current market is far less competitive than it was during the peak of Austin’s real estate frenzy, allowing buyers to make more thoughtful and informed decisions.
In addition, homes are staying on the market longer, which means buyers have the luxury of time to carefully evaluate their options rather than rush into making an offer. This shift in market dynamics provides a significant advantage for buyers who are ready to enter the market now.
A Window of Opportunity
While these favorable conditions are a boon for buyers, they may not last forever. Austin’s housing market has a strong history of bouncing back quickly, and as population growth continues and more businesses move to the area, the demand for housing is likely to rise again. For buyers who have been on the fence, this moment represents a rare window of opportunity to purchase a home with less competition, more inventory, and at a more affordable price.
If you’re considering buying a home in Austin, there’s no better time than now to explore your options. With prices at their lowest in nearly three years and more homes on the market than we’ve seen in over a decade, Austin’s real estate market is offering buyers a rare chance to get ahead.
Need help navigating Austin’s evolving real estate market? Call or Text Brendan Sanford, the best realtor in Austin, today at (512) 696-0673, or email at [email protected].