Denser housing may be on its way to Austin soon. Photo by Micah Carlson on Unsplash

CultureMap Austin writes, "Austin-Round Rock-Georgetown experienced its highest year-over-year increase in home sales this past April, illustrating a growing optimism in the metro area's housing market. That's according to the latest real estate report from Unlock MLS and the Austin Board of Realtor (ABoR).

More than 2,700 homes were sold in April across the Austin-Round Rock-Georgetown MSA, which is a 5.9 percent increase from this time last year. Median prices landed at just under $470,000 in a 1.1 percent increase year-over-year. There were 10,808 active home listings on the market, which is nearly a 32 percent jump from April 2023.

"Despite the higher rate environment, the uptick in affordable inventory in the $300,000 range is allowing more first-time buyers to achieve homeownership," Losey said. "As we progress through the year, mortgage rates are expected to remain elevated with a slight possibility of a gradual decrease, which would result in an increase in buyers’ purchasing power."

In response to the Austin City Council's recent vote to amend the city's land development code via the HOME Initiative, ABoR called the approval a "crucial step towards enhancing housing affordability and making homeownership more attainable to Austinites."

"These reforms will help increase housing supply, allow for a greater variety of housing types across the city, and ensure that people who work in Austin can live here," ABoR's statement said. "The Austin Board of Realtors applauds Austin’s city leadership for working to tackle the ongoing affordability challenges head-on."

ABoR specifically mentioned the housing reforms will ultimately help teachers, first responders, young professionals, first-time homebuyers, and retirees. But there's "still significant work to be done to address Austin’s affordability issue," according to the report.

"Our community needs to come together to advocate for housing reforms that allow for more types of housing across the city so that Austin’s future is one where everyone can afford to call the city home,” said 2024 Unlock MLS and ABoR president Kent Redding.

Community advocates like Carmen Llanes Pulido of Go Austin/Vamos Austin took to local media before the vote to express similar concerns that the amendments do not actually address affordability. Without further restrictions, they may instead make it easier for developers to make even more profit by splitting conquests up and continuing to gentrify neighborhoods — just in smaller, closer pieces.

If the outpouring of public opinion about the HOME Initiative is any indication — and if City Council obliges — there will be much more negotiating to come.

Central Texas housing trends in April 2024

In Travis County alone, 1,260 homes were sold last month, which is almost nine percent more than last year. Median prices stood at $540,185. Active home listings skyrocketed to more than 5,500 homes in April, which is about 40 percent more year-over-year.

Over in Williamson County, 939 homes were sold last month, with median prices at $435,000. There were more than 1,500 new home listings on the market, representing a 23 percent increase from April 2023, bringing the total number of active home listings to 2,936.

Hays County's residential home sales flattened in April, with a less than one percent increase. Only 348 homes were sold last month, and median prices slipped 1.6 percent year-over-year to $408,169. Active listings rose 29.3 percent year-over-year to 1,662 with the addition of 740 new home listings on the market.

Like Hays County, home sales in Bastrop County also plateaued when compared to this time last year, with only 118 total homes sold. Median prices climbed 7.4 percent year-over-year to an even $352,000. There were 558 active listings on the market in April, and 225 new home listings, showcasing a 4.2 percent increase in new inventory when compared to last year.

Caldwell County experienced a 4.9 percent increase in homes sold in April, amounting to 43 homes sold for a median price of $293,990. There were 146 active homes on the market, and 63 new home listings, which represented a 26.7 percent drop in new inventory year-over-year."

Source: Austin Business Journal

Written by: Amber Heckler

Published: May 17, 2024

The growing sales signal greater opportunity for all types of buyers, despite mortgage rates remaining a major pain point for potential homeowners, according to Unlock MLS and ABoR housing economist Clare Losey.

Posted by Grossman & Jones Group on


Email Send a link to post via Email

Leave A Comment

Please note that your email address is kept private upon posting.