In February across the Austin-Round Rock-Georgetown MSA, new listings jumped 44.9% to 3,915 listings bringing the total months of inventory for the region to 3 months, up 0.1 months more than February 2023, according to the latest Central Texas Housing Report released by Unlock MLS. The data indicates that sellers are feeling more favorable about the market, while buyers have a broader range of home options to select from–specifically first-time homebuyers.
Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, noted that February’s spike in new listings was concentrated among more affordable homes.
“Higher home prices and mortgage rates have diminished affordability for first-time homebuyers over the past few years, but February provided encouragement for these aspiring homeowners. We’ve witnessed a significant surge in new listings, predominantly among more affordable and attainable homes—particularly those priced under $400,000. The increase in housing options presents a promising opportunity for Central Texans who want to become homeowners.”
Kent Redding, 2024 Unlock MLS and ABoR president, provided further insight into current market conditions.
“The spring homebuying season is typically a busy period, especially in the Austin area, where over 35% of annual sales occur between March and June. Buyers are keen on securing homes before the fall and the upcoming school year in August, drawn out by the enhanced curb appeal and favorable weather conditions. Through Unlock MLS, your REALTOR® can combine their expert local market knowledge with the most complete and accurate market data to help you make the best decision for your budget and housing needs.”
Read the full, original article from the Austin Board of Realtors here.
