July 2024 Market report: Buyers Look Beyond Travis County

The Central Texas housing market saw a slight shift in July 2024, with a 3.5% decrease in total sales, totaling 2,652 closed listings. However, the surrounding counties—Williamson, Hays, Bastrop, and Caldwell—experienced an increase in sales, as buyers sought more affordable housing options outside Travis County. This trend highlights the region’s continued strong demand for homes despite the challenges posed by higher mortgage rates, which remain around 6.5%.

Clare Knapp, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, noted that while rising interest rates continue to impact purchasing power, the increase in sales in four of the five MSA counties reflects the resilience of the market. “Home prices still need to adjust to better align with buyer affordability, but it's promising to see more first-time buyers entering the market,” she said.

Kent Redding, president of the Austin Board of REALTORS® and Unlock MLS, emphasized the importance of inventory and pricing in driving sales outside Travis County. "When homes are priced right, buyers are ready to move," Redding stated, adding that working with a REALTOR® remains crucial to navigating pricing dynamics in the current market.

With active listings increasing across the Austin-Round Rock-San Marcos MSA, and inventory levels now averaging 5.1 months, buyers have more options than ever to find a home that suits their budget and lifestyle. For sellers, this market presents an opportunity to make informed pricing decisions with the help of an expert.

The full July 2024 Market Snapshot is available HERE for review.