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Surprising Market Dynamics // Unpacking The Latest ATX Housing Stats: May 2024


Austin Area Housing Market Highlights: May 2024

Khani Zulu | MCNE, CLHMS

LICENSE NUMBER #668914 Khani Zulu’s passion for real estate is as unique as her approach, offering clients a curated experience fueled by integrity,...

LICENSE NUMBER #668914 Khani Zulu’s passion for real estate is as unique as her approach, offering clients a curated experience fueled by integrity,...

Jun 13 4 minutes read

As we dive into the latest market data for Austin, it’s clear that the real estate landscape remains dynamic and challenging for both buyers and sellers. The numbers from May 2024 paint a complex picture, reflecting the intricacies of the current market conditions.

What Do the Latest Austin Market Stats Reveal?

In the city of Austin, the residential real estate market showed significant growth compared to the previous year. Here are the key highlights for May 2024:

Expert Insights

Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, provided invaluable insight into what these numbers mean for the market. “This data demonstrates that buyers can continue to be more selective when searching for a home in their price range. Although it may appear to be a buyer's market from the outside, it’s important to understand the context behind these statistics, including higher interest rates resulting in a reduction in purchasing power. This market does not offer a clear advantage to either buyers or sellers.”

Kent Redding, 2024 Unlock MLS and ABoR president, emphasized the importance of professional guidance in this market. “Since the market is no longer as straightforward as it once was, it's imperative to work with a REALTOR® to navigate current conditions. Working with a professional who understands the nuances of the market can help sellers list their homes at prices that are in line with the market while helping buyers understand how to find the best possible housing options in their price range.”

A Balanced Market? Not Quite.

At first glance, the increased inventory and steady prices might suggest a buyer’s market. However, the reality is more nuanced. Sellers are facing challenges in pricing their homes appropriately due to increased competition. Simultaneously, buyers are grappling with high-interest rates that impact their purchasing power.

From our experience in the field, We’ve witnessed a wide range of scenarios. On one end, some homes receive multiple offers, selling $50k over the list price with full appraisal waivers. On the other end, there are offers accepted $50k under the list price. This variability makes it a tricky market to navigate, highlighting the importance of strategic pricing and negotiation.

Navigating the Market with Confidence

In these unpredictable times, we want you to know that we are here to guide you every step of the way. Whether you’re buying or selling, the current market conditions can be challenging to navigate. But with our experience and expertise, we can help you make sense of the complexities and find the best path forward. 

We’ve seen both ends of the spectrum—from homes selling well above the list price to others being accepted below. This variability underscores the importance of having a knowledgeable REALTOR® by your side. I’m dedicated to providing you with the insights and advice you need to make informed decisions that align with your goals.

If you have any questions or need assistance, please don’t hesitate to reach out. Together, we can tackle this market and achieve your real estate dreams. I’m here for you, ready to help you navigate through every twist and turn.

With love from ATX,

Khani Zulu Group

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