Neighbor News
Buyer’s Markets, Seller’s Markets and Why They Matter
At any time the housing market can go from a neutral market, to a seller's market, to a buyer's market. Hear from an Austin realty expert.
Homeownership is highly regarded as the fastest, most efficient way to build intergenerational wealth. However, housing market conditions tend to fluctuate, so having someone on your side to help you navigate these choppy waters is essential. At any given time the housing market can go from a neutral market, to a seller’s market, to a buyer’s market.
In a buyer’s market, prices are usually lower and homes stay on the market longer.
Conversely, in a seller’s market prices tend to rise, because inventory moves pretty quickly, creating more demand than supply.
These market fluctuations can happen rapidly, as well. As recently as this time last year, for example, the city of Austin was a sellers market. Currently, Austin, Texas is a housing market that is more suited to the buyer. Homes in Austin have sold for 1.1% less than they did a year ago.
The median home sold price in Austin was $566,156 in September 2024, down 1.1% from last year, and the median price per square foot was $308.
Find out what's happening in Austinfor free with the latest updates from Patch.
The home price of 1 bedroom homes decreased by 5.7%, 2 bedroom homes decreased by 7.2%, 3 bedroom homes decreased by 3.5%, 4 bedroom homes increased by 3.5%, and 5+ bedroom homes increased by 7.4%.
The Austin real estate market had 5,677 homes for sale in September 2024, a 4.1% increase compared to August 2024. A total of 609 homes were sold or pending in Austin in September 2024, down by 28.3% month-over-month. Of the 609 homes sold, 73% were sold under asking, 15% were sold at asking, and 12% were sold over asking.
Find out what's happening in Austinfor free with the latest updates from Patch.
Based on information from Unlock MLS, Houston REALTORS® Information Service, San Antonio Board of REALTORS MLS, and North Texas Real Estate Information Systems Inc. for the period 10/01/2022 – 10/01/2024
Independent research commissioned and sponsored by Isaac Strycker, Realtor.
Isaac Strycker is a realtor in the Greater Austin area, who specializes in the selling and buying of residential properties. Strycker has embarked on an information campaign as a public service to better prepare those who wish to buy or sell a home, as well as to educate consumers on the state of the housing market. For more information, or to contact Isaac Strycker please call 512-799-5391.
