Central Texas housing inventory grows, offering buyers more choices in high-rate market

AUSTIN, Texas – In October, active listings across the Austin-Round Rock-San Marcos MSA increased 9.3% to 11,599 listings bringing the total months of inventory for the region to 5.1 months of inventory, up 0.5 months more compared to October 2023, according to the latest Central Texas Housing Report released by Unlock MLS. The data coupled with the average close-to-list price ratio hovering at 92.7% indicates that buyers have more options to purchase a home they can afford in a high interest-rate environment while sellers still have some room to negotiate.  

Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, noted that the biggest factor affecting home sales continues to be mortgage rates.

“Mortgage rates averaged 6.4% in October with signs pointing to them remaining in the low-to mid-6% range as we head into 2025, even with the Fed’s second rate cut last week. Buyers waiting on the sidelines for rates to drop significantly may be in for a long wait. In the meantime, sellers must recognize that bringing buyers to the table requires a more aggressive pricing approach. Even in a more balanced market, buyers with limited purchasing power are struggling to meet current price expectations.” 

Kent Redding, 2024 Unlock MLS and ABoR president, reinforced the inevitability and long-term positive impact of the Central Texas region’s recent market correction to healthier inventory levels and more balanced conditions. 

“News headlines that characterize the Central Texas housing market as ‘ground zero’ are an extreme over-exaggeration. It’s important to remember where we’ve come from. Austin led the state and nation in record-breaking home price growth and sales activity during the pandemic. For three years, near-zero housing inventory, numerous offers above list price and a rapid-paced market raised home prices and left little negotiating power for buyers. During this record-setting growth, ABoR and Unlock MLS consistently emphasized the unsustainability of the rapid growth, and now, our market is working to balance those extremes.” 

Redding added: “Central Texas remains a desirable and sought-after location for families and businesses alike, with real estate remaining as the most powerful long-term investment and the greatest driver of generational wealth. This is why it’s invaluable to have a trusted REALTOR® in your corner to explain what’s really happening in the market and how you can make the most of those conditions.” 

Austin-Round Rock-San Marcos MSA  

• 2,248 – Residential homes sold, 1.5% less than October 2023.   

• $430,000 – Median price for residential homes, 3.2% less than October 2023. 

• 3,333 – New home listings on the market, 7.4% more than October 2023.  

• 11,599 – Active home listings on the market, 9.3% more than October 2023. 

• 2,344 – Pending sales, 13.0% more than October 2023.   

• 5.1 – Months of inventory, 0.5 months more than October 2023. 

• $1,270,475,501 – Total dollar volume of homes sold, 1.0% less than October 2023.   

• 92.7% – Average close to list price, compared to 93.3% in October 2023.   

City of Austin   

• 716 – Residential homes sold, 0.8% less than October 2023.  

• $565,000 – Median price for residential homes, 0.5% less than October 2023.  

• 1,170 – New home listings on the market, 1.7% more than October 2023. 

• 4,249 – Active home listings on the market, 10.4% more than October 2023.  

• 764 – Pending sales, 22.0% more than October 2023.   

• 5.9 – Months of inventory, 0.6 months more than October 2023.  

• $553,060,088 – Total dollar volume of homes sold, 1.8% more than October 2023.   

• 91.4% – Average close to list price, compared to 92.1% in October 2023.   

Travis County    

• 979 – Residential homes sold, 2.5% more than October 2023.  

• $510,000 – Median price for residential homes, flat to October 2023.  

• 1,579 – New home listings on the market, 4.5% more than October 2023.   

• 5,702 – Active home listings on the market, 9.4% more than October 2023.   

• 1,006 – Pending sales, 16.8% more than October 2023.   

• 5.8 – Months of inventory, 0.4 months more than October 2023.  

• $691,527,907 – Total dollar volume of homes sold, 4.7% more than October 2023.   

• 91.8% – Average close to list price, compared to 92.6% in October 2023. 

Williamson County  

• 807 – Residential homes sold, 3.1% less than October 2023.   

• $420,000 – Median price for residential homes, 2.3% less than October 2023. 

• 1,028 – New home listings on the market, 7.1% more than October 2023.   

• 3,369 – Active home listings on the market, 9.2% more than October 2023.   

• 835 – Pending sales, 11.3% more than October 2023.  

• 4.2 – Months of inventory, 0.5 months more than October 2023.  

• $384,263,366 – Total dollar volume of homes sold, 4.2% less than October 2023.   

• 93.4% – Average close to list price, compared to 93.8% in October 2023.  

Hays County   

• 315 – Residential homes sold, 7.8% less than October 2023.   

• $359,000 – Median price for residential homes, 5.5% less than October 2023.   

• 534 – New home listings on the market, 20.8% more than October 2023.  

• 1,740 – Active home listings on the market, 6.6% more than October 2023.  

• 354 – Pending sales, 11.3% more than October 2023.  

• 5.4 – Months of inventory, 0.7 months more than October 2023.  

• $140,077,628 – Total dollar volume of homes sold, 11.6% less than October 2023.   

• 93.2% – Average close to list price, compared to 93.0% in October 2023.  

Bastrop County   

• 114 – Residential homes sold, 4.4% more than October 2023.   

• $355,000 – Median price for residential homes, 1.1% less than October 2023.  

• 152 – New home listings on the market, 1.3% less than October 2023.   

• 654 – Active home listings on the market, 23.2% more than October 2023.   

• 119 – Pending sales, 8.2% more than October 2023.   

• 5.7 – Months of inventory, 0.8 months more than October 2023.  

• $44,790,742 – Total dollar volume of homes sold, 1.5% more than October 2023.   

• 92.6% – Average close to list price, compared to 93.5% in October 2023.  

Caldwell County    

• 33 – Residential homes sold, 13.8% less than October 2023.   

• $262,990 – Median price for residential homes, 13.5% less than October 2023.  

• 40 – New home listings on the market, 14.3% more than October 2023.   

• 136 – Active home listings on the market, 9.9% less than October 2023.   

• 30 – Pending sales, 16.7% less than October 2023.   

• 4.1 – Months of inventory, 0.3 months more than October 2023.   

• $9,815,857 – Total dollar volume of homes sold, 20.2% less than October 2023.   

• 94.1% – Average close to list price, compared to 97.6% in October 2023.  

For more information or to download the October 2024 Central Texas Housing Report, visit ABoR.com/MarketStatistics.