Median Sale Price: $480,000 (unchanged from last year)
Number of Sales: 624 (-3.4% from last year)
Total Market Volume: $424.6M (-0.6% from last year)
Average Price per Sq. Ft: $290 (-4.5% from last year)
Median Days on Market: 60 days (-2 days from last year)
Average Sale Price: $680,420 (+2.9% from last year)
- Price per Sq. Ft has declined from $315 last year to $290 now (-4.5%).
- Median Sale Price has remained steady at $480,000, indicating buyer hesitation due to higher interest rates but continued demand.
- Luxury Market ($1M+ homes) saw fewer sales but stronger price retention, with some discounts on high-end properties.
- Median Days on Market: 60 Days (slightly faster than last year)
- Buyer Demand Softening: Sales down 3.4% compared to last year.
- More Listings Available: 1,370 new listings (+23.4% from last year)
- Pending Sales Down: 1,109 homes under contract (-5.9%)
- Current Mortgage Rates: 6.85% for a 30-year fixed loan
- Effect on Buyers: Higher rates make monthly payments higher, meaning affordability remains a concern.
- Effect on Sellers: Buyers are choosing homes more carefully, so sellers need to price correctly and offer incentives like rate buy-downs.
**Strongest Growth Areas:**
- Del Valle (+46% Sales Growth) – Affordable options driving demand.
- Elgin (+37.5% Sales Growth) – A growing market for first-time buyers.
- Buda (+25% Sales Growth) – Family-friendly, suburban appeal.
**Softening Markets:**
- Pflugerville (-14.5%) – Fewer sales, lower demand.
- Lakeway (-29.5%) – Higher-priced homes taking longer to sell.
- Leander (-64.7%) – Market slowdown with fewer high-end home buyers.
The Travis County market is balanced, with stable prices, longer selling times, and increased inventory. Sellers need to price competitively and offer incentives. Buyers have more choices and room to negotiate, but rising interest rates affect affordability.
Thinking about buying or selling? Let’s talk! I can help you navigate the market to get the best deal!
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