Happy Thursday!

As we finish out the month of April with this week's market update, we're met with intriguing insights and developments. From the unexpected shift in Travis County migration patterns to the Iconic Austin Blues Festival this weekend, there's plenty to explore in the city, especially at this time of the year.

Meanwhile, investors, beware of the potential impacts as zoning law changes across the country are potentially on the horizon. Plus, with adjustable-rate mortgages gaining traction amid rising interest rates, the real estate landscape continues to evolve rapidly. Stay tuned as we analyze both local and national housing stats, providing you with valuable insights to navigate the market effectively.

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Local News & Development

1st time in 20 years, more people left Travis County than moved in

Interestingly enough Travis County just saw its first population decline in 20 years, with 2,411 fewer residents. Blame it on cost of housing, and city changes. But Hays County gained 9,700 new neighbors, and Williamson County welcomed a whopping 20,000! Austin's future, is still very Bright. But let's spruce up the city keep the good vibe alive. Liberty Hill is Not so much on my move-to list!

Austin Blues Festival Apr 28 at Moody at Waterloo Park

Get ready for the Austin Blues Festival this weekend, at the Moody Amphitheater at waterloo park, if you don't already know this is a soulful celebration of rhythm and blues! A weekend filled with electrifying performances, and unforgettable music. If you can make this iconic event, it's well worth it!

New Listings This Week

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National Market Report

This video covers what's going on with real estate right now.

RE/MAX National Housing Report for March 2024

March's National real estate data paints a vivid picture of the market's dynamism. With home sales soaring by 21.6% from February, driven by a remarkable 20.9% surge in new listings, the market is buzzing with activity. This surge has expanded inventory by 7.7%, hinting at a potential shift towards balance, although seller's markets still prevail. Median sale prices have hit $415,000, up 1.5% from February and 5.1% from March 2023, naturally regional disparities are also impacting sales and pricing trends.

>>> Austin MSA 7yr Trend Graphs <<

DFW MSA| Houston MSA | San Antonio MSA

Sellers are fetching 99% of their listing prices, underscoring sustained demand, while the slight decrease in days on market to 40 suggests some regional variations influencing inventory levels. Some markets have low inventory, indicating heightened demand, while others offer more options for buyers.

Navigating these fluctuations calls for the expertise of a trusted local realtor to secure the best deals and make informed decisions.

Austin MSA Compared to The National Ave

Austin MSA March Stats

# Closed Sales: Down .3% from March 2023
Median Sales Price: $450,000 no change from March 2023
New Listings: Up by 10.2% from last March 2023
Ave Days on Market: 80 days with no change from 2023
Months of Inventory: increased .7 months to 3.8 months of inventory YOY.

Central Texas Market Report

National Ave March Stats

# Closed Sales: Increased by 21.6% from March 2024
Median Sale Price: $415,000, marking a 1.5% rise from March 2024
New Listings: Saw a growth of 20.9% vs March 2024
Ave Days on Market: 40 days, a decrease of 4 days
Months of Inventory: 1.7 in March 2024, down by 0.2 from February. Up from 1.4 months from March 2023

RE/MAX National Market Report

New Market Activity by Area

Market News

A Wave of Zoning Law Changes Could Have Huge Impacts for Investors and Housing

Attention investors! With a national inventory shortage, a wave of zoning law changes is coming from coat to coast, we are certainly seeing it here in Austin, these zoning changes potentially shaking investment strategies and changing property values, here is what you need to keep an eye on.

Home Buyers Turn to Adjustable-Rate Mortgages as 30-Year Rate Zooms Past 7%

Well, this one caught a lot of people off guard! Mortgage rates recently pivoted, to around 7.13%. While rates and sales prices don't perfectly mirror each other, anything above 7% will definitely affect inventory, sales, and demand. It's worth noting most buyers still opt for fixed-rate mortgages.