Parts of North Austin Area Witness Substantial Increase in Home Sales
Austin, TX: March has reportedly seen a notable increase of 30%-40% in the number of homes sold in parts of North Austin, according to recent data from the Austin Board of Realtors.
Highlighted Areas and Detailed Insights
Among the five ZIP codes within the North-Northwest Austin market, three experienced a substantial increase in the number of properties sold, signifying a higher demand for residential real estate. The most growth in terms of home sales was recorded in the 78759 ZIP code, which sold more homes than any other ZIP code in North Austin.
However, the real estate landscape was not uniform across all ZIP codes. While some areas such as ZIP code 78727 experienced an almost 15% surge in home prices, others witnessed a decline in the selling price. On the other hand, ZIP code 78729 enjoyed a nearly 50% decrease in the average days a property spent on the market, while ZIP code 78758 reported a 14.3% increase.
Home Price and Sale Distribution
The majority of the properties sold in the month of March were within the price range of $300,000 to $699,000. A holistic look at the market changes across these ZIP codes in March revealed the following:
- Closed sales increased from 115 in 2023 to 124 in 2024.
- The median home price slightly decreased from $527,000 in 2023 to $522,500 in 2024.
- New home listings had a marginal drop from 216 in 2023 to 210 in 2024.
- Pending sales saw a small increase from 142 in 2023 to 143 in 2024.
- Months of inventory rose from 1.9 in 2023 to 2.4 in 2024, indicating a slower market.
- The average number of days on the market reduced from 55 in 2023 to 44 in 2024, suggesting quicker transactions.
- Active listings surged from 250 in 2023 to 290 in 2024, indicating a more bustling market.
These changes reflect the vitality of the real estate landscape in the Austin area. The rise in home sales numbers signals an active market, allowing both buyers and sellers to take part in the thriving real-estate environment. The real-estate market will continue to be a subject of great interest for economists, homebuyers and homeowners alike, as the city’s growth and development continue.