The 2024 Real Estate Scoop: Austin and San Antonio Market Watch
If you're curious about the real estate landscape in Austin and San Antonio as we charge into 2024, you're in the right place. Let's dive into what the current trends are showing us and what you might expect if you're looking to buy or sell in these vibrant Texas cities.
Austin: The Tech City's Market Dynamics
Austin, famously known as a tech hub, has been in the real estate limelight for a while now. Recently voted among top 50 cities in the WORLD by Resonance (a consulting firm).
Price Trends: The home price growth in Austin saw a dip of -7.7% in 2023. This trend might suggested a shift towards a more buyer-friendly market. However, don't mistake this for a crash – Austin's market is merely adjusting from its previous red-hot status.
Market Predictions: Experts predict that the real estate market here will be picking up as inflation stabilizes, especially considering it is an election year. According to the National Association of Realtors, the Federal Reserve halted interest rate hikes and hasn't raised them since last August. If history serves, the interest rates for homes will start falling as inflation falls.
San Antonio: A Market on the Rise
Moving to San Antonio, things look a bit different. It's a city known for its rich history and growing economy, and the housing market here is reflecting that growth.
Steady Growth: Unlike Austin, San Antonio's housing market seems to be on a more steady climb. The median home price here is at a more approachable $319,900, making it an attractive option for buyers looking for affordability combined with the perks of a large city.
What's Next?: Predictions for San Antonio suggest a continued trend of moderate growth. This city is seen as a stable real estate market, with potential for sustained appreciation in home values.
What Does This Mean for You?
If you're in Austin, the market cooling might have been a relief, especially if you felt priced out in recent years. It's a good time to keep an eye on listings, as you might find more reasonable prices and less competition before the weather warms up, as the Spring market historically picks up quiet a bit.
For those eyeing San Antonio, the market looks promising for both buyers and sellers. The city's consistent growth provides a stable environment for real estate investments.
Final Thoughts
Both Austin and San Antonio offer unique opportunities in the Texas real estate landscape. While Austin adjusted from its rapid growth in 2023, San Antonio continues its steady ascent. As always in real estate, staying informed and working with a local expert will be key to making the right decisions in these dynamic markets.
Remember, real estate markets are complex and influenced by various factors, so it's always wise to consult with professionals who have their finger on the pulse of the local market. Happy house hunting or selling in Austin and San Antonio!
SOURCES:
https://www.statesman.com/story/news/2024/01/10/best-cities-austin-ranking-world/72166674007/#
According to the National Association of Realtors
https://www.kvue.com/article/money/economy/boomtown-2040/texas-real-estate-predictions-2024/269-10001ec9-52c7-4186-b143-386e4d33888d
https://www.ramseysolutions.com/real-estate/texas-housing-market
