Predictions For Austin Real Estate Prices In 2024!

Austin real estate price predictions in 2024. Shannon Mangin of the Mangin Team at Real Broker analyzes the median sales prices in Travis County, Texas, which saw a 5.5% increase from January to December 2023, indicating a relatively normal and healthy market. The video also discusses the impact of interest rate fluctuations, inventory levels, and the potential surge of resale homes and new construction on the market. The speaker suggests that while prices may not reach the heights of 2022, the market is expected to remain strong and healthy in 2024.
🏠 The median sales price in Travis County, Texas, increased by 5.5% from January to December 2023, reaching $527,000.
📈 The Austin real estate market in 2023 followed a "pretty normal, healthy" pattern, similar to what was seen prior to the chaos of 2020.
🚀 Interest rates are expected to drop, with the Federal Reserve planning to lower rates at least three times in 2024, potentially reaching the low 6% or even 5% range by the end of the year.
🏡 There is a high inventory of homes on the market, with around 4 months of inventory, and the average days on the market reaching 80 days in December 2023.
🏢 The market is expected to see a surge of resale homes and new construction, which may help keep prices from skyrocketing as they did in 2021.
💼 Potential sellers who were "reluctant landlords" during the market volatility are now looking to sell their properties.
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