NAR Reports 10 cities with most Pent-up Housing Demand in 2024

Last month, I attended a NAR economic forecast, led by Economist Lawrence Yun.  Mr. Yun discussed many topics.  But one that I wanted to share with you, is his list of 10 cities where the market with the most pent-up housing demand.  Please go to the attached link to read the full article.

https://www.nar.realtor/research-and-statistics/research-reports/markets-with-the-most-pent-up-housing-demand

In the list, Austin, has earned the top #1 spot.  I am not surprised, with so many people still moving to Austin.   Other Texas Cities that made the list are Dallas (#2) and Houston (#7).  This will make it interesting as interest rates are forecasted to drop this spring.

If you are thinking of buying real estate, NOW is the time to buy before the increase demand surges.

SOURCE: National Association of Realtors website.

Austin Market Statistics for December 2023

 Austin Title reports the following Preliminary Market Statistics for December 2023 for Austin Real Estate:

Units Sold:

2,318 down 16.01% from December 2022

(This number is preliminary and may increase as sales are reported/updated in MLS)

Average Sales Price:

$548,622 down 0.48% from December 2022

Average Days on the Market:

88.06 days up 26.22 days from December 2022

Median Sales Price:

$436,640 down 1.41% from 1 year ago

In conclusion, 2023 was not a good year for Austin Real Estate.  The past 4 years have been much better.

SOURCE: Austin Title