If you've been curious about the real estate market this past year, let's break down the facts. In this video, I'll share insights from the nationwide market down to Austin's statistics.
Nationwide, last year saw the lowest sales in 30 years despite a significant population increase.
The millennial demographic, particularly aged 26 to 35, shows a high inclination toward home buying, creating substantial demand.
Austin's market has seen corrections after dramatic price surges in 2020 and 2021, with a 5% drop in average closed sale price and a 6% decrease in median sale price year over year.
Monthly comparisons reveal a significant decline in sales from 2019, attributed to rising mortgage rates that doubled from around 3% to 6% in a short period, affecting buyer behavior.
The Federal Reserve's planned rate reduction may stabilize rates, currently around 6.6%, but a drop into the fives could trigger an increased buying frenzy.