Abilene Housing Insights: January 2024

As January unfolded, it brought with it the gentle stirring of a new year in Abilene’s housing market. While the 115 closed sales is significantly less than many previous months, it’s a reflection of a shifting landscape from the seller’s market that characterized much of 2023. Indeed, last year saw a notable decline in sales volume compared to 2022, signaling a change in the tide.

Adjusting Expectations in a Changing Market

Buyers stepping into the arena are met with the reality of higher prices and interest rates, but there’s a silver lining in the form of seller concessions. These concessions can offer significant savings at the closing table and provide welcome relief. However, sellers must also adapt to the evolving market conditions, as evidenced by the increasing average time on the market, which soared to 117 days in January 2024. While this figure may fluctuate in the coming months, it underscores the importance of managing expectations and planning accordingly for a longer selling timeline.

Navigating the Price Range Conundrum

One notable shift is the scarcity of homes in the $100,000-199,000 price range, which has reached its lowest closed percent in January. This can be attributed to the rising prices across the board, transforming it into the new “investor bracket.” However, despite the challenges posed by potential renovations and repairs, there are still hidden gems waiting to be discovered. Additionally, buyers qualifying for homes in this range often qualify beyond this range. Many buyers opt for properties with more features or space, leveraging their purchasing power to meet their evolving needs.

Embracing the New Normal

As we settle into the new normal, it’s crucial to dispel unfounded speculation and focus on practical decision-making. With major market shifts already behind us, waiting for further changes may yield little benefit. Instead, anticipate a steady annual rise in prices and the possibility of interest rates dipping into the low 6% range by year’s end. At Better Homes and Gardens Real Estate Senter, REALTORS, our team stands ready to offer expert guidance tailored to your unique circumstances. Whether you’re a buyer or a seller, trust us to navigate the nuances of the Abilene housing market and help you achieve your goals.

Contact any of our agents today to embark on your real estate journey with clarity and assurance.