Abilene Housing Insights – May 2024

Welcome to our latest housing market update for Abilene. As we dive into the data from May 2024, we’ll explore the trends and shifts that are shaping the local real estate landscape. Plus, in celebration of National Homeownership Month, we’ll reflect on the importance of owning a home and how it impacts our community.

Inventory Continues to Soar

The inventory in Abilene is on the rise, with active listings up almost 40% compared to last year. This increase has brought the market to 4.3 months of inventory, marking the highest level we’ve seen in over five years. For buyers, this means more options and a less stressful purchasing process, as the high inventory levels provide a more relaxed environment.

Price Reductions and Stable Property Prices

While we’re seeing a significant number of price reductions, the overall property prices have remained mostly static. The median sales price is up 10% compared to May of last year. However, when we look at the broader data, we notice only a small 3% rise in prices year-over-year. This slight increase is expected, considering the sales prices remained mostly flat throughout 2023. Despite the large amounts of price reductions, the sold data shows very minor adjustments in the final deals year over year.

Affordability and Seller Concessions

Housing affordability remains a challenge, but it has become the new normal. Sellers are adjusting to the market dynamics, offering substantial price reductions and concessions. Buyers can benefit from these high levels of seller concessions, making it a favorable time for those looking to purchase a home in Abilene.

National Homeownership Month

June is National Homeownership Month, a time to celebrate the joys and benefits of owning a home. Homeownership is a cornerstone of the American Dream, providing stability, building wealth, and fostering strong communities. At BHGRE Senter, we are dedicated to helping our clients achieve their homeownership goals. Our decades of experience and full-time commitment to our profession and clients ensure that we are the constant you can count on in this ever-changing market.

Let Us Guide You

The real estate market is always evolving, but our commitment to our clients remains steadfast. Whether you’re buying or selling, our team at BHGRE Senter is here to guide you with expert knowledge and personalized service. Let us help you navigate the current market conditions and find the perfect home for you and your family.

Thank you for trusting us with your real estate needs. If you have any questions or need assistance, please don’t hesitate to reach out. Happy National Homeownership Month from all of us at BHGRE Senter!