Abilene Housing Insights: October 2024

As we step deeper into Q4, the latest October 2024 statistics reveal trends that buyers, sellers, and real estate professionals alike should watch closely.

By the Numbers:

• Median Home Price: $247,000, up 7.4% compared to October 2023. This growth reflects the consistent demand for quality homes in the Abilene area.
• Active Listings: Inventory has increased by 19%, with 827 active listings available in October. This rise could mean more choices for buyers entering the market.
• Closed Sales: Dropped 12% compared to the same time last year, totaling 154 sales for the month.
• Days on Market: Homes spent an average of 71 days on the market and 35 days to close—marking a total of 106 days, 23 more than October 2023.
• Months of Inventory: Increased to 4.7 months, compared to 3.7 months in October 2023. This indicates a slight shift toward a more balanced market.

Key Takeaways:

The steady rise in median home prices suggests the Abilene market remains robust, driven by demand even amid national uncertainties. However, the decline in closed sales reflects buyer hesitation in the face of rising interest rates and lengthier decision-making timelines.

Mortgage Rates Continue to Climb:

Nationally, mortgage rates have been a hot topic, and their impact can be felt here in Abilene. The National Association of Realtors (NAR) reports the average 30-year fixed-rate mortgage currently sits at 6.78% as of November 14, 2024. While this is a slight decrease from last week, rates remain high compared to the historically low levels seen in recent years. For buyers, this translates to higher monthly payments and impacts overall affordability.

Lawrence Yun, NAR’s Chief Economist, predicts that rates could trend downward in 2025 as inflation eases and the economy stabilizes. While relief may be on the horizon, buyers and sellers should prepare for continued fluctuations in the near term.

What This Means for Buyers:

With inventory on the rise, buyers have more options to consider. However, the current mortgage rates underscore the importance of locking in the best financing terms available. Consulting with local lenders and REALTORS who understand the market is key to navigating these changes confidently.

What This Means for Sellers:

For sellers, the rise in active listings means increased competition. Ensuring your home stands out with professional photography, competitive pricing, and strategic marketing is critical. While days on market have increased, homes priced right for their value and location are still moving.

Abilene’s Resilience:

The Abilene market has long been defined by its stability and community-driven appeal. As we’ve seen throughout 2024, our market continues to hold strong even when broader challenges arise. Whether buying or selling, partnering with experienced local professionals ensures you stay ahead of the curve.

Partner With BHGRE Senter, REALTORS:

At BHGRE Senter, REALTORS, we’ve helped Abilene families and businesses navigate the market for nearly 70 years. With expert guidance and a deep understanding of both local and national trends, we’re here to help you find your perfect place. Contact Us today to get started!