Abilene Housing: Q3 2024 Recap

Abilene MSA Housing Market Update: Q3 2024 Recap 🏡

As we move into the final quarter of 2024, let’s take a moment to reflect on the latest housing trends in the Abilene Metropolitan Statistical Area (MSA). Our Q3 data reveals some significant shifts in the local real estate market. Whether you’re buying or selling, understanding these trends is key to making informed decisions.

1️⃣ Median Price Slightly Decreases

The median home price for Abilene in Q3 was $242,000, marking a 1.2% decrease compared to the same period last year. While prices are slightly lower, it’s still important to note that this remains a competitive market with varying opportunities in different price ranges.

2️⃣ Active Listings Skyrocket

One of the most noticeable changes this quarter has been the dramatic increase in available homes. Active listings are up by 25.3%, bringing the total to 873 listings in Q3. This is fantastic news for buyers who have been facing low inventory levels over the past few years. Sellers, however, need to be more strategic with pricing and marketing as competition intensifies.

• July: We started noticing this trend in July, when inventory levels began their steady climb.
• August: By August, the pace of new listings further emphasized a shift towards a more balanced market.

3️⃣ Closed Sales Decline

In contrast to the growing inventory, closed sales dropped by 5.9%, with a total of 575 closed transactions. This aligns with what we’ve been seeing across the country as buyer demand has cooled, likely due to fluctuating interest rates and buyer caution in a changing market.

4️⃣ Days on Market & Time to Close Lengthen

Homes are taking longer to sell. The average days on market jumped to 59, and the total time to close now sits at 96 days — 18 days longer than this time last year. While this may feel discouraging to sellers, it’s an opportunity for buyers to take their time finding the right home.

5️⃣ Months of Inventory Nears 5 Months

We are now at 4.9 months of inventory, a significant jump from the 3.7 months in Q3 2023. This places us in a more balanced market, with opportunities for both buyers and sellers. If inventory continues to grow, we could see further shifts favoring buyers as we move into Q4 and beyond.

• September: By the time we reached September, the inventory had reached record levels for 2024, setting up a promising close to the year.

What’s Next for Abilene’s Housing Market?

The data from Q3 paints a picture of a market in transition. While prices have slightly decreased, the significant rise in inventory gives buyers more options and negotiating power. Sellers need to adapt to this changing environment, and it’s crucial to work with a REALTOR® who understands how to navigate this market.

For more in-depth insights into the specific months and how trends evolved, check out our detailed blogs for July, August, and September.

Want personalized advice on what these stats mean for you? Contact Us at BHGRE Senter, REALTORS® for a free consultation!