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More houses on market had an impact
An increase in houses on the market in the Elgin, Bastrop and Smithville areas led to flat or lower prices for homes sold in September.
The median sales price for 42 houses sold in the 78621 ZIP code that includes Elgin was $303,421 in September, down just 1% from the same month in 2024, according to the latest data compiled by Unlock MLS and the Austin Board of Realtors.
In the 78602 ZIP code that includes Bastrop, the median price on 67 houses sold was $350,000, down 6.7 percent from September of last year.
The Smithville area with a ZIP code of 78957 is a smaller market with just seven houses sold in September at a median price of $310,000, up 1.26% from last year when three houses sold.
“The numbers we’re seeing in September match the trends we expected to see this time of year. As we wrap up the third quarter, the market is mirroring typical seasonality trends, pointing to a sign of continued adjustment and balance,” said Vaike O’Grady, research advisor at Unlock MLS.
For years, much of the growth in Bastrop County was spurred by rebuilding after the devastating fires in September 2011, which destroyed more than 1,500 homes.
In addition, there has been an uptick in people moving into Bastrop seeking housing thanks to job creation and lower prices, said Brandy Wuensch, president of the Austin Board of Realtors and owner of City View Realty Group.
“People like that it is still lush and green (like Austin)” but with lower housing prices, Wuensch said, adding the county is seeing the same phenomenon as parts of Williamson and Burnet counties.
Active listings at the end of September were up to 13.6% to 791 in Bastrop County.
The median sales price for the county in September was $350,000, down a modest 1.9% from the same period last year.
Closed sales in Bastrop County were down 15.3% at 100 but 190 new listings hit the market in the same month. With inventory at 7.5 months, the highest in the region, Bastrop has become a strong buyer’s market.
According to analysts, the market is steady and sustainable with consistency throughout the summer, putting the housing market in a good position for the rest of the year.
“Buyer enthusiasm has picked up slightly as we saw the first interest-rate cut in nine months, and steady pricing from sellers continues to support that confidence. What we’re seeing in the market now is a healthy level of stability,” O’Grady said. “Homes may be taking a bit longer to sell, but they’re still selling, and buyers are meeting sellers where they are.”
The median sales price for the entire five-county Austin-Round-Rock-San Marcos Metropolitan Statistical Area dipped just 1.8% to $420,000.
Trav is Count y, as usual, remained at the top for sales prices with a median of $485,000, a decline of 3.6%. The median sales price inside the city limits of Austin was $550,000 in September.
Mortgage interest rates double what they were in the early 2020s slowed the market considerably because buyers were unable to afford as much house due to higher monthly payments.
While more interest- rate cuts are expected before the end of the year, they take some time to have an impact on mortgage rates, which have recently come down from a national average of nearly 7% in June to 6.26% in late October, according to BankRate. com.
“It’s enough of a decrease already to get people off of the sidelines,” Wuensch said.
