Cedar Park Real Estate Market Analysis: Trends and Insights
Published | Posted by Olivia Buffaloe
Cedar Park Real Estate Market Analysis: August 2024
August 6th, 2024: The Cedar Park real estate market as of August 2, 2024, provides a fascinating snapshot of the current trends and statistics that potential buyers and sellers need to consider. With 244 active residential listings, this market offers a diverse range of properties, from new constructions to re-sales, with varying price adjustments and days on market. Understanding these metrics is crucial for anyone looking to navigate the Cedar Park real estate landscape effectively.
As of early August, the average list price for a home in Cedar Park stands at $639,504, while the median list price is slightly lower at $577,500. These figures reflect the overall valuation of properties in the area and offer a baseline for prospective buyers to consider. However, it’s essential to note that a significant number of listings have experienced price changes. Specifically, 7 listings (2.9%) have seen price increases, while a substantial 145 listings (59.4%) have had price drops. The average price reduction amounts to $35,479, with a median decrease of $25,000, indicating a market adjustment where sellers are willing to negotiate to attract buyers. The average percentage drop is -5.2%, with the median at -4.3%.When it comes to the time homes spend on the market, the data reveals that the average days on market for active listings is 60 days, with a median of 49 days. This information is vital for sellers to set realistic expectations about how long it might take to sell their property and for buyers to understand the market's pace.
The occupancy status of these listings is another important factor. Of the 244 active listings, 140 (57.38%) are vacant, suggesting a high availability of move-in-ready homes. Owner-occupied properties account for 101 listings (41.39%), while tenant-occupied homes are a minority, with only 3 listings (1.23%). This distribution highlights a market with a significant proportion of homes ready for immediate occupancy.
The age of the properties also plays a role in the market dynamics. New constructions, which make up 9.02% of the listings with 22 homes, offer modern amenities and designs that can attract buyers looking for contemporary living spaces. The majority of the market, however, consists of re-sale homes, with 222 listings (90.98%), providing a wide array of options for those interested in established neighborhoods.
A closer look at the market activity reveals fluctuations in the Activity Index and Months of Inventory over the past year. The Activity Index measures the level of market activity, while the Months of Inventory indicates the time it would take to sell all current listings at the present sales pace. These metrics are essential for understanding whether the market favors sellers, buyers, or remains neutral.
In conclusion, the Cedar Park real estate market in August 2024 is characterized by a wide range of active listings with significant price adjustments, a considerable number of vacant properties, and a mix of new and re-sale homes. These factors combine to create a dynamic market environment, offering various opportunities for buyers and sellers alike. Understanding these detailed metrics will help individuals make informed decisions when navigating the Cedar Park real estate landscape.
