Austin Real Estate Market Analysis - April 25, 2024

by: Team Price Real Estate, Unmatched Agents, Unrivaled Insights
Published on: Thursday, April 25, 2024 at 2:12 pm

Updated Market Overview: In the past year, the Austin-area MLS has witnessed substantial growth in active listings. Comparing data from 2023 to 2024, there's been a significant increase from 11,013 to 12,980 active listings, marking a notable rise of 17.9%. This surge in listings suggests potential shifts in market dynamics. Additionally, the Months of Inventory metric, which assesses the supply of homes relative to demand, has expanded by 29.1%, climbing from 2.90 to 3.75 months.

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Pricing Dynamics in Austin Real Estate: Analyzing pricing trends reveals a slight increase in the average active listing price in the Austin area, rising by 0.3% to $589,644 compared to the previous year's $589,317. Similarly, the median active listing price has experienced a minor decrease of 2.2% to $450,000. On the transaction side, the average sold price has seen a modest increase of 0.7% to $575,764, while the median sold price has decreased by 2.1% to $440,335.

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City and Regional Dynamics: Zooming into Austin's city limits, there has been a noteworthy increase in the total number of active listings, rising from 3,225 to 3,971 properties, marking a 23.1% increase. Despite this rise, there has been a substantial surge in the Months of Inventory, increasing by 49.5% from 2.48 to 3.71 months. However, both the average and median active listing prices in the city have experienced marginal changes, with the average price rising by 0.1% to $794,805, and the median price decreasing by 1.6% to $589,495. On the transaction side, the average sold price has increased by 0.5% to $773,552, while the median sold price has decreased by 1.7% to $575,000.

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Central Texas Cities and Zip Code Analysis: Examining pricing trends across Central Texas cities and zip codes reveals varying fluctuations. In the month-over-month comparison, 60% of cities have seen price increases, while 40% have faced decreases. Year-over-year, 40% of cities have encountered price growth, contrasting with 57% experiencing declines. Similarly, among the 75 zip codes analyzed, 48% reported monthly price growth, while 51% observed annual increases. From the peak in the past 12 months, no cities or zip codes have seen price increases, while all have decreased.

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Sales vs. List Price Analysis: The sales-to-list price ratio remains relatively stable at 98.01%. However, the distribution of properties sold at, above, or below the list price has shifted slightly. This month, 59.79% of properties sold below the asking price, compared to 59.79% in the previous month. Conversely, sales at the listed price have increased slightly to 22.29%, while those above the listed price account for 17.92% of transactions.

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Peak Value Analysis: Austin-Area MLS: Analyzing peak values across the Austin-Area MLS indicates mixed trends. Comparing current figures to the peak month in April 2024, the average list price remains unchanged at $752,410. However, the median list price has experienced a slight decrease from $539,900 to $524,900, reflecting a 2.78% drop. Similarly, the average sold price has slightly decreased from $664,515 to $602,065, representing a decline of 9.4%. The median sold price has also seen a decrease from $538,000 to $460,000, marking a reduction of 14.5%.

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Peak Value Analysis: City of Austin: Focusing on the City of Austin, the comparison to peak values reveals further insights. In April 2024, both the average and median list prices remained steady at $1,002,678 and $669,000, respectively. However, the average sold price has experienced a decrease from $847,583 to $799,059, representing a decline of 5.7%. The median sold price has also seen a decrease from $680,000 to $590,000, marking a reduction of 13.2%. Furthermore, both the average and median sold prices per square foot have decreased by approximately 16.1% and 18.3%, respectively.

The following report, with over 600 pages, dives deep into every facet of the Austin real estate market, focusing on market cycles, affordability, and interest rates, providing essential insights for informed decision-making. Team Price Real Estate, with its expertise and data-driven approach, continues to uphold its commitment to "Where Experience Meets Insight," delivering exceptional service in the Austin real estate market.​