Austin Real Estate Weekly Market Update - August 22, 2024

by: Team Price Real Estate, Austin's leading data analysis brokerage, where data drives exceptional service
Published on: Thursday, August 22, 2024 at 2:43 pm

Updated Market Overview:

The Austin-area MLS has seen an increase in the total number of active listings, growing from 13,121 in 2023 to 15,312 in 2024, reflecting a 16.7% rise. This growth in inventory has also impacted the Months of Inventory, which has expanded from 4.54 months to 5.08 months, marking an 11.8% increase over the same period. This increase indicates a shift in the market with more properties available for buyers.

Pricing Dynamics in Austin Real Estate:

In terms of pricing, the average active listing price in the Austin-area MLS has seen a slight decrease, dropping by 1.5% from $584,471 to $575,530. The median active listing price has also declined, falling by 2.2% to $439,925. On the transaction side, the average sold price has decreased by 1.7% to $555,897, while the median sold price has seen a more significant drop of 2.9% to $427,250. These figures suggest a cooling in the market compared to last year.

City and Regional Dynamics:

Within the city limits of Austin, the total number of active listings has risen from 3,880 in 2023 to 4,546 in 2024, showing a 17.2% increase. The Months of Inventory metric has increased by 13.0%, growing from 4.55 to 5.14 months. Despite the increase in inventory, the average active listing price in the city has seen a slight increase of 1.5% to $773,357, while the median active price has also increased by 0.9% to $580,000. On the transaction side, the average sold price in Austin has grown by 1.5% to $742,280, and the median sold price has risen by 3.3% to $570,000.

Central Texas Cities and Zip Code Analysis:

Analyzing pricing trends across Central Texas cities and zip codes reveals varying fluctuations. Month-over-month, 47% of cities have experienced price increases, while 53% have faced decreases. Year-over-year, 40% of cities have seen price growth, while 60% have encountered declines. Among the 75 zip codes analyzed, 41% reported monthly price growth, while 59% observed monthly decreases. Year-over-year, 40% of zip codes saw price increases, while 60% faced decreases. Notably, no cities or zip codes have seen price increases from their peak in the past 12 months, with all experiencing decreases.

Sales vs. List Price Analysis:

The average sold price to list price ratio is currently 97.28%. When looking at properties that sold at, over, and under the list price, so far this month, 64.45% of all sold properties sold under the list price, compared to 65.29% last month. Sales at the listed price have slightly increased to 22.36%, while those above the listed price account for 13.19% of transactions, slightly down from 13.61% last month. These figures show a stable market with minor fluctuations in sales dynamics.

Peak Value Analysis: Austin-Area MLS:

Examining peak values across the Austin-area MLS reveals significant changes. Comparing current figures to the peak month in April 2024, the average list price has decreased from $712,290 to $641,130, reflecting a drop of 9.9%. The median list price has seen a decline from $539,900 to $464,210, marking a 14.0% decrease. The average sold price has decreased from $664,515 to $572,372, representing a decrease of 13.9%. The median sold price has also seen a decline from $538,000 to $431,683, marking a decrease of 19.8%. Additionally, both the average and median sold prices per square foot have decreased by approximately 17.9% and 18.6%, respectively.

Peak Value Analysis: City of Austin:

Focusing on the City of Austin, the comparison to peak values reveals further insights. In April 2024, the average list price has decreased from $951,762 to $888,107, a drop of 6.7%. The median list price has seen a decline from $658,589 to $589,500, marking a decrease of 10.5%. The average sold price has decreased from $847,583 to $753,303, representing a decrease of 11.1%. The median sold price has declined from $680,000 to $575,000, marking a decrease of 15.4%. Furthermore, both the average and median sold prices per square foot have decreased by approximately 17.9% and 18.3%, respectively. These figures highlight the shifts in the Austin market from its peak values.

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.​