Austin Real Estate Weekly Market Update - December 12, 2024

by: Team Price Real Estate, Austin's leading data analysis brokerage, where data drives exceptional service
Published on: Thursday, December 12, 2024 at 5:43 am

Updated Market Overview

The Austin real estate market continues to evolve as 2024 draws to a close. The total number of active listings in the Austin-area MLS has increased to 12,728, reflecting a 15.61% rise from last year’s 11,009 active listings. Months of Inventory has grown to 4.44 months, up 16.42% compared to 3.81 months a year ago. This trend indicates that buyers have more options, and homes are staying on the market longer. In the City of Austin, active listings have risen to 3,536, a 16.62% increase from 3,032 last year. Months of Inventory in the city has climbed to 4.15 months, marking a 17.52% rise from 3.53 months a year ago.

Pricing Dynamics in Austin Real Estate

Prices in the Austin-area MLS have shown steady increases over the past year. The average list price for active homes is currently $572,283, which represents a 4.75% increase from last year’s $546,320. The median active list price has risen to $440,000, up 2.44% from $429,515 in 2023. Sold prices are also on the rise, with the average sold price increasing by 4.82% to $551,654 compared to $526,297 a year ago. The median sold price is now $430,000, reflecting a 3.61% increase from $415,000 last year.

Within the City of Austin, pricing trends follow a similar pattern. The average list price for active homes is now $802,585, up 7.83% from last year’s $744,302. The median active list price has climbed to $584,000, marking a 3.61% increase from $563,655. The average sold price has risen by 7.59% to $771,164, compared to $716,741 a year ago. The median sold price in the city now stands at $575,000, which is a 4.89% increase from $548,174 last year.

City and Regional Dynamics

Market trends across Central Texas show a mix of increases and decreases. Among the 30 cities in Central Texas, 60% saw month-over-month price increases, while 33% experienced price declines. Year-over-year data reveals that 57% of cities recorded price growth, while 43% saw decreases. Despite this, all 30 cities in Central Texas have experienced a decline from their peak values in the past 12 months.

Central Texas Cities and Zip Code Analysis

Analyzing Central Texas zip codes shows similar variability. Out of 75 zip codes, 48% recorded month-over-month price increases, while 44% saw decreases. Year-over-year, 51% of zip codes reported price increases, while 49% showed declines. Over the past year, only two zip codes have increased from their peak values, while 73 have decreased.

Sales vs. List Price Analysis

Buyer behavior in the Austin-area MLS reflects a market where negotiations are common. Currently, 72.03% of all sold properties are closing below their list price, an increase from last month’s 68.39%. Homes selling at their list price account for 18.81% of transactions, down from 21.89% last month. The percentage of properties selling above list price has decreased to 9.15%, compared to 9.72% last month. In December 2023, only 8.95% of homes sold above list price. The average sold price to list price ratio now stands at 96.98%, highlighting a cautious approach by buyers.

Peak Value Analysis: Austin-Area MLS

From their peak values, prices in the Austin-area MLS have declined. The average list price peaked at $708,943 in March 2023 and has since fallen by 12.78% to $618,350. The median list price reached its peak in May 2022 at $539,900 and has decreased by 19.43% to $435,000. Average sold prices peaked at $664,515 in May 2022 and are now down 12.06% to $584,398. The median sold price has dropped 15.85% from $538,000 to $452,703. The average sold price per square foot has declined 19.44% from $324 to $261, while the median price per square foot has fallen 21.07% from $280 to $221.

Peak Value Analysis: City of Austin

In the City of Austin, declines from peak values have been less severe. The average list price peaked at $948,274 in April 2024 and has decreased by 4.41% to $906,453. The median list price peaked in May 2022 at $658,589 and has dropped by 9.65% to $595,064. The average sold price reached a high of $847,583 in May 2022 and has fallen by 8.24% to $777,775. The median sold price peaked at $680,000 in May 2022 and is now down 15.81% to $572,500. The average sold price per square foot has declined 15.38% from $442 to $374, and the median price per square foot has dropped 18.83% from $393 to $321. 

Closing Thoughts

The Austin real estate market continues to show signs of stabilization as it adjusts from the rapid price increases seen in recent years. Rising inventory levels, modest price growth, and evolving buyer behavior are shaping a market that is more balanced than in previous years. These trends provide valuable insights for buyers and sellers navigating the current landscape. As conditions evolve, staying informed on market data remains essential for making strategic decisions in the Austin real estate market. The following report, with over 800 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.