Austin Real Estate Weekly Market Update - December 19, 2024

by: Team Price Real Estate, Austin's leading data analysis brokerage, where data drives exceptional service
Published on: Thursday, December 19, 2024 at 6:23 am

Updated Market Overview

The Austin real estate market continues to shift as we approach the end of 2024. The total number of active listings in the Austin-area MLS has grown to 12,322, reflecting an 11.93% increase from last year’s 11,009 active listings. Months of Inventory has also risen to 4.29 months, representing a 12.66% jump from 3.81 months a year ago. In the City of Austin, the number of active listings has increased to 3,310, marking a 10.30% rise compared to 3,001 last year. Months of Inventory in the city has grown to 3.95 months, up 12.30% from 3.51 months a year ago. These changes suggest a growing supply of homes and longer market times for properties.

Pricing Dynamics in Austin Real Estate

Home prices in the Austin-area MLS have shown moderate growth over the past year. The average list price for active homes is now $584,203, which is a 5.96% increase compared to last year’s $551,346. The median list price has climbed to $449,900, reflecting a 4.37% rise from $431,060 in 2023. Sold prices have also increased, with the average sold price reaching $563,246, a 6.23% improvement over last year’s $530,212. The median sold price has risen to $437,990, up 4.28% from $420,000.

In the City of Austin, pricing trends have followed a similar upward pattern. The average list price for active homes is now $805,516, a 6.26% increase from last year’s $758,055. The median list price has grown to $599,900, a 4.34% rise from $574,950. The average sold price in the city has increased by 6.30% to $774,736 compared to $728,798 a year ago. The median sold price now stands at $581,000, reflecting a 5.64% rise from last year’s $550,000.

City and Regional Dynamics

Market trends in the Austin-area continue to show a mix of price increases and decreases. Out of 30 Austin-area cities, 70% experienced month-over-month price increases, while 27% saw month-over-month declines. Year-over-year, 57% of cities recorded price growth, while 43% experienced price decreases. Despite these variations, all 30 cities in the Austin-area have seen declines from their peak values over the past 12 months.

Austin-Area Cities and Zip Code Analysis

A similar trend can be observed when analyzing zip codes across the Austin-area. Out of 75 zip codes, 60% reported month-over-month price increases, while 37% experienced declines. Year-over-year data shows that 49% of zip codes recorded price increases, while 51% showed decreases. Over the past year, only two zip codes have increased from their peak values, while 73 have seen declines.

Sales vs. List Price Analysis

Buyer behavior in the Austin-area MLS indicates that negotiations are common in the current market. This month, 73.29% of sold properties closed below their list price, up from 68.32% last month. Homes that sold at their list price accounted for 17.27% of transactions, down from 21.88% last month. The percentage of homes selling above the list price has decreased slightly to 9.44% compared to 9.80% last month. In December 2023, only 8.95% of homes sold above the list price. The average sold price to list price ratio now stands at 96.89%, reflecting cautious buyer activity.

Peak Value Analysis: Austin-Area MLS

Prices in the Austin-area MLS have decreased from their peak values over the past 12 months. The average list price peaked at $708,929 in March 2023 and has since fallen by 13.87% to $610,618. The median list price reached its highest point of $539,900 in May 2022 and has declined by 20.54% to $429,000. The average sold price peaked at $664,515 in May 2022 and has dropped 9.99% to $598,080. The median sold price has fallen 14.68% from its peak of $538,000 to $459,000. The average sold price per square foot has decreased 20.06% from $324 to $259, while the median price per square foot has dropped 21.07% from $280 to $221.

Peak Value Analysis: City of Austin

In the City of Austin, declines from peak values have been somewhat less severe. The average list price peaked at $945,340 in April 2024 and has since decreased by 5.92% to $889,409. The median list price peaked at $658,589 in May 2022 and has dropped by 9.66% to $595,000. The average sold price reached its peak of $847,583 in May 2022 and has fallen by 6.67% to $791,049. The median sold price has decreased 12.50% from its peak of $680,000 to $595,000. The average sold price per square foot has dropped 19.91% from $442 to $354, while the median sold price per square foot has declined by 22.90% from $393 to $303.The market continues to adapt to the changing dynamics of inventory and pricing, with trends suggesting a balanced environment as 2024 comes to a close

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.