Austin Real Estate Market Analysis - January 25, 2024

by: Team Price Real Estate, Unmatched Agents, Unrivaled Insights
Published on: Thursday, January 25, 2024 at 2:09pm

Updated Market Overview : The total number of active listings has seen a marginal decrease, dropping from 10,159 in 2023 to 10,057 in 2024, marking a 1.0% change. This slight reduction in available properties is mirrored by a significant uptick in the Months of Inventory, which has climbed from 3.39 months to 4.06 months, a 19.7% increase. This trend is even more pronounced in the City of Austin, where the inventory has surged by a substantial 49.3%, indicating a growing availability of properties.

Pricing Dynamics in Austin Real Estate : The average active listing price in the Austin-Area MLS has seen a decrease of 1.5% year over year, settling at $549,517. The median active listing price also follows this downward trajectory, dropping by 4.0% to $435,000. When it comes to sold properties, the average sold price has slightly declined by 1.1% to $527,460, and the median sold price has decreased by 2.4% to $424,995. In the City of Austin, however, the dynamics slightly differ. The median active listing price has remained stable at $550,000, showing no year-over-year change. The average sold price and median sold price have seen reductions of 3.2% and 0.5%, respectively.

City and Regional Dynamics : Austin continues to show resilience in total sales, with a 5.6% increase from 2,515 to 2,656. Despite this growth in sales, there's a notable increase in the Months of Inventory in Austin, rising by a remarkable 49.3%. The average active listing price in Austin has decreased by 3.4%, now standing at $719,561.

Central Texas Cities and Zip Code Analysis : Approximately 33% of these cities report month-over-month price increases, while 67% show decreases. Year-over-year analysis reveals a similar pattern, with 37% of cities experiencing price increases and 63% witnessing decreases. A striking observation is that all cities reported price decreases from their peak values in the past 12 months. In the 75 zip codes within Central Texas, 41% have observed month-over-month price increases, and 56% have experienced decreases. Year-over-year, 39% of zip codes have seen price increases, while 61% have seen decreases. Again, all zip codes reported decreases from their peak prices in the past 12 months.

Sales vs. List Price Analysis : The sales-to-list price ratio currently stands at 96.71%. Analyzing the trends of sold properties, 71.55% sold under the list price, 17.67% at the list price, and 10.78% over the list price. This distribution reflects a slight shift from the previous month's figures.

Peak Value Analysis: Austin-Area MLS : The average list price, which peaked in March 2023 at $710,434, has now declined by 7.46% to $657,422. The median list price, at its peak in May 2022, has dropped by 13.87% from $539,900 to $465,000. Similarly, the average and median sold prices have experienced significant reductions from their peaks in May 2022, with the average sold price decreasing by 20.06% and the median sold price by 21.01%.

Peak Value Analysis: City of Austin : The City of Austin shows a distinct pattern. The average list price has remained constant at its peak value of $957,483 as of January 2024. However, other metrics like the median list price, average sold price, and median sold price have seen decreases from their peak values in May 2022, with reductions of 9.06%, 20.55%, and 21.56%, respectively. The average and median sold price per square foot have also decreased significantly, indicating a recalibration in property values within the city.

The following report, with over 570 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.​