Austin Real Estate Weekly Market Update - July 11, 2024

by: Team Price Real Estate, Austin's leading data analysis brokerage, where data drives exceptional service
Published on: Thursday, July 11, 2024 at 7:46 am

Updated Market Overview: In the Austin-area MLS, the total number of active listings has risen from 12,875 in 2023 to 15,473 in 2024, marking a 20.2% increase. This growth has impacted the Months of Inventory, which has expanded from 4.46 to 5.23 months, indicating a 17.3% rise over the same period.

Pricing Dynamics in Austin Real Estate: Analyzing pricing trends, the average active listing price in the Austin area has decreased by 5.4% to $591,839 compared to $625,662 in the previous year. Similarly, the median active listing price has seen a decrease of 5.3% to $450,000. On the transaction side, the average sold price has decreased by 5.7% to $572,793, while the median sold price has decreased by 4.8% to $442,560.

City and Regional Dynamics: Within the city limits of Austin, there has been a notable increase in the total number of active listings, rising from 3,960 to 4,857 properties, marking a 22.7% increase. The Months of Inventory metric has increased by 17.7%, from 4.64 to 5.46 months. The average active listing price in the city has seen a decrease of 1.6% to $820,499, while the median price has decreased by 3.2% to $600,000. On the transaction side, the average sold price has decreased by 1.9% to $791,343, and the median sold price has slightly declined by 1.6% to $600,000.

Central Texas Cities and Zip Code Analysis: Examining pricing trends across Central Texas cities and zip codes reveals varying fluctuations. In a month-over-month comparison, 47% of cities have seen price increases, while 47% have faced decreases. Year-over-year, 43% of cities have encountered price growth, contrasting with 57% experiencing declines. Among the 75 zip codes analyzed, 45% reported monthly price growth, while 49% observed monthly decreases. Year-over-year, 48% of zip codes saw price increases, while 51% faced decreases. From the peak in the past 12 months, no cities or zip codes have seen price increases, while all have decreased.

Sales vs. List Price Analysis: The sales-to-list price ratio remains relatively stable at 97.47%. However, the distribution of properties sold at, above, or below the list price has shifted slightly. So far this month, 64.95% of properties sold below the asking price, compared to 65.53% in the previous month. Sales at the listed price have slightly increased to 21.96%, while those above the listed price account for 13.08% of transactions, down from 13.83% last month.

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 has decreased from $717,673 to $630,496, reflecting a drop of 12.1%. Similarly, the median list price has experienced a decline from $539,900 to $461,054, marking a 14.6% drop. The average sold price has decreased from $664,515 to $625,994, representing a decrease of 5.8%. The median sold price has also seen a decline from $538,000 to $474,900, marking a decrease of 11.7%. Additionally, both the average and median sold prices per square foot have decreased by approximately 14.8% and 16.4%, 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 $957,934 to $818,594, a drop of 14.5%. The median list price has seen a decline from $658,589 to $599,900, marking a decrease of 8.9%. The average sold price has remained stable at $864,264. The median sold price has declined from $680,000 to $623,750, marking a decrease of 8.3%. Furthermore, both the average and median sold prices per square foot have decreased by approximately 13.8% and 17.6%, 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.​