Austin Real Estate Market Analysis - May 02, 2024

by: Team Price Real Estate, Unmatched Agents, Unrivaled Insights
Published on: Thursday, May 02, 2024 at 2:33 pm

Updated Market Overview: In the Austin-area MLS, the total number of active listings has increased from 11,888 in 2023 to 13,269 in 2024, marking an 11.6% rise. This surge in listings has influenced the Months of Inventory metric, which has expanded from 4.12 to 4.73 months, indicating a 14.8% increase over the same period.

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Pricing Dynamics in Austin Real Estate: Analyzing pricing trends, the average active listing price in the Austin area has seen a modest increase of 2.7%, rising to $606,249 compared to $590,460 in the previous year. Similarly, the median active listing price has experienced a negligible decrease of -0.1% to $459,700. On the transaction side, the average sold price has risen by 3.1% to $591,149, while the median sold price remains unchanged at $450,000.

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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 3,572 to 4,055 properties, marking a 13.5% increase. Despite this rise, the Months of Inventory metric has increased by 11.9%, from 4.19 to 4.69 months. The average active listing price in the city has risen by 3.9% to $824,991, while the median price has seen a slight increase of 0.3% to $599,000. On the transaction side, the average sold price has increased by 4.1% to $803,681, and the median sold price has risen by 1.5% to $592,000.

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Central Texas Cities and Zip Code Analysis: Examining pricing trends across Central Texas cities and zip codes reveals varying fluctuations. In the month-over-month comparison, 60% of cities have seen price increases, while 40% have faced decreases. Year-over-year, 43% of cities have encountered price growth, contrasting with 57% experiencing declines. Among the 75 zip codes analyzed, 48% reported monthly price growth, while 51% observed annual increases. From the peak in the past 12 months, no cities or zip codes have seen price increases, while all have decreased.

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Sales vs. List Price Analysis: The sales-to-list price ratio remains relatively stable at 98.02%. However, the distribution of properties sold at, above, or below the list price has shifted slightly. This month, 59.80% of properties sold below the asking price, compared to 59.80% in the previous month. Conversely, sales at the listed price have increased slightly to 23.09%, while those above the listed price account for 17.11% of transactions.

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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 remains virtually unchanged at $644,136. However, the median list price has experienced a slight decrease from $492,000 to $459,700, reflecting a -0.09% drop. Similarly, the average sold price has slightly decreased from $595,496 to $591,149, representing a decline of -0.10%. The median sold price has also seen a decrease from $493,250 to $450,000, marking a reduction of -0.08%.

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Peak Value Analysis: City of Austin: Focusing on the City of Austin, the comparison to peak values reveals further insights. In April 2024, both the average and median list prices remained steady at $890,678 and $625,000, respectively. However, the average sold price has experienced a decrease from $698,433 to $591,149, representing a decline of -0.18%. The median sold price has also seen a decrease from $528,750 to $450,000, marking a reduction of -0.22%. Furthermore, both the average and median sold prices per square foot have decreased by approximately -0.19% and -0.25%, 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.​​