Austin Real Estate Weekly Market Update - May 30, 2024

by: Team Price Real Estate, Unmatched Agents, Unrivaled Insights
Published on: Thursday, May 30, 2024 at 12:07 pm


Updated Market Overview: In the Austin-area MLS, the total number of active listings has increased from 11,890 in 2023 to 14,657 in 2024, marking a 23.3% rise. This increase has impacted the Months of Inventory metric, which has expanded from 4.12 to 5.09 months, indicating a 23.4% increase over the same period.


Pricing Dynamics in Austin Real Estate: Analyzing pricing trends, the average active listing price in the Austin area has slightly decreased by 0.1% to $598,598 compared to $599,264 in the previous year. Similarly, the median active listing price has seen a decrease of 1.6% to $454,990. On the transaction side, the average sold price has risen by 0.3% to $583,325, while the median sold price has decreased slightly by 0.2% to $449,000.


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 4,587 properties, marking a 28.4% increase. The Months of Inventory metric has increased by 29.7%, from 4.19 to 5.43 months. The average active listing price in the city has risen by 0.5% to $809,698, while the median price has seen an increase of 2.4% to $613,500. On the transaction side, the average sold price has increased by 0.8% to $787,530, and the median sold price has risen by 2.9% to $601,000.


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, 53% of cities have seen price increases, while 47% have faced decreases. Year-over-year, 40% of cities have encountered price growth, contrasting with 60% experiencing declines. Among the 75 zip codes analyzed, 52% reported monthly price growth, while 47% observed monthly decreases. Year-over-year, 40% of zip codes saw price increases, while 60% 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 98.02%. However, the distribution of properties sold at, above, or below the list price has shifted slightly. This month, 59.71% of properties sold below the asking price, compared to 59.90% in the previous month. Conversely, sales at the listed price have decreased to 22.75%, while those above the listed price account for 17.55% of transactions.


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 $728,782 to $700,898, reflecting a drop of 3.8%. Similarly, the median list price has experienced a decline from $539,900 to $499,000, marking a 7.6% drop. The average sold price has decreased from $664,515 to $582,013, representing a decrease of 12.4%. The median sold price has also seen a decline from $538,000 to $450,000, marking a decrease of 16.4%. Additionally, both the average and median sold prices per square foot have decreased by approximately 16.7% and 17.5%, 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 $973,522 to $943,058, reflecting a drop of 3.1%. The median list price has seen a slight decline from $658,589 to $649,900, marking a decrease of 1.3%. The average sold price has decreased from $847,583 to $787,245, representing a drop of 7.1%. The median sold price has also seen a decrease from $680,000 to $609,500, marking a reduction of 10.4%. Furthermore, both the average and median sold prices per square foot have decreased by approximately 15.6% and 19.3%, 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.​