Austin Real Estate Weekly Market Update - September 26, 2024

by: Team Price Real Estate, Austin's leading data analysis brokerage, where data drives exceptional service
Published on: Thursday, September 26, 2024 at 12:41 pm


Updated Market Overview

The Austin-area MLS has experienced a 12.9% increase in active listings over the past year, rising from 13,288 in 2023 to 15,004 in 2024. This increase in listings has impacted the Months of Inventory, which measures how long it would take to sell all current listings at the current sales pace. The Months of Inventory has grown from 4.60 months in 2023 to 5.16 months in 2024, a 12.1% increase. This indicates more housing supply is available in the market compared to the same time last year.

Pricing Dynamics in Austin Real Estate

In terms of pricing, the Austin-area MLS has seen a decline in both average and median active prices. The average active listing price decreased by 3.6%, from $589,242 in 2023 to $567,850 in 2024. The median active price fell by 3.5%, moving from $454,369 to $438,480. The average sold price also dropped by 4.0%, from $569,993 in 2023 to $547,179 in 2024, while the median sold price fell by 4.1%, from $443,395 to $425,000.

City and Regional Dynamics

Within the city of Austin, the total number of active listings has grown by 15.0%, rising from 3,923 in 2023 to 4,512 in 2024. The Months of Inventory in the city has also increased, going from 4.60 months in 2023 to 5.26 months in 2024, marking a 14.4% rise. Despite the increase in inventory, home prices in Austin have shown growth. The average active price in the city has risen by 1.1%, now at $779,186, and the median active price has increased by 3.4%, reaching $609,000. The average sold price in Austin has also gone up slightly by 0.8%, reaching $747,731, while the median sold price rose by 4.1%, now at $598,307.

Central Texas Cities and Zip Code Analysis

Across Central Texas, pricing trends have varied by city and zip code. Among the 30 cities analyzed, 43% experienced month-over-month price increases, while 53% saw price decreases. On a year-over-year basis, 47% of cities reported price growth, while 53% saw price declines. None of the cities analyzed have experienced price increases from their peak values over the past 12 months, with all 30 cities showing price declines from their highest points.

When looking at the 75 zip codes in Central Texas, 47% reported month-over-month price growth, while 53% experienced declines. Year-over-year, 43% of zip codes saw price increases, while 57% experienced price decreases. Similar to the cities, none of the zip codes have reached new peak values, and 71 out of the 75 have seen declines from their peak prices.

Sales vs. List Price Analysis

The average sold price to list price ratio in the Austin-area MLS currently stands at 97.22%. So far this month, 64.62% of properties have sold below the list price, slightly down from 65.14% last month. Properties selling at the list price make up 22.13% of sales, a slight increase from 21.13% the previous month. Meanwhile, 13.25% of properties have sold above the list price, a small decrease from 13.72% last month. For comparison, in July 2023, 15.56% of properties sold above the list price.

Peak Value Analysis: Austin-Area MLS

When comparing current prices to their peak values, the Austin-area MLS has seen notable declines. The average list price peaked in April 2024 at $709,582 but has since fallen to $663,284, representing a 6.5% drop. The median list price reached its highest point in May 2022 at $539,900 and has dropped by 13.9%, now sitting at $464,500. The average sold price peaked in May 2022 at $664,515 but has since decreased by 18.2%, now at $543,800. The median sold price has fallen by 21.1%, dropping from its peak of $538,000 in May 2022 to $424,664. Both the average and median sold price per square foot have also dropped, with the average decreasing by 21.9% and the median by 21.8% from their peak levels.

Peak Value Analysis: City of Austin

Within the city of Austin, the average list price peaked in April 2024 at $948,362 and has since slightly decreased to $923,570, reflecting a 2.6% decline. The median list price reached its highest point in May 2022 at $658,589 and has dropped by 5.1%, now sitting at $625,000. The average sold price in the city peaked in May 2022 at $847,583 and has since fallen by 13.5%, now at $733,275. The median sold price has dropped by 14.7%, falling from its peak of $680,000 in May 2022 to $580,000. The average and median sold price per square foot have also seen declines, with the average down by 21.3% and the median by 21.6% from their peak values

This updated data reflects the current state of the Austin-area real estate market and provides insight into how inventory and pricing trends are evolving. The following report, with over 700 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.