Austin Real Estate Market Decline: A Detailed Look at Price Drops
The Austin real estate market has experienced noticeable price adjustments in recent months. A detailed analysis of residential prices in both the broader Austin-Area MLS and the City of Austin reveals significant drops across various metrics, from listing prices to sold prices. By examining the data from peak periods and comparing it to current market conditions, we gain a clearer understanding of how the market has evolved and where it stands today.
Starting with the Austin-Area MLS, the average list price peaked in March 2023 at $708,929, but as of the latest data, it stands at $638,127. This represents a drop of $70,802 or about 10.0%. Similarly, the median list price reached its peak in May 2022 at $539,900 and has since fallen to $469,000, marking a decrease of $70,900, or a 13.1% decline. When it comes to average sold prices, the peak occurred in May 2022 at $664,515, and the current average sold price is $525,709, which is a drop of $138,806 or 20.9%. The median sold price followed a similar trend, peaking at $538,000 in May 2022 and dropping to $412,270, reflecting a decline of $125,730 or 23.4%.
The price per square foot in the Austin-Area MLS also shows significant reductions. The average sold price per square foot peaked in April 2022 at $324 and has dropped to $248, a decrease of $76 or 23.5%. The median sold price per square foot was $280 in April 2022 but has since fallen to $211, representing a 24.6% decline.
Turning our attention to the City of Austin, we see similar trends with slightly smaller drops. The average list price peaked in April 2024 at $945,435 and is currently at $874,288, which marks a decrease of $71,147 or 7.5%. The median list price reached its peak in May 2022 at $658,589 and is now at $577,000, a drop of $81,589 or 12.4%. The average sold price also peaked in May 2022 at $847,583 and is now $705,730, reflecting a decline of $141,853, or 16.7%. Similarly, the median sold price peaked at $680,000 in May 2022 and dropped to $547,000, showing a decline of $133,000, or 19.6%.
For both the average sold price per square foot and the median sold price per square foot, the figures show notable drops in the City of Austin. The average sold price per square foot peaked in May 2022 at $442 and now stands at $336, reflecting a decrease of $106 or 24.0%. The median sold price per square foot showed the most significant drop, from $393 in April 2022 to $211 now, a 27.0% decrease.
These figures paint a clear picture of the current Austin real estate market, which has seen widespread price declines across both the broader area and the city itself. These drops are significant, with the City of Austin experiencing slightly less pronounced reductions than the Austin-Area MLS as a whole. As buyers and sellers navigate this evolving market, understanding these trends is crucial for making informed decisions.
With these market shifts, it's evident that the real estate landscape in Austin has undergone a substantial change. This comprehensive data-driven view of the market provides clarity for both prospective buyers and sellers, enabling them to assess the market from a more informed standpoint. As the market continues to adjust, it will be essential to monitor these shifts and how they impact the broader real estate dynamics
