Austin Real Estate Weekly Market Update - November 14 , 2024

by: Team Price Real Estate, Austin's leading data analysis brokerage, where data drives exceptional service
Published on: Thursday, November 14, 2024 at 5:53 pm

The Austin real estate market is showing signs of change as we approach the end of 2024. New data reveals shifts in both inventory and pricing, creating new dynamics for buyers and sellers alike.

More Homes on the Market, Longer Selling Times : Inventory across the Austin-area MLS has increased noticeably. Last year, there were 12,532 active listings; today, that number stands at 13,907—an 11% rise. This boost in available homes has led to an increase in the Months of Inventory, now at 4.84 months compared to 4.34 months a year ago. This indicates a more balanced market, with buyers having more options and slightly more leverage in negotiations.

Pricing Trends: A Mixed Picture : Home prices in the Austin area present a varied landscape. The average list price has risen by 4%, reaching $575,247, but the median list price has held steady at $434,900. This suggests that while higher-end homes have appreciated, typical home prices have remained flat. Sold prices show a similar trend: the average sold price is up 3.5% to $554,010, while the median sold price has slipped by 0.8% to $420,000. The data suggests strong demand for luxury homes, while the broader market shows signs of stabilization or slight softening.

City of Austin: Rising Inventory, Modest Price Increases : Within the city limits, the number of active listings has grown by 10.7%, now totaling 4,036. The average list price in Austin is up 4.4%, reaching $787,107, while the median list price has climbed 1.8% to $575,000. The average sold price has also increased by 3.5%, now at $752,531, and the median sold price rose by 1.8% to $560,000. Despite the higher inventory, moderate price growth suggests a stable demand for properties in the city.

Fewer Homes Selling Above List Price : Buyer behavior appears to be shifting. This month, nearly 70% of all sold properties have closed below the list price, up from 67.5% last month. Only 10.34% of homes sold above list price, down from 11.43% last month and 12.97% in October 2023. This trend reflects increased buyer caution and longer sales times, pushing sellers to adjust their expectations.

Prices Still Below Peak Levels : Despite recent gains in some segments, prices remain well below the peak levels of 2022 and early 2023. The average list price in the Austin-area MLS has dropped 15% from its March 2023 high. The median list price has declined by 16.8% since its peak in May 2022. Average and median sold prices have also fallen—by 13.6% and 20%, respectively. The average price per square foot has dropped by 20.4%, while the median price per square foot is down 22.1%.

In the City of Austin, the trends are similar. The average list price has declined by 13.3% from its peak in April 2024, and the median list price is down by nearly 11% from its May 2022 high. Average sold prices have decreased by 8.9%, and median sold prices have dropped by 15%. These figures highlight a market correction following rapid price increases in recent years.

Outlook for the Austin Market : The Austin real estate market is in a period of adjustment following years of volatility. Rising inventory levels and slower price growth indicate a move towards more balanced conditions. Buyers now have more choices and are less likely to face bidding wars, while sellers must be strategic with pricing to attract offers. As we close out 2024, staying informed on these changes is crucial for anyone navigating the Austin real estate landscape. 

This updated analysis provides a overview of the Austin-area MLS and City of Austin real estate markets, highlighting key metrics like inventory levels, pricing trends, and sales dynamics over the past year. The following report, with over 800 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.