Austin Real Estate Weekly Market Update - October 03, 2024
by: Team Price Real Estate, Austin's leading data analysis brokerage, where data drives exceptional service
Published on: Thursday, October 03, 2024 at 1:10 pm
Updated Market Overview
The Austin-area MLS has seen a 13.8% increase in active listings over the past year, rising from 13,288 in 2023 to 15,127 in 2024. This increase in available homes has affected 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 grew from 4.60 months in 2023 to 5.28 months in 2024, a 14.7% increase. This data shows that the housing supply in the Austin area has continued to expand compared to last year.
Pricing Dynamics in Austin Real Estate
When it comes to pricing, the Austin-area MLS has seen declines in both average and median active prices. The average active listing price has dropped by 2.6%, from $580,607 in 2023 to $565,685 in 2024. Similarly, the median active price decreased by 4.7%, moving from $450,000 to $429,000. The average sold price this year is $545,088, down by 3.0% from $562,102 in 2023. Meanwhile, the median sold price fell by 4.3%, from $438,700 in 2023 to $419,995 in 2024. These trends indicate that pricing has softened across much of the Austin-area MLS market over the past year.
City and Regional Dynamics
In the City of Austin, the number of active listings increased by 16.3%, rising from 3,923 in 2023 to 4,563 in 2024. The Months of Inventory in the city also grew from 4.60 months to 5.42 months, reflecting a 17.9% increase in supply. However, prices in Austin have continued to rise, with the average active price increasing by 2.2% year over year, from $757,657 to $774,695. The median active price rose by 3.6%, from $578,000 to $599,000. The average sold price in Austin increased by 1.7%, reaching $742,367, while the median sold price grew by 2.4%, now at $580,000. These figures suggest that despite a growing inventory, prices in the City of Austin have remained resilient.
Central Texas Cities and Zip Code Analysis
Across Central Texas, pricing trends have varied between cities and zip codes. Out of the 30 cities analyzed, 43% reported month-over-month price increases, while 47% saw price decreases. Year-over-year, 43% of cities experienced price growth, while 53% recorded price declines. Over the past 12 months, no city in Central Texas has seen prices surpass their peak, and 29 of the 30 cities analyzed have experienced declines from their peak values.
Similarly, when looking at the 75 zip codes in Central Texas, 45% saw month-over-month price growth, while 53% saw price decreases. On a year-over-year basis, 41% of zip codes reported price increases, while 59% experienced price declines. From their peak values in the past 12 months, 72 zip codes have seen prices fall, with none reaching new peak levels.
Sales vs. List Price Analysis
The average sold price to list price ratio in the Austin-area MLS currently stands at 97.21%. So far this month, 64.61% of properties have sold below the list price, a slight improvement from 65.19% last month. Properties selling at the list price make up 22.23% of sales, up from 21.12% last month. Meanwhile, 13.16% of properties sold above the list price, down from 13.69% in the previous 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 $709,318 but has since fallen to $664,347, representing a 6.3% drop. The median list price reached its highest point in May 2022 at $539,900 and has dropped by 13.9%, now sitting at $465,041. The average sold price peaked in May 2022 at $664,515 but has since decreased by 18.6%, now at $541,059. The median sold price has fallen by 21.9%, dropping from its peak of $538,000 in May 2022 to $420,000. Both the average and median sold price per square foot have also dropped significantly from their peak levels, with the average down 22.5% and the median down 22.6%.
Peak Value Analysis: City of Austin
Within the City of Austin, the average list price peaked in April 2024 at $948,096 and has since dropped slightly to $924,711, a decline of 2.5%. 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 but has since fallen by 14.8%, now at $722,561. The median sold price has dropped by 16.2%, falling from its peak of $680,000 in May 2022 to $570,000. Both the average and median sold price per square foot have seen declines, with the average dropping 21.7% and the median down 21.9% 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.
