Austin Real Estate Weekly Market Update - September 12, 2024
by: Team Price Real Estate, Austin's leading data analysis brokerage, where data drives exceptional service
Published on: Thursday, September 12, 2024 at 12:07 pm
Updated Market Overview
The Austin-area MLS has seen an 11.9% increase in active listings over the past year, rising from 13,288 in 2023 to 14,865 in 2024. This growth has impacted the Months of Inventory, a measure of how long it would take to sell all available homes at the current sales pace, which has risen from 4.60 months in 2023 to 5.14 months in 2024, an increase of 11.8%. This indicates a higher level of housing supply available to buyers compared to the previous year.
Pricing Dynamics in Austin Real Estate
In terms of pricing, the Austin-area MLS has seen a slight decline in both average and median active prices. The average active listing price has decreased by 1.2%, from $585,165 in 2023 to $578,176 in 2024. The median active price has dropped by 2.3%, from $450,000 to $439,627. On the sold side, the average sold price has fallen by 1.5% year-over-year, moving from $566,071 in 2023 to $557,772 in 2024. Similarly, the median sold price has dropped by 2.9%, from $440,000 to $427,375, showing a slight decline in sold prices over the past year.
City and Regional Dynamics
Within the city limits of Austin, the total number of active listings has increased by 13.9%, rising from 3,923 in 2023 to 4,468 in 2024. The Months of Inventory metric has also seen a rise, growing from 4.60 months in 2023 to 5.25 months in 2024, an increase of 14.2%. While the inventory has increased, home prices within the city have risen. The average active price has grown by 2.9%, reaching $776,152, and the median active price is up 4.6%, now at $604,500. On the sales side, the average sold price has increased by 2.4% to $744,633, and the median sold price has risen by 4.4%, now at $595,000, indicating stronger price performance in the city compared to the broader Austin-area market.
Central Texas Cities and Zip Code Analysis
Across Central Texas, pricing trends continue to vary by city and zip code. Of the 30 cities analyzed, 43% experienced month-over-month price increases, while 53% saw price decreases. Year-over-year, 43% of the cities saw price growth, while 57% experienced declines. None of the cities analyzed have experienced price increases from their peak values in the past 12 months, and 28 of them have seen price decreases from their highest points. When looking at zip codes, 45% of the 75 zip codes analyzed reported month-over-month price growth, while 45% saw declines. Year-over-year, 48% of zip codes experienced price increases, while 52% saw decreases. Similarly to the cities, none of the zip codes have reached new peak values, and 66 of them have experienced declines from their peak prices.
Sales vs. List Price Analysis
The average sold price to list price ratio in the Austin-area MLS is currently 97.23%. So far this month, 64.57% of properties have sold under the list price, a slight decrease from 65.26% last month. Properties selling at the list price make up 22.15% of transactions, up from 21.02% last month. Properties sold above the list price account for 13.29% of sales, down slightly from 13.73% last month. For comparison, in July 2023, 15.56% of properties sold above the list price, reflecting a gradual decrease in over-list price sales.
Peak Value Analysis: Austin-Area MLS
When comparing current figures to their peak values, the Austin-area MLS has seen some noticeable declines. The average list price reached its peak in April 2024 at $710,707 but has since fallen to $694,326, a decrease of 2.3%. The median list price peaked in May 2022 at $539,900 and has since dropped by 12.9%, down to $470,000. The average sold price reached its highest point in May 2022 at $664,515 but has since fallen by 17.9%, now sitting at $545,834. The median sold price has seen a larger drop, decreasing by 21% from its peak of $538,000 in May 2022 to $425,000 today. Both the average and median sold price per square foot have dropped as well, with the average decreasing by 20.9% and the median by 21.7% from their peak levels.
Peak Value Analysis: City of Austin
Within the city of Austin, the average list price reached its peak in September 2024 at $977,149 and has not changed since then. The median list price peaked at $658,589 in May 2022 and has since decreased to $650,000, a drop of 1.3%. The average sold price hit a peak of $847,583 in May 2022 but has since fallen by 15.6% to $715,576. The median sold price has dropped by 14.9%, falling from its peak of $680,000 in May 2022 to $578,300. The average sold price per square foot has decreased by 21.3%, while the median sold price per square foot has fallen by 21.2% from their peak values.
This updated market analysis highlights the current conditions and pricing trends in both the Austin-area MLS and the city of Austin, showing increases in inventory and varying price dynamics across different regions. 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.
