Austin Real Estate Weekly Market Update - November 07, 2024
by: Team Price Real Estate, Austin's leading data analysis brokerage, where data drives exceptional service
Published on: Thursday, November 07, 2024 at 9:20 am
Updated Market Overview
The Austin-area MLS has experienced a rise in active listings over the past year, showing a 12.0% increase from 12,532 listings in 2023 to 14,038 listings in 2024. This rise in inventory also affects the Months of Inventory, a measure of how long it would take to sell all current listings at the present sales pace. This metric has grown from 4.34 months in 2023 to 4.92 months in 2024, reflecting a 13.3% increase in housing supply. These shifts point to a broad change in the Austin-area housing market as additional listings become available.
Pricing Dynamics in Austin Real Estate
Pricing trends in the Austin-area MLS indicate a slight adjustment. The average active listing price has increased by 2.5%, from $564,035 in 2023 to $577,933 in 2024. The median active listing price has seen a small decrease of 1.0%, dropping from $439,284 to $434,995. Regarding sold prices, the average sold price has risen by 2.1% year-over-year, reaching $557,174, while the median sold price has slightly decreased by 1.2%, from $425,000 in 2023 to $420,000 in 2024. This data suggests modest growth in some pricing areas while reflecting slight declines in others.
City and Regional Dynamics
In the City of Austin, active listings have increased by 11.7%, from 3,645 in 2023 to 4,073 in 2024. The Months of Inventory in Austin has also risen, moving from 4.27 months last year to 4.84 months this year, a 13.3% increase. The average active listing price within the city has gone up by 3.0% year-over-year, from $779,852 to $803,389, while the median active listing price has seen a decrease of 1.7%, shifting from $585,000 to $575,000. On the sales side, the average sold price has increased by 2.3%, moving to $769,458, while the median sold price has experienced a minor decrease of 0.9%, settling at $560,000 from $565,000.
Central Texas Cities and Zip Code Analysis
In Central Texas, pricing varies across different cities and zip codes. Among the 30 cities analyzed, 50% recorded month-over-month price increases, while 47% saw price decreases. Year-over-year, 57% of cities reported growth, with the remaining 43% experiencing declines. Over the last 12 months, none of the cities reached new peak values, as all 30 cities showed decreases from their previous highs. Similarly, in the 75 zip codes analyzed, 47% showed month-over-month price increases, while 53% reported decreases. On a year-over-year basis, 41% of zip codes saw price growth, while 59% experienced declines. Like the cities, no zip codes have reached new peak values over the past year, with 73 out of 75 showing declines from their previous peaks.
Sales vs. List Price Analysis
In the Austin-area MLS, the current average sold price to list price ratio stands at 97.07%. This month, 68.83% of properties sold below their list price, showing a slight increase from 67.44% last month. Properties that sold at their list price comprise 20.58% of sales, a minor decrease from last month’s 21.05%. Meanwhile, 10.59% of properties sold above their list price, down from last month’s 11.51%. In October 2023, the percentage of properties selling above list price was slightly higher at 12.97%, indicating a shift in buyer and seller behavior over time.
Peak Value Analysis: Austin-Area MLS
In the Austin-area MLS, prices remain below their peak values from prior years. The average list price reached its highest point in March 2023 at $708,954 but has since decreased by 13.7% to $611,809. The median list price peaked in May 2022 at $539,900 and has dropped by 18.5% to $440,000. Similarly, the average sold price reached its peak in May 2022 at $664,515 but has since declined by 7.7% to $613,298. The median sold price has also seen a significant decline, falling by 18.9% from its May 2022 peak of $538,000 to its current level of $436,500. Both the average and median sold prices per square foot have also experienced declines from their peaks, down by 18.5% and 20.4%, respectively.
Peak Value Analysis: City of Austin
In the City of Austin, the average list price peaked in April 2024 at $946,251 and has since fallen by 5.9% to $889,779. The median list price reached its peak in May 2022 at $658,589 and has declined by 7.6% to $608,737. The average sold price in Austin peaked in May 2022 at $847,583 and is now at $827,183, marking a 2.4% decrease. The median sold price has dropped by 13.7% from its May 2022 high of $680,000, currently sitting at $587,000. The average and median sold prices per square foot have both decreased from their peaks, by 18.3% and 23.4%, respectively.
This updated market analysis provides insight into the evolving dynamics of Austin's housing market, showing incremental changes in active listings, inventory, and pricing, and reflecting overall trends across the Austin-area MLS and Central Texas.
This updated analysis provides a comprehensive 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 data underscores changes in the market, with some areas seeing price increases and others experiencing declines, as the region continues to navigate shifts in supply and demand. 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.
