Austin Real Estate Market Analysis - December 28th 2023 Update

by: Team Price Real Estate, Unmatched Agents, Unrivaled Insights
Published on: Thursday, December 28, 2023 at 09:45am

In our latest analysis of the Austin real estate market as of December 28th 2023, Team Price Real Estate continues its commitment to delivering accurate, data-driven insights into the dynamic Austin housing landscape.

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Market Overview: In the current Austin real estate market update, we've observed some noteworthy changes in key metrics. The total number of active listings in the Austin-Area MLS has seen a slight decrease from 10,628 last year to 10,600 today. This minimal change is accompanied by an increase in the Months of Inventory, which now stands at 4.60 months compared to 4.13 months a year ago. This represents a 1.11x increase in inventory. In the City of Austin, the increase in inventory is even more pronounced at 1.3x.

Pricing Analysis: Turning our attention to pricing, the average list price for active homes in the Austin-Area MLS currently stands at $569,693, reflecting a year-over-year decrease of -2.08%. The average sold price this month is $536,071, indicating a -1.72% difference year over year, while the median sold price is $424,945, down by -3.42% year over year. In terms of median list price, it's $454,235, which is -3.65% year over year, and the median sold price remains unchanged year over year. In contrast, the median sold price in the City of Austin has increased by 2.2%, reaching $557,245 compared to $545,000 last year.

City and Regional Dynamics: In Austin, total sales have experienced an 8.7% increase, rising from 2,645 to 2,876. This growth contrasts with the decline in total sales in the Austin-Area MLS. Despite this decline, the average active price in Austin has seen a slight increase of 1.2% to $758,984, while the median active price has risen by 2.7% to $575,000 year over year. The average sold price in Austin has also increased by 1.8% to $728,786, and the median sold price has gone up by 2.2% to $557,245 year over year.

City and Zip Code Statistics: When examining the 30 cities in Central Texas, 57% have reported month-over-month price increases, while 43% have witnessed decreases. Year over year, 43% of cities have seen price increases, contrasting with 57% that have reported decreases. Looking at the 75 zip codes in Central Texas, 56% have experienced month-over-month price increases, while 44% have seen decreases. Year over year, 41% of zip codes have witnessed price increases, and 56% have reported decreases. Year-to-date data reveals that 13 cities have seen an increase in median price, while 17 have experienced a decrease. From the peak in the past 12 months, none of the cities have seen an increase in price, while all 30 have decreased. Among the 75 zip codes, 31 have seen a year-to-date increase in median price, and 44 have witnessed a decrease. From the peak in the past 12 months, none of the zip codes have gone up in price, while 71 have decreased.

Sales vs. List Price: The sales-to-list price ratio remains a crucial indicator, with 71.96% of all sold properties selling under the list price this month, compared to 66.88% last month. Properties sold at list price accounted for 18.47%, and those sold over list price represented 9.57%. In December 2023, 9.71% of properties sold over the list price.

Our comprehensive report, spanning over 570 pages, delves deeper into these aspects of the Austin real estate market. It focuses on market cycles, affordability, and interest rates, offering invaluable insights for informed decision-making. Team Price Real Estate, known for its expert agents and data-driven approach, remains dedicated to its motto, "Where Experience Meets Insight," ensuring top-tier service in the Austin real estate market.