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    • Ryan Kelly(325) 518-1294
      ryan@teamprice.com
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    • Team Price Real Estate
      7320 N Mo-Pac
      Austin, TX 78731
      (512) 213-0213
      dan@teamprice.com

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      Austin Real Estate Market Update - Jan 11, 2024

      Trends, Insights, and Analysis

      Austin Real Estate Market Analysis - January 11 2024


      by: Team Price Real Estate, Unmatched Agents, Unrivaled Insights
      Published on: Thursday, January 11, 2024 at 3:11pm

      ​

      In our most recent analysis of the Austin real estate market as of January 2024, we observe subtle yet significant shifts in market dynamics, reflecting changes over the past year.


      Market Overview: The Austin-Area MLS shows a marginal increase in active listings, from 10,159 in 2023 to 10,171 in 2024, marking a 0.1% rise. A notable change is seen in the Months of Inventory, which has escalated from 3.39 months last year to 4.10 months currently, representing a 21.0% increase and indicating a 1.2x rise in inventory levels. In Austin city proper, this increase in inventory is even more pronounced, showing a 1.5x surge.


      Pricing Analysis: The average listing price for active homes in the Austin-Area MLS has seen a slight uptick to $559,436, a 0.6% increase from the previous year's $556,225. The average sold price also shows growth, now at $537,003, up 1.0% from last year. However, the median sold price has decreased by 2.2% to $430,000. The median active listing price has similarly declined by 1.3% to $449,000. In contrast, the City of Austin has experienced a 4.7% year-over-year increase in the median sold price, now at $554,750.


      City and Regional Dynamics: Austin has seen an 8.0% increase in total sales, from 2,515 to 2,715. The Months of Inventory in Austin have significantly increased by 52.7%, from 2.50 to 3.81 months. The average active listing price in Austin has risen by 1.6% to $745,939, while the median active price has seen a more substantial increase of 4.9% to $577,000. The average sold price in Austin is $713,627, showing a 2.1% increase.


      City and Zip Code Statistics: Among the 30 cities in Central Texas, 37% have reported month-over-month price increases, while 53% have seen decreases. Year over year, 40% of cities have experienced price increases, against 60% with decreases. In the 75 zip codes of Central Texas, 33% have seen month-over-month price increases, and 53% have experienced decreases. On a year-over-year basis, 37% of zip codes have witnessed price increases, while 63% have seen decreases. None of the cities or zip codes have reported an increase in price from the peak in the past 12 months, with 27 cities and 74 zip codes showing decreases.


      Sales vs. List Price: The sales-to-list price ratio currently stands at 96.56%. This month, 72.50% of all sold properties sold under the list price, an increase from last month's 66.81%. Properties sold at list price make up 18.45%, a decrease from last month's 21.00%. Those sold over list price represent 9.05%, down from last month's 12.18% and slightly below January 2023's 9.71%.


      The report below is over 570 pages and goes deeper into all 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.

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      Austin Area Residential Sales Insights

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