Austin Real Estate Market Analysis - March 28, 2024

by: Team Price Real Estate, Unmatched Agents, Unrivaled Insights
Published on: Thursday, March 28, 2024 at 11:23 am

Updated Market Overview: Over the past year, the Austin-area MLS has seen a notable increase in active listings. In March 2023, there were 10,810 active listings, and today, that number has risen to 11,617, marking a 7.5% increase. This surge in listings suggests a potential shift in the market landscape. Additionally, the Months of Inventory metric, indicating the supply of homes relative to demand, has expanded by 21.2%, climbing from 2.90 to 3.52 months.

Pricing Dynamics in Austin Real Estate: Analyzing pricing trends, the average active listing price in the Austin area has risen to $578,465, reflecting a 3.5% increase from the previous year. Similarly, the median active listing price has experienced a modest uptick of 1.1% to $444,990. On the transaction side, the average sold price has seen a notable increase of 3.8% to $562,402, with the median sold price also showing a modest rise of 1.2% to $430,000.

City and Regional Dynamics: Zooming into Austin's city limits, there has been a 12.5% increase in the total number of active listings, rising from 2,977 to 3,349 properties. Despite this increase, there has been a substantial surge in the Months of Inventory, climbing by 44.4% from 2.31 to 3.33 months. However, both average and median active listing prices in the city have experienced growth, with the average price rising by 5.3% to $789,629, and the median price showing a modest increase to $575,000.

Central Texas Cities and Zip Code Analysis: Examining pricing trends across Central Texas cities and zip codes, fluctuations vary. In the month-over-month comparison, 50% of cities have seen price increases, while 50% have faced decreases. Year-over-year, 33% of cities have encountered price growth, contrasting with 63% experiencing declines. Similarly, among the 75 zip codes analyzed, 53% reported monthly price growth, while 45% observed annual increases.

Sales vs. List Price Analysis: The sales-to-list price ratio remains relatively stable at 97.76%. However, the distribution of properties sold at, above, or below the list price has shifted slightly. This month, 62.57% of properties sold below the asking price, compared to 65.65% in the previous month. Conversely, sales at the listed price have decreased to 21.27%, while those above the listed price account for 16.16% of transactions.

Peak Value Analysis: Austin-Area MLS: Analysis of peak values indicates mixed trends across the Austin-Area MLS. Comparing current figures to the peak month in March 2024, the average list price remains relatively unchanged at $738,808. However, the median list price has experienced a slight decrease from $539,900 to $499,000, representing a 7.58% drop. Similarly, the average sold price has decreased from $664,515 to $574,429, reflecting a decline of 13.56%. The median sold price has also seen a decrease from $538,000 to $437,398, marking a 18.70% reduction.

Peak Value Analysis: City of Austin: Focusing on the City of Austin, the comparison to peak values reveals further insights. In March 2024, the average list price remained steady at $993,233, while the median list price also stayed unchanged at $675,000. However, the average sold price has experienced a decrease from $847,583 to $772,717, representing a decline of 8.83%. The median sold price has also seen a decrease from $680,000 to $580,750, marking a 14.60% reduction. Furthermore, both the average and median sold prices per square foot have decreased by approximately 16.52% and 18.83%, respectively.

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.