Austin Real Estate Weekly Market Update - October 24, 2024

by: Team Price Real Estate, Austin's leading data analysis brokerage, where data drives exceptional service
Published on: Thursday, October 24, 2024 at 11:51 am

Updated Market Overview

The Austin-area MLS has experienced significant growth in active listings over the past year, with a 16.9% increase. In 2023, there were 13,135 active listings, and in 2024, that number has risen to 15,353. This growth in housing inventory is also reflected in the Months of Inventory metric, which measures how long it would take to sell all current listings at the current sales pace. The Months of Inventory has risen from 4.60 months in 2023 to 5.32 months in 2024, marking a 15.6% increase. This rise in inventory highlights a shift in the Austin-area housing supply.

Pricing Dynamics in Austin Real Estate

Pricing trends in the Austin-area MLS show mixed results over the past year. The average active listing price has increased slightly by 1.5%, from $566,640 in 2023 to $575,419 in 2024. However, the median active listing price has decreased by 2.4%, from $445,000 in 2023 to $434,333 in 2024. The average sold price has risen by 0.9% year-over-year, now at $553,972 compared to last year’s $548,776. On the other hand, the median sold price has dropped by 2.3%, moving from $430,000 in 2023 to $420,000 in 2024. These figures indicate that while some properties are selling at higher average prices, the market is also seeing a decline in the median price of homes sold.

City and Regional Dynamics

In the City of Austin, the real estate market is experiencing an increase in both listings and inventory. The number of active listings has grown by 11.2%, from 3,878 in 2023 to 4,313 in 2024. Months of Inventory in the city has also increased, from 4.60 months in 2023 to 5.44 months in 2024, a rise of 18.3%. Despite higher inventory, the average active price in the city has increased by 6.9%, now at $800,951 compared to last year’s $749,051. The median active price has risen by 2.4%, from $585,000 in 2023 to $599,000 in 2024. The average sold price in Austin is up by 5.9% year-over-year, currently at $765,861, while the median sold price has risen by 3.8%, from $568,554 in 2023 to $590,000 this year.

Central Texas Cities and Zip Code Analysis

In Central Texas, price trends are varied across cities and zip codes. Among the 30 cities analyzed, 47% reported month-over-month price increases, while the other 47% saw price decreases. Year-over-year, 57% of the cities recorded price growth, while 43% experienced price declines. Over the past 12 months, none of the 30 cities reached new peak values, and all have seen decreases from their highest points. Similarly, when examining the 75 zip codes in Central Texas, 43% reported month-over-month price growth, while 57% experienced declines. Year-over-year, 43% of the zip codes showed price increases, while 57% reported price decreases. Like the cities, none of the zip codes reached new peak values in the past year, and 72 of the 75 zip codes saw price drops.

Sales vs. List Price Analysis

In the Austin-area MLS, the average sold price to list price ratio currently stands at 97.10%. This month, 69.05% of properties sold below list price, a slight increase from 67.59% last month. Properties selling at list price account for 20.24% of sales, down slightly from 20.81% last month. Meanwhile, properties selling above list price make up 10.71% of sales, a decrease from last month’s 11.60%. Last October, the percentage of properties selling above list price was higher, at 12.97%.

Peak Value Analysis: Austin-Area MLS

In the Austin-area MLS, current prices remain below their peak levels. The average list price reached its highest point in March 2023, at $708,954, but has since decreased by 3.5%, now at $684,137. The median list price peaked in May 2022 at $539,900 and has dropped by 13.9%, now sitting at $465,000. The average sold price peaked in May 2022 at $664,515 but has since declined by 14.0%, now at $571,267. Similarly, the median sold price has dropped by 20.1% from its May 2022 peak of $538,000, now at $429,990. Both the average and median sold prices per square foot have also seen declines from their peak levels, down 19.8% and 21.1%, respectively.

Peak Value Analysis: City of Austin

In the City of Austin, the average list price peaked in October 2024 at $947,796, where it currently remains. The median list price, however, peaked in May 2022 at $658,589 and has since fallen by 9.7%, now at $595,000. The average sold price reached its highest point in May 2022 at $847,583 but has since dropped by 6.3%, now at $794,233. The median sold price has also declined by 13.6% from its May 2022 peak of $680,000, now sitting at $587,600. Both the average and median sold prices per square foot in the City of Austin have decreased from their highest levels, down 18.1% and 20.4%, respectively.

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 data illustrates that while inventory has grown across both the Austin-area MLS and the City of Austin, prices have generally declined, reflecting wider trends within the Central Texas real estate market over the past year. The following report, with over 700 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.​