Austin Real Estate Weekly Market Update - September 19, 2024
by: Team Price Real Estate, Austin's leading data analysis brokerage, where data drives exceptional service
Published on: Thursday, September 19, 2024 at 8:51 am
Updated Market Overview
The Austin-area MLS has seen a 12.8% increase in active listings over the past year, growing from 13,288 in 2023 to 14,983 in 2024. This rise in listings has affected the Months of Inventory, which measures how long it would take to sell all available homes at the current sales pace. The Months of Inventory has increased from 4.60 months in 2023 to 5.19 months in 2024, reflecting a 12.8% rise. This suggests there is more housing supply available to buyers compared to the previous year.
Pricing Dynamics in Austin Real Estate
When it comes to pricing, the Austin-area MLS has experienced declines in both average and median active prices. The average active listing price dropped by 3.9%, from $592,967 in 2023 to $570,107 in 2024. The median active price fell by 4.4%, from $454,900 to $434,995. On the sold side, the average sold price has decreased by 4.0%, moving from $572,847 in 2023 to $549,845 in 2024. The median sold price has also fallen, dropping by 4.5% from $445,000 to $424,995.
City and Regional Dynamics
Within the city limits of Austin, the total number of active listings has grown by 14.1%, rising from 3,923 in 2023 to 4,478 in 2024. The Months of Inventory has also increased, going from 4.60 months in 2023 to 5.21 months in 2024, marking a 13.3% rise. Despite the increase in inventory, home prices in the city have risen. The average active price in Austin has gone up by 0.8%, reaching $779,231, and the median active price has grown by 4.1%, now sitting at $609,000. On the sales side, the average sold price in the city has increased by 0.7% to $748,121, and the median sold price has risen by 3.5%, now at $595,000.
Central Texas Cities and Zip Code Analysis
Across Central Texas, pricing trends continue to vary by city and zip code. Out of the 30 cities analyzed, 43% experienced month-over-month price increases, while 53% saw price decreases. Year-over-year, 43% of cities reported price growth, while 57% experienced declines. None of the cities analyzed have experienced price increases from their peak values in the past 12 months, and all 30 have seen price decreases from their highest points.
When looking at zip codes, 52% of the 75 zip codes analyzed reported month-over-month price growth, while 45% saw declines. Year-over-year, 44% of zip codes experienced price increases, while 55% saw decreases. Similar to the cities, none of the zip codes have reached new peak values, and 70 of them have experienced declines from their peak prices.
Sales vs. List Price Analysis
The average sold price to list price ratio in the Austin-area MLS currently stands at 97.29%. So far this month, 64.62% of properties have sold below the list price, which is slightly down from 65.14% last month. Properties selling at the list price make up 22.13% of transactions, a slight increase from 21.13% last month. Properties sold above the list price account for 13.25% of sales, down slightly from 13.72% last month. For comparison, in July 2023, 15.56% of properties sold above the list price, indicating a steady decline in over-list price sales.
Peak Value Analysis: Austin-Area MLS
When comparing current figures to their peak values, the Austin-area MLS has seen notable declines. The average list price reached its peak in April 2024 at $710,148 but has since fallen to $661,320, a decrease of 6.9%. The median list price peaked in May 2022 at $539,900 and has dropped by 14.7%, now at $460,310. The average sold price reached its highest point in May 2022 at $664,515 but has since fallen by 17.1%, now sitting at $550,826. The median sold price has seen a larger drop, decreasing by 20.9% from its peak of $538,000 in May 2022 to $425,501 today. Both the average and median sold price per square foot have also dropped, with the average decreasing by 21.6% and the median by 21.8% from their peak levels.
Peak Value Analysis: City of Austin
Within the city of Austin, the average list price reached its peak in April 2024 at $949,211 and has since slightly decreased to $930,172, reflecting a 2.0% drop. The median list price peaked in May 2022 at $658,589 and has since dropped by 4.5%, now at $628,911. The average sold price hit a peak of $847,583 in May 2022 but has since fallen by 12.5% to $741,796. The median sold price has dropped by 15.2%, falling from its peak of $680,000 in May 2022 to $576,600. The average sold price per square foot has decreased by 21.7%, while the median sold price per square foot has fallen by 22.9% from their peak values.
This updated data reflects the current state of the Austin-area real estate market and provides insight into how inventory and pricing trends are evolving. 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.
