Austin Real Estate Weekly Market Update - October 17, 2024
by: Team Price Real Estate, Austin's leading data analysis brokerage, where data drives exceptional service
Published on: Thursday, October 17, 2024 at 2:38 pm
Updated Market Overview
The Austin-area MLS has experienced a notable rise in active listings over the past year, increasing by 16.7% from 13,135 listings in 2023 to 15,328 listings in 2024. This increase in housing inventory has also impacted the Months of Inventory, which reflects how long it would take to sell all current listings at the present sales pace. The Months of Inventory has grown from 4.60 months in 2023 to 5.32 months this year, a 15.5% increase. This rise in inventory shows a shift in housing supply within the Austin-area MLS over the last year.
Pricing Dynamics in Austin Real Estate
Over the past year, the Austin-area MLS has seen a decrease in both the average and median active listing prices. The average active listing price has dipped slightly by 0.5%, from $574,191 in 2023 to $571,483 in 2024. The median active listing price has dropped more significantly, falling by 4.4%, from $449,985 to $429,995. The average sold price this year is $550,072, which is down by 1.0% from last year’s $555,817. Additionally, the median sold price is $420,000, reflecting a 3.4% decrease from $435,000 in 2023. These figures indicate an overall decline in listing and sales prices across the Austin-area MLS.
City and Regional Dynamics
In the City of Austin, active listings have grown by 13.2%, moving from 3,878 in 2023 to 4,391 in 2024. Months of Inventory has risen from 4.60 months last year to 5.45 months this year, marking an 18.4% increase. The average active price in the city has climbed by 5.2%, reaching $797,724 in 2024, while the median active price remains stable at $599,000. Austin’s average sold price also saw an increase, up 4.4% year-over-year, now at $762,866. The median sold price experienced a smaller rise, going up by 0.9%, from $580,000 to $585,000. Despite higher inventory, prices in the City of Austin have shown stability, contrasting with the broader Austin-area market.
Central Texas Cities and Zip Code Analysis
In Central Texas, price trends show variation among different cities and zip codes. Among the 30 cities analyzed, 47% recorded month-over-month price increases, while 47% saw price decreases. Year-over-year, 57% of the cities reported price growth, while 43% experienced declines. Over the past 12 months, all 30 cities have seen a decrease from their peak values. Examining the 75 zip codes in Central Texas, 45% reported month-over-month price growth, and 53% experienced declines. Year-over-year, 41% of the zip codes recorded price increases, while 59% showed decreases. In the last 12 months, none of the zip codes have reached new peak levels, and 72 have seen price drops.
Sales vs. List Price Analysis
The average sold price to list price ratio across the Austin-area MLS is currently 97.15%. This month, 68.72% of properties sold below list price, showing a slight increase from last month’s 67.60%. Meanwhile, properties selling at list price account for 20.08% of sales, a slight decrease from 20.78% the previous month. Properties selling above list price make up 11.19% of sales this month, down from 11.63% last month. In comparison, the percentage of properties selling above list price was higher last October, at 12.97%.
Peak Value Analysis: Austin-Area MLS
In the Austin-area MLS, current prices remain below peak levels across various metrics. The average list price peaked in March 2023 at $708,954 but has since decreased by 3.4%, now at $685,149. 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 reached its highest in May 2022 at $664,515 and has since declined by 12.8%, now at $579,371. Similarly, the median sold price has dropped by 20.1% from its May 2022 peak of $538,000, now at $430,000. Both the average and median sold price per square foot have also seen declines from their peak levels, down 19.4% and 20.7%, respectively.
Peak Value Analysis: City of Austin
In the City of Austin, the average list price reached a peak in October 2024 at $950,699, where it remains today. The median list price peaked in May 2022 at $658,589 and has since fallen by 8.9%, now at $599,850. The average sold price peaked in May 2022 at $847,583 and has dropped by 3.8%, now at $815,734. The median sold price has also seen a decline of 15.3% from its May 2022 peak of $680,000, now at $576,000. The average and median sold prices per square foot have decreased by 16.7% and 19.1%, respectively, from their highest levels in 2022.
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.
