Austin Real Estate Weekly Market Update - September 05, 2024
by: Team Price Real Estate, Austin's leading data analysis brokerage, where data drives exceptional service
Published on: Thursday, September 05, 2024 at 3:31 pm
Updated Market Overview
The Austin-area MLS has seen an 11.7% increase in active listings over the past year, rising from 13,286 in 2023 to 14,841 in 2024. The Months of Inventory, a measure of how long it would take to sell all available homes at the current sales pace, has also grown from 4.60 months in 2023 to 5.19 months in 2024, an increase of 12.8%. This suggests that more homes are available for buyers, impacting the overall balance between supply and demand in the market.
Pricing Dynamics in Austin Real Estate
When it comes to pricing, the Austin-area MLS has experienced a slight decline in both average and median active prices. The average active listing price has dropped by 1.3%, from $592,411 in 2023 to $584,849 in 2024. The median active price saw a larger decrease of 4.4%, falling from $455,456 to $435,357. On the sold side, the average sold price has decreased by 1.5% year-over-year, dropping from $572,693 to $564,107, while the median sold price fell by 4.5%, from $445,000 to $425,000.
City and Regional Dynamics
Within the city limits of Austin, the total number of active listings has increased by 12.8%, rising from 3,922 in 2023 to 4,425 in 2024. The Months of Inventory metric has also grown, moving from 4.60 to 5.28 months, representing a 15% increase. Despite the rise in inventory, both average and median active listing prices in the city have increased. The average active price is up 4.5%, reaching $805,343, while the median active price has grown by 4.4%, hitting $615,000. On the sales side, the average sold price has risen by 4.2% to $772,138, and the median sold price is up 4.0%, now at $599,993.
Central Texas Cities and Zip Code Analysis
Across Central Texas, price trends have varied by city and zip code. Month-over-month, 47% of the 30 cities analyzed experienced price increases, while 53% saw price decreases. Year-over-year, 40% of cities saw price growth, and 60% experienced declines. Among the 75 zip codes studied, 39% reported month-over-month price growth, while 61% faced decreases. Year-over-year, 36% of zip codes saw price increases, while 64% experienced declines. Notably, no cities or zip codes have seen price increases from their peak in the past 12 months, with all experiencing decreases.
Sales vs. List Price Analysis
The average sold price to list price ratio in the Austin-area MLS currently sits at 97.17%. So far this month, 64.54% of sold properties have sold under the list price, compared to 65.29% last month. Properties sold at the list price account for 22.49% of transactions, up from 21.10% last month, while 12.97% of properties have sold over the list price, down from 13.61% last month. In July 2023, 15.56% of properties sold above the list price, reflecting a slight decrease in over-list sales.
Peak Value Analysis: Austin-Area MLS
When comparing current figures to the peak values, the Austin-area MLS has experienced some notable declines. The average list price reached its peak in September 2024 at $752,687, with no change reported since then. However, the median list price saw a significant drop, decreasing from its peak of $539,900 in May 2022 to $459,500, a 14.9% decrease. The average sold price reached its peak in May 2022 at $664,515 and has since fallen to $547,205, a drop of 17.6%. The median sold price also declined from its peak of $538,000 in May 2022 to $408,000, a decrease of 24.2%. Both average and median sold prices per square foot have dropped as well, with the average down 25.3% and the median down 25%.
Peak Value Analysis: City of Austin
Within the city of Austin, the average list price reached its peak in September 2024 at $1,216,984, and the median list price also peaked at $699,900 during the same month, with no reported changes since. The average sold price hit a peak of $847,583 in May 2022 but has since decreased to $747,334, a drop of 11.8%. The median sold price peaked at $680,000 in May 2022 and has since fallen to $645,000, marking a 5.1% decrease. The average sold price per square foot has decreased by 20.4% from its peak, while the median sold price per square foot has fallen by 14.2%. These figures show a downward trend in property values since their peak levels in the Austin market.
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.
