Austin Real Estate Weekly Market Update - October 10, 2024
by: Team Price Real Estate, Austin's leading data analysis brokerage, where data drives exceptional service
Published on: Thursday, October 10, 2024 at 8:24 am
Updated Market Overview
The Austin-area MLS has seen a significant increase in active listings over the past year, rising by 16.2%, from 13,135 listings in 2023 to 15,262 listings in 2024. This increase in the number of available homes has also impacted the Months of Inventory, a metric that indicates how long it would take to sell all current listings at the existing sales pace. In 2023, the Months of Inventory was 4.60 months; now, it has grown to 5.36 months, marking a 16.5% increase. This expansion in inventory reflects a notable shift in the housing supply within the Austin area over the past year.
Pricing Dynamics in Austin Real Estate
In terms of pricing, the Austin-area MLS has experienced a decrease in both average and median active listing prices. The average active listing price fell by 2.3%, moving from $581,435 in 2023 to $567,919 in 2024. The median active listing price also dropped, going from $449,999 to $429,320, representing a 4.6% decline. The average sold price this year is currently $546,677, down by 2.8% from $562,520 in 2023, while the median sold price has fallen by 4.1%, from $438,072 to $420,000. These figures highlight a general decline in listing and sales prices within the Austin-area MLS market over the past year.
City and Regional Dynamics
Within the City of Austin, the number of active listings has increased by 13%, from 3,878 in 2023 to 4,382 in 2024. The Months of Inventory in the city also rose significantly from 4.60 months to 5.49 months, reflecting a 19.2% growth in housing supply. However, prices in the city have remained resilient. The average active price in Austin rose by 1.2% year over year, reaching $779,746, while the median active price grew by 1.5%, now at $599,000. The average sold price in the city also experienced a slight increase, rising by 0.7% to $746,111, while the median sold price went up by 1.7%, now standing at $584,500. Despite the higher inventory, pricing in the City of Austin has shown some stability compared to the larger Austin-area market.
Central Texas Cities and Zip Code Analysis
Across Central Texas, pricing trends show variability among cities and zip codes. Out of the 30 cities analyzed, 43% reported month-over-month price increases, while 50% saw price decreases. Year-over-year comparisons reveal that 47% of cities experienced price growth, whereas 53% recorded declines. Over the past 12 months, none of the cities in Central Texas have seen prices exceed their previous peak levels, with 29 cities experiencing a decline from their peak values.
A similar trend is evident when examining the 75 zip codes across Central Texas. Of these, 45% reported month-over-month price growth, while 52% saw price declines. Year-over-year, 44% of zip codes recorded price increases, whereas 56% saw decreases. Over the past 12 months, 72 zip codes have reported a decline in prices from their peak, with none reaching new peak levels.
Sales vs. List Price Analysis
The average sold price to list price ratio in the Austin-area MLS currently stands at 97.21%. So far this month, 64.61% of all sold properties have sold below their list price, showing a slight improvement from the 65.19% seen last month. Properties selling at list price make up 22.23% of sales, up from 21.12% in the prior month. Meanwhile, 13.16% of properties have sold above the list price, a slight decrease from 13.69% last month. In comparison, 15.56% of properties sold above list price in July 2023.
Peak Value Analysis: Austin-Area MLS
When examining current prices relative to their peak values, the Austin-area MLS has experienced declines across multiple pricing metrics. The average list price reached its peak in March 2023 at $708,959, but has since fallen to $685,908, marking a 3.3% decrease. The median list price peaked in May 2022 at $539,900 and has dropped by 13.9%, now at $465,000. The average sold price hit its highest point in May 2022 at $664,515 and has since declined by 11.5%, now sitting at $587,771. Similarly, the median sold price fell by 19.1%, from its peak of $538,000 in May 2022 to $435,000. Both the average and median sold price per square foot have also dropped significantly from their peak levels, with the average decreasing by 20.1% and the median by 20.0%.
Peak Value Analysis: City of Austin
In the City of Austin, the average list price reached its highest point in October 2024 at $991,906. Currently, the list price remains at this peak level. The median list price, however, peaked in May 2022 at $658,589 and has dropped by 8.9%, now sitting at $599,950. The average sold price peaked in May 2022 at $847,583 but has since fallen by 5.4%, now at $801,856. The median sold price also saw a decline of 11.4%, moving from its peak of $680,000 in May 2022 to $602,500. In terms of price per square foot, both the average and median metrics have decreased from their peak levels, with the average down by 19.0% and the median down by 20.9%.
Overall, while inventory levels have grown across the Austin-area MLS and City of Austin, the data indicates various shifts in pricing and supply, reflecting broader trends within the Central Texas real estate market.
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 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.
