Austin Real Estate Weekly Market Update - November 21, 2024
by: Team Price Real Estate, Austin's leading data analysis brokerage, where data drives exceptional service
Published on: Thursday, November 21, 2024 at 9:13 am
Austin The Austin-area real estate market has seen significant changes over the past year, with trends reflecting a shifting dynamic in active listings, pricing, and market activity. Data from the Austin-Area MLS highlights these transformations, providing insight into inventory levels, price adjustments, and buyer behavior.
As of this year, the total number of active listings in the Austin-Area MLS has risen to 13,718, an increase of 9.46% from last year's 12,533 listings. This growth in inventory reflects a more balanced market, with buyers benefiting from a wider range of options. Months of inventory, which measures how long it would take to sell all available homes at the current pace of sales, has also increased by 9.37%, moving from 4.34 months in 2023 to 4.75 months in 2024. In the City of Austin, months of inventory has grown similarly, increasing from 4.27 months to 4.64 months, a rise of 8.58%.
Pricing trends also tell an interesting story. In the Austin-Area MLS, the average list price for active homes is now $569,948, reflecting a year-over-year increase of 2.73%. The median list price, which is less affected by high or low extremes, rose by 1.77%, reaching $437,500. Sold prices follow a similar trend, with the average sold price increasing by 2.32% to $548,868 and the median sold price rising 1.97% to $425,000. However, a closer look at the City of Austin reveals a more nuanced picture. The average list price in Austin increased only slightly, by 0.60%, reaching $777,676, while the median list price decreased by 0.70% to $574,950. Sold prices in the city saw minimal changes, with the average sold price down 0.04% and the median sold price down 0.71% compared to last year.
The market’s pricing dynamics show that most properties are selling below their original list prices. Currently, 69.05% of sold properties are closing at prices under the list price, up from 67.57% last month. Meanwhile, 20.63% of homes are selling at list price, and only 10.32% are selling above list price, reflecting a gradual decline in competitive bidding. This is a stark contrast to October 2023, when 12.97% of homes sold over list price.
Geographical analysis across 30 cities in the Austin-Area MLS reveals diverse trends. Half of these cities reported month-over-month price increases, while 47% experienced price decreases. Over the past year, 40% of the cities have seen year-over-year price gains, while 60% reported declines. This pattern underscores the market's variability, with some cities experiencing stabilization while others remain under pressure from changing demand and inventory levels.
Examining performance at a granular level, among 75 zip codes in the region, 51% saw month-over-month price increases, while 45% saw decreases. Year-over-year data shows that 47% of zip codes have recorded price increases, while 52% have experienced declines. Interestingly, only three zip codes have surpassed their peak prices over the last 12 months, while 72 zip codes remain below their peak.
When comparing current values to market peaks, the data highlights significant price corrections. In the Austin-Area MLS, the median sold price peaked at $538,000 in May 2022 but has since dropped by 20.07% to $430,000. Similarly, the average price per square foot fell by 20.99%, from $324 to $256. The City of Austin reflects similar declines. The median sold price peaked at $680,000 in May 2022 and has since fallen by 15.07% to $577,500. The average price per square foot decreased by 18.55%, from $442 to $360.
This updated analysis provides a 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 following report, with over 800 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.
