Austin Real Estate Weekly Market Update - July 04, 2024

by: Team Price Real Estate, Austin's leading data analysis brokerage, where data drives exceptional service
Published on: Thursday, July 04, 2024 at 9:46 am

Updated Market Overview: In the Austin-area MLS, the total number of active listings has risen from 12,777 in 2023 to 15,760 in 2024, marking a 23.3% increase. This growth has impacted the Months of Inventory, which has expanded from 4.43 to 5.48 months, indicating a 23.7% rise over the same period.

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Pricing Dynamics in Austin Real Estate: Analyzing pricing trends, the average active listing price in the Austin area has decreased by 4.3% to $587,341 compared to $613,428 in the previous year. Similarly, the median active listing price has seen a decrease of 5.3% to $450,000. On the transaction side, the average sold price has decreased by 4.5% to $568,863, while the median sold price has decreased by 4.3% to $445,000.

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City and Regional Dynamics: Within the city limits of Austin, there has been a notable increase in the total number of active listings, rising from 3,967 to 4,990 properties, marking a 25.8% increase. The Months of Inventory metric has increased by 24.7%, from 4.65 to 5.80 months. The average active listing price in the city has seen a decrease of 3.3% to $801,286, while the median price has decreased by 0.6% to $615,000. On the transaction side, the average sold price has decreased by 3.6% to $773,026, and the median sold price has slightly declined by 0.9% to $604,500.

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Central Texas Cities and Zip Code Analysis: Examining pricing trends across Central Texas cities and zip codes reveals varying fluctuations. In a month-over-month comparison, 40% of cities have seen price increases, while 60% have faced decreases. Year-over-year, 17% of cities have encountered price growth, contrasting with 83% experiencing declines. Among the 75 zip codes analyzed, 51% reported monthly price growth, while 49% observed monthly decreases. Year-over-year, 19% of zip codes saw price increases, while 81% faced decreases. From the peak in the past 12 months, no cities or zip codes have seen price increases, while all have decreased.

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Sales vs. List Price Analysis: The sales-to-list price ratio remains relatively stable at 97.51%. However, the distribution of properties sold at, above, or below the list price has shifted slightly. So far this month, 60.18% of properties sold below the asking price, compared to 59.90% in the previous month. Sales at the listed price have remained steady at 22.91%, while those above the listed price account for 16.91% of transactions, down from 17.13% last month.

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Peak Value Analysis: Austin-Area MLS: Analyzing peak values across the Austin-Area MLS indicates mixed trends. Comparing current figures to the peak month in April 2024, the average list price has decreased from $718,843 to $670,130, reflecting a drop of 6.8%. Similarly, the median list price has experienced a decline from $539,900 to $475,000, marking a 12.0% drop. The average sold price has decreased from $664,515 to $567,645, representing a decrease of 14.6%. The median sold price has also seen a decline from $538,000 to $442,620, marking a decrease of 17.7%. Additionally, both the average and median sold prices per square foot have decreased by approximately 19.4% and 19.3%, respectively.

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Peak Value Analysis: City of Austin: Focusing on the City of Austin, the comparison to peak values reveals further insights. In April 2024, the average list price has decreased from $959,177 to $900,571, a drop of 6.1%. The median list price has seen a decline from $658,589 to $614,269, marking a decrease of 6.7%. The average sold price has decreased from $847,583 to $773,539, representing a drop of 8.7%. The median sold price has also declined from $680,000 to $600,000, marking a decrease of 11.8%. Furthermore, both the average and median sold prices per square foot have decreased by approximately 17.6% and 19.1%, respectively.

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.​