Analyzing Year-Over-Year Changes in Active Real Estate Listings for 2024 In 2024, the real estate market in the Austin area has shown significant fluctuations in the <a href="https://teamprice.com/active-residential-listings">number of active listings</a> compared to the previous year. This data-driven analysis provides a detailed look at the percentage changes in <a href="https://teamprice.com/active-residential-listings">active listings year over year</a> (YoY) for each day from March through December. These insights can help buyers, sellers, and agents understand market activity trends and make informed decisions. <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241220111626.png" alt="" width="" height="" style=""></figure></div> In early March 2024, active listings were up by approximately 13% compared to the same period in 2023. For instance, on March 4th, the year-over-year percentage increase stood at 13.07%. The trend gradually rose to 14.41% by March 6th, and by March 15th, it reached 16.31%. The end of March saw even higher increases, peaking at 18.76% on March 28th. This indicates a steady rise in available homes for sale during the first quarter. April continued the upward trend with notable growth. On April 5th, active listings increased by 21.01% YoY. By mid-April, the market saw jumps of over 25%, reaching 27.97% on April 19th. Toward the end of the month, on April 26th, active listings saw a substantial 31.44% increase compared to 2023. These figures suggest that more sellers were putting their homes on the market as the spring season progressed, a common pattern in real estate markets. May 2024 recorded some of the highest year-over-year changes. On May 3rd, active listings were up by 32.55%, and by May 10th, they surged to 33.90%. These numbers reflect increased seller confidence and possibly slower buyer demand, leading to higher inventory levels. By the end of May, the percentage change remained strong, with a 31.90% increase on May 31st. June showed a slight decline compared to May, but active listings remained well above 2023 levels. The highest YoY change in June was 30.69% on June 14th. By June 28th, the percentage change was 30.54%. These consistent increases suggest that the market was holding steady with more properties available compared to the previous year. July maintained a similar pattern, with year-over-year changes hovering between 28% and 32%. On July 4th, active listings increased by 32.37%. However, by the end of the month, the percentage change dipped slightly to 28.93% on July 29th. This indicates a possible seasonal slowdown in listings toward the end of summer. In August, the YoY increase in active listings began to decline. On August 2nd, the market saw a 27.10% increase, and by August 19th, it fell to 25.18%. The downward trend continued into September, with percentage changes dropping below 20% by the end of the month. For example, on September 30th, active listings were up only by 20.29% compared to the previous year. These declines may reflect seasonal trends or a shift in market dynamics, with fewer new listings coming on the market. October saw continued declines, with active listings showing a 17.06% YoY increase on October 7th. By October 31st, the increase was down to 15.84%. The trend of declining YoY percentage changes persisted through November and December. On December 2nd, active listings showed an 11.78% increase compared to 2023, reflecting a significant slowdown in new listings as the year closed. This detailed data on year-over-year changes in active listings highlights how the real estate market in 2024 has been more favorable for buyers, with higher inventory levels throughout much of the year. Understanding these trends helps buyers, sellers, and agents navigate the market and make informed decisions based on current conditions.&nbsp;

Discover how Austin's real estate market performed in 2024 with a detailed analysis of year-over-year percentage changes in active listings. Track daily trends from March to December and gain valuable insights for buyers, sellers, and agents

Austin Real Estate Trends 2024: Year-Over-Year Active Listings Analysis

Austin MLS Reports 10,733 Withdrawn &amp; Expired Listings by October 2024: What It Means The real estate market in the Austin area is seeing significant changes in 2024, particularly when it comes to properties that have been withdrawn or expired from the Multiple Listing Service (MLS). Between January and October 10, 2024, the cumulative total of withdrawn and expired listings has reached an impressive 10,733, marking a notable increase of 5.7% compared to the same period last year. This figure is anticipated to grow as more listings are added for the rest of October, with an expected rise of at least another 500 listings before the month ends. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241010103847.png" alt="" width="" height="" style=""></figure></div> This trend reveals a growing challenge in the Austin real estate market, especially as it stands 7.9% above the historical average for withdrawn and expired listings. Withdrawn listings occur when a seller or listing broker decides to remove a property from the MLS. While the listing agreement may still be active, the property is withdrawn from public viewing, or the agreement might be prematurely ended. An expired listing, on the other hand, happens when the listing agreement has reached its term without the property selling, signaling that it didn’t find a buyer within the specified timeframe. The 2024 numbers also represent a significant threefold increase in withdrawn and expired listings since 2021. This change is likely a reflection of broader shifts in market conditions, such as rising interest rates and evolving buyer behaviors that have impacted overall demand and affordability. Sellers in the Austin area may be finding it more challenging to attract buyers, potentially prompting a higher number of properties to be removed from the market or left unsold as listing agreements expire. These elevated levels of withdrawn and expired listings suggest a growing unease among sellers, as properties are staying on the market longer or are unable to attract buyers. This situation could be signaling a shift towards a more balanced or even cooling market, compared to the rapid growth seen in previous years. For those watching the Austin real estate market, these trends indicate that the conditions are becoming less favorable for sellers, with an increasing number of properties not reaching a successful sale. As October progresses, it will be essential to keep an eye on how these numbers evolve. Given the current pace, it is plausible that withdrawn and expired listings will continue to climb. For buyers, this trend could potentially create more opportunities as sellers reassess their listing strategies, while sellers may need to adjust their expectations in response to a shifting market landscape. The data from 2024 provides a clear picture of the evolving real estate dynamics in Austin and offers valuable insights for anyone involved in the market.&nbsp;​

Explore the latest data on Austin's real estate market, where withdrawn and expired listings have surged to 10,733 by October 2024. This article examines the causes and implications for buyers and sellers, as listings are up 5.7% year-over-year, marking a threefold increase since 2021. Find out what this means for Austin’s market outlook

Why Withdrawn and Expired Listings Are Rising in Austin: October 2024 Update

How Mortgage Rates and Home Prices Are Improving&nbsp;&nbsp;<a href="https://teamprice.com/affordability">Affordability in Austin</a> September 19, 2024 : The housing market in the Austin area has seen some relief for homebuyers in 2024, thanks to a combination of decreasing home prices and improved mortgage rates. According to the latest data from Team Price Real Estate, the Monthly Mortgage Payment (PITI) — which includes principal, interest, taxes, and insurance — has dropped to $3,161 in September 2024. This figure is calculated using the median sold price for that month with a 20% down payment and the 30-year mortgage rate. This is a significant improvement compared to the previous years, offering more <a href="https://teamprice.com/affordability">affordability</a>&nbsp;for potential buyers in the region. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240919022832.png" alt="" width="" height="" style=""></figure></div> The Austin real estate market has been turbulent over the last few years, with 2022 marking a particularly challenging time for homebuyers. During that year, monthly mortgage payments peaked in May at $3,767, and the average payment for the entire year was $3,476. This surge was driven by a combination of high property prices and rising mortgage rates, which made it increasingly difficult for buyers to afford homes in the area. In 2023, there were some fluctuations in the monthly mortgage payments, ranging from $3,207 in February to $3,617 in June. The average mortgage payment for that year was $3,443, which still reflected elevated prices, but with some signs of stabilization in the market. By the beginning of 2024, the data shows a further improvement. In January 2024, the monthly mortgage payment stood at $3,244, and by September 2024, it had declined to $3,161. This decline represents the ongoing efforts to balance out the supply and demand in the Austin real estate market, with home prices dropping and mortgage rates slightly easing. In particular, the improved mortgage rates in 2024 have played a major role in helping homebuyers. While interest rates remain higher than the historic lows seen in 2020 and early 2021, they have dropped from the peak levels of 2022. This means that buyers are now able to secure slightly better mortgage rates, which directly impacts their monthly payments. Coupled with lower home prices, this has provided significant relief, making homeownership more achievable for a wider range of buyers. Looking back, the trends in the Austin housing market highlight the dramatic shifts in <a href="https://teamprice.com/affordability">affordability</a>. For example, in 2021, the monthly mortgage payment started at $2,087 in January and rose throughout the year, peaking at $2,782 in December. This upward trend continued in 2022, with the monthly payment reaching an all-time high of $3,767 in May before gradually easing toward the end of the year. In 2023, the market saw more stable conditions, though the monthly payments still remained above $3,200 for most of the year. The improvements in 2024 have been more pronounced, offering a break for potential buyers who may have been priced out of the market in the previous years. The September 2024 figure of $3,161 is not only lower than the peak levels of 2022 but also lower than many months in 2023. This trend of decreasing monthly payments is a welcome development for the Austin real estate market, which has been one of the most competitive in the country. Despite the improvements, it's important to note that the Austin housing market remains expensive compared to pre-pandemic levels. For context, in 2019, the average monthly mortgage payment was $1,954, significantly lower than what buyers face today. However, the recent improvements in both home prices and mortgage rates have made a noticeable difference, offering a better financial picture for buyers in 2024. As the market continues to evolve, it’s clear that buyers are benefiting from the current trends. Lower home prices and improved mortgage rates have combined to reduce the monthly financial burden on buyers, making homeownership more accessible. While prices are still high compared to historical averages, the downward trend is a positive sign for those looking to enter the Austin housing market.

Discover how declining home prices and improved mortgage rates are making homeownership more affordable in the Austin area. Learn about the latest trends in Monthly Mortgage Payments (PITI) and what they mean for potential buyers in 2024

Austin Housing Market Sees Decline in Monthly Mortgage Payments in 2024

2024 Austin Real Estate: Sold Properties per 100,000 Population Fall 20.8%​September 16, 2024 : The Austin real estate market, spanning six counties—Travis, Williamson, Bastrop, Hays, Caldwell, and Burnet—has experienced a noticeable slowdown in 2024. From January to September, the cumulative number of sold properties per 100,000 population is down by 20.8% compared to historical averages. This significant decline points to a cooling market, with fewer transactions taking place despite the area's consistent population growth. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240917122840.png" alt="" width="" height="" style=""></figure></div> The data provided tracks property sales over several years, offering insight into the market’s trajectory. For instance, in 2021, the cumulative sold properties per 100,000 population reached as high as 1,572.1. In contrast, 2024 has seen this figure drop to 1,070.9—a clear sign of weakened sales activity. Even in 2022, the number of cumulative sold properties was 1,266.3, still notably higher than this year. This stark comparison demonstrates a sizable decrease in buyer demand or market activity, resulting in the 20.8% reduction. Monthly data shows fluctuations in the real estate market, with some months performing better than others. For example, the percentage decline in sales density ranged from a modest drop of 2.3% to a significant dip of 21.4% during certain periods. These variations suggest that while some months experienced relatively better performance, the overall trend has been negative, especially when considering longer-term averages. Looking back at past years, the trend has generally been more favorable, with cumulative sold properties per 100,000 population consistently averaging above 1,200 in most cases. Even in 2020, the number of sold properties was higher than the current year. The sharp decline in 2024 indicates that the market has faced new challenges, which have resulted in a significant drop in the number of properties sold. The data reveals that this decline is not an isolated incident but rather part of a larger trend in the Austin real estate market. While some months in previous years saw small declines, the overall direction was still positive, with the market maintaining sales volumes above 1,200 properties per 100,000 population. However, in 2024, the cumulative number of sold properties has consistently lagged behind, signaling a notable shift in market dynamics. Real estate agents, buyers, and sellers should take note of this shift as it may signal broader economic or market-specific factors affecting buyer demand. The Austin area, which has seen a robust real estate market in recent years, now faces a downturn that may impact future pricing trends and investment opportunities. Understanding the data behind this decline can help all parties navigate the changing landscape of the Austin real estate market. As we approach the end of 2024, it will be crucial to monitor whether this downward trend continues or if the market stabilizes. For now, the numbers suggest that the Austin real estate market has cooled considerably, with a 20.8% decrease in cumulative sold properties per 100,000 population being the most telling indicator of this shift.

Discover why the Austin real estate market saw a 20.8% drop in sold properties per 100,000 population from January to September 2024. Explore detailed data and trends affecting the six-county region, including Travis, Williamson, and Bastrop counties.

Austin Real Estate Market Decline: Cumulative Sold Properties Drop 20.8% in 2024

New Construction Listings in Austin Show Price Adjustments as Market Shifts As of September 12, 2024, the Austin real estate market features 696 new construction listings, reflecting a notable trend of price adjustments across a variety of neighborhoods and builders. With Austin continuing to be a hotspot for both buyers and developers, tracking price movements in the new construction sector offers critical insights into the current market dynamics. Many properties in Austin's new construction market are experiencing price reductions, signaling a possible correction in pricing strategies. Among the 696 listings, a significant number of properties have seen a decrease in their listing price, with reductions ranging from minor adjustments to more substantial drops. Homes priced between $400,000 and $600,000 made up a large portion of the market, with 288 listings showing some form of price reduction, accounting for 41.4% of the total. Meanwhile, the upper end of the market, including homes priced at $1 million and above, also experienced downward adjustments, though at a lower frequency. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240915035708.png" alt="" width="" height="" style=""></figure></div> Certain builders and neighborhoods stood out due to their price shifts. Ashton Woods, for example, had 13 active listings with an average price of $750,802, with a modest price drop of 4.1%. In contrast, Legacy homes experienced a larger price decrease, with an average reduction of 11.7%, bringing the average listing price to $569,762. M. Signature homes, another prominent builder, showed a 7.3% price decrease, with their properties averaging $1,413,658 after reductions. Neighborhood data further reveals diverse pricing strategies and market responses. Easton Park, a highly active neighborhood, had 66 homes listed with an average price of $562,994, reflecting a 7.1% reduction. Goodnight Ranch, with 25 active listings, exhibited a smaller price drop, with homes averaging $586,366 after a 2.7% decrease. Other neighborhoods, such as Gravity ATX, showed significant price drops, with listings there decreasing by 28.5%, bringing the average price down to $354,667. At the higher end of the spectrum, neighborhoods like River Place and Travis Heights feature luxury homes with larger price tags, yet even these premium areas are not immune to price adjustments. River Place had 4 active listings, with an average price of $2,256,243, seeing a reduction of 4.2%. Travis Heights, home to some of the most expensive properties, also experienced a decrease in prices, with listings averaging $3,493,750, following a reduction of 3.6%. In summary, the Austin real estate market for new construction properties is undergoing price corrections as builders and sellers adjust to current market conditions. Buyers looking at homes across various price points are likely to find more favorable terms as price reductions become increasingly common. Whether seeking homes under $500,000 or looking at luxury properties above $1 million, the current market environment offers opportunities for negotiation and potentially significant savings.

Explore the latest data on new construction listings in Austin as of September 2024. This article breaks down price trends, builder activity, and neighborhood insights, showing price reductions across various home types and price ranges. Learn how these shifts may impact buyers and sellers in the Austin real estate market.

Austin New Construction Listings: Price Trends and Market Shifts

Withdrawn and Expired Listings in Austin MLS: A Look into September 2024 September 06, 2024 : The Austin real estate market has seen significant changes in both withdrawn and expired listings as we head into the latter part of 2024. These two categories of property listings—withdrawn and expired—reflect distinct scenarios in which homes are removed from the market, either by the seller's choice or through an expired contract. The numbers for August 2024 are based on actual data, while the projections for September 2024 are derived from a proven analytics model, offering insight into current market trends and what to expect in the coming months. Withdrawn Listings :&nbsp;Withdrawn listings occur when a seller chooses to remove their property from the market before the listing agreement expires. The most recent data indicates a noticeable rise in these types of listings in 2024. For September 2024, the number of withdrawn listings is projected to reach 1,472, a sharp increase from 974 in September 2023. This significant 51.1% year-over-year increase highlights a trend that has been building over the past several months. In August 2024, there were 1,236 withdrawn listings, compared to 1,025 in August 2023, representing a 20.6% increase. The historical context further amplifies the growth in withdrawn listings. In September 2014, for example, there were 584 withdrawn listings. By September 2024, that number is projected to more than double, indicating a larger volume of properties being taken off the market. This growth trend has been particularly pronounced since 2020, where economic factors, changes in interest rates, and fluctuating buyer demand have influenced sellers' decisions to pause their listings. The rise in withdrawn listings can also be attributed to many sellers opting to relist their properties during the traditionally stronger “selling season” between February and April, expecting better outcomes during this time. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240906114902.png" alt="" width="" height="" style=""></figure></div> Expired Listings :&nbsp;Expired listings, on the other hand, represent properties where the listing agreement has reached its expiration date without a sale being completed. The data shows a similar upward trend in expired listings for 2024. September 2024 is projected to see 754 expired listings, up from 508 in September 2023, marking a 48.4% increase. As with withdrawn listings, the rise in expired listings has been steady throughout the year. In August 2024, there were 721 expired listings, up from 475 in August 2023, reflecting a 51.8% year-over-year jump. Looking back at historical data, expired listings in September 2014 stood at 294. Over the past decade, expired listings have steadily increased, with significant spikes occurring in recent years. The rise in expired listings could indicate that some properties are being listed at prices that are too high for the current market, or that buyers are becoming more cautious in their purchasing decisions. As with withdrawn listings, many of these expired listings may reappear in early 2025 as sellers aim to relist during the more favorable months of February through May. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240906114915.png" alt="" width="" height="" style=""></figure></div> Anticipating Market Shifts in 2025 :&nbsp;Given the trends seen in withdrawn and expired listings, the Austin real estate market is likely to see an increase in available properties during the early months of 2025. Many sellers who have withdrawn their properties from the market in 2024 plan to relist them during the “selling season” of February through April, when demand tends to be higher. As a result, we can expect a notable uptick in the number of active listings between February and May 2025, as these sellers aim to capitalize on more favorable market conditions. In conclusion, both withdrawn and expired listings have seen significant increases throughout 2024, reflecting the evolving dynamics of the Austin real estate market. Sellers are adjusting their strategies, either by withdrawing their homes to relist later or letting their listings expire in the hopes of achieving better results in the coming months. As we approach 2025, it will be crucial to monitor these trends and anticipate shifts in the market that may offer new opportunities for both buyers and sellers.

September 06, 2024 : Explore the latest trends in withdrawn and expired listings for the Austin MLS in September 2024. Discover how these numbers are shaping the real estate market, with projections for early 2025 as sellers plan to relist during peak selling season

Why Withdrawn and Expired Listings Are Rising in Austin MLS: September 2024 Analysis

September 03, 2024&nbsp;: The Austin real estate market in 2024 has experienced a significant increase in activity, particularly reflected in the cumulative new listings from January through August. This year, the number of new listings in the Austin Area MLS is 19.2% higher than the historical average for this period, which marks a substantial deviation from past trends. To fully understand the implications of this data, it’s important to examine how 2024 compares to previous decades and economic cycles, as well as consider the various factors contributing to this surge, including increased living costs, higher taxes, and record-high new construction activity. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240903020353.png" alt="" width="" height="" style=""></figure></div> Seasonal Trends in Austin MLS Listings Since 2000 :&nbsp;The data from 2000 to 2024 reveals clear seasonal patterns in the Austin real estate market. Typically, the spring and summer months (March through August) have been the most active in terms of new listings, while the fall and winter months (September through February) see a slowdown. This seasonal cycle is influenced by factors such as weather, school calendars, and economic conditions. Early 2000s: Economic Expansion and Housing Boom :&nbsp;In the early 2000s, the Austin real estate market saw a robust increase in new listings during the spring and summer months, driven largely by the tech boom. This period marked significant population growth and housing demand in Austin. For instance, in 2001, new listings peaked during the summer, significantly higher than in the winter months. This pattern continued throughout the early 2000s, with the market experiencing a steady rise in new listings each spring and summer as more people moved to the city. Mid to Late 2000s: The Housing Bubble and Financial Crisis :&nbsp;The mid-2000s continued the trend of increasing new listings, particularly during the spring and summer seasons, as the housing market reached its peak nationwide. However, the financial crisis of 2007-2008 caused a sharp decline in new listings, especially noticeable during the typically active spring and summer months. For instance, the number of new listings in the summer of 2008 was significantly lower than in previous years, reflecting the broader economic downturn. The fall and winter months saw even fewer listings, as market uncertainty kept both buyers and sellers on the sidelines. 2010s: Recovery and Renewed Growth :&nbsp;The early 2010s marked a recovery in the Austin real estate market. By 2012, new listings had returned to more typical seasonal patterns, with increases during the spring and summer months. This period also marked significant population growth in Austin, driven by the city’s growing reputation as a tech hub. The market’s recovery was particularly evident in 2015 and 2016, where summer listings were notably higher than in the winter, reflecting the return of seller confidence. Throughout the 2010s, the seasonal pattern of spring and summer surges in listings remained consistent. By 2017 and 2018, the market was particularly active, with strong numbers during these peak seasons. This growth reflected increasing housing demand as more people moved to Austin, coupled with favorable economic conditions. 2020s: Pandemic Impact and Rapid Market Changes :&nbsp;The 2020s brought unique challenges and shifts in the seasonal patterns of new listings. The COVID-19 pandemic initially disrupted normal market activity, with a slight dip in new listings in 2020, particularly during the spring. However, by 2021, the market had rebounded strongly, with new listings in the spring and summer months exceeding those of previous years. The rise in remote work and continued population growth fueled this recovery, making Austin one of the most active real estate markets in the country. In 2022 and 2023, the seasonal pattern continued with strong spring and summer activity. However, 2024 has been particularly notable, with a 19.2% increase in cumulative new listings from January through August compared to the historical average. The spring and summer months of 2024 have been exceptionally active, with new listings consistently outpacing those of previous years. Contributing Factors to the 2024 Surge :&nbsp;While the increase in listings could suggest a thriving market, several underlying factors indicate a more complex situation. One significant driver of the rise in new listings is the increasing cost of living in Austin. Over the past few years, housing affordability has become a pressing issue, with rising property taxes and other living expenses pushing some homeowners to sell and relocate to more affordable areas. This trend has contributed to a higher number of homes being listed on the market, particularly in 2024. This resource can be found in our <a href="https://teamprice.com/new-listing-to-pending-ratio">New Listing to Pending Ratio</a>; a resource that is updated weekly.&nbsp; Additionally, new construction activity in Austin has reached record highs. The city’s continued population growth and demand for housing have led to a surge in new developments, adding to the inventory of available homes. This influx of new construction has further increased the number of listings, particularly during the spring and summer months when these new homes are most likely to be completed and put on the market. Moreover, there is a possibility that some homeowners are looking to capitalize on current market conditions, anticipating that prices may peak soon due to the increased supply. The combination of existing homeowners listing their properties and new construction hitting the market has created a substantial boost in the number of active listings. Matching Seasonal Data with Economic Analysis :&nbsp;When comparing the 2024 data to previous seasons and economic cycles, it becomes evident that this year’s surge in new listings is part of a broader trend of market resilience, influenced by both economic pressures and ongoing demand. The early 2000s saw similar increases during the tech boom, while the recovery in the 2010s brought about strong seasonal activity. However, 2024 stands out due to the magnitude of the increase, particularly during the typically active spring and summer months. The rise in new listings in 2024 may reflect a market that is grappling with the challenges of high living costs and increased taxes, as well as the effects of a construction boom. While these factors contribute to a growing inventory, they also suggest that the market is experiencing significant changes that could affect pricing and overall market stability in the near future. The cumulative new listings in the Austin Area MLS from January through August 2024 represent a significant increase over the historical average, marking a return to high levels of market activity not seen since the early 2000s. However, this surge is driven by various factors, including rising living costs, increased property taxes, and record-high new construction activity. When analyzed within the context of past decades and economic cycles, 2024 emerges as a year of both growth and potential market shifts. As the year progresses, understanding these contributing factors and their impact on the market will be crucial for real estate professionals, buyers, and sellers navigating the dynamic Austin real estate landscape.

Rising living costs, increased property taxes, and record-high new construction have led to a 19.2% surge in new listings in the Austin real estate market in 2024. This detailed analysis compares current trends with past decades and economic cycles, providing key insights into the evolving market dynamics

How Rising Costs and New Construction Drove a 19.2% Increase in Austin MLS Listings in 2024

2024 Austin Pending Property Report: A Decade-Low in August Transactions August 22, 2024 : The Austin real estate market has been a focal point of attention for many years, and recent data on pending properties provides a revealing look at current market conditions. As of August 2024, the number of pending properties in the Austin MLS stands at 4,119, marking the lowest August figure since 2014. This trend highlights significant shifts in the real estate landscape that are worth exploring in detail. Historically, the Austin real estate market has seen a consistent rise in the number of pending properties, particularly from 2014 through 2020. In August 2014, there were 4,059 pending properties, which grew to 6,694 by August 2020. This sharp increase was likely fueled by the low interest rates and the significant demand surge due to the COVID-19 pandemic, which saw many individuals seeking to purchase homes. However, this peak was not sustainable, and since 2020, the market has seen a steady decline in pending listings. By August 2021, the number of pending properties had decreased to 5,993, signaling the beginning of a market correction. This downward trend continued in the subsequent years, with 4,593 pending properties recorded in August 2022 and 4,201 in August 2023. The most recent data for August 2024 reveals a further decline to 4,119 pending properties. This number not only reflects a 2% decrease from the previous year but also a 38.5% drop from the high seen in August 2020. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240822103122.png" alt="" width="" height="" style=""></figure></div> The data from 2014 to 2024 provides a clear picture of how the Austin real estate market has evolved. The consistent growth from 2014 through 2020, followed by a gradual decline, suggests that the market is undergoing a period of adjustment. This adjustment could be attributed to several factors, including rising interest rates, economic uncertainties, and the aftereffects of the pandemic-driven boom. As the market begins to stabilize, fewer buyers are entering the market, which is reflected in the decreasing number of pending transactions. Moreover, the year-over-year comparisons highlight the magnitude of the market's downturn. While the 2% decline from August 2023 to August 2024 may seem small in isolation, it is part of a larger trend of diminishing buyer activity that has persisted over the last four years. The data also indicates that the market has not only cooled but is possibly entering a phase of normalization after an unprecedented period of growth. In terms of market cycles, the Austin real estate market appears to be transitioning from a seller’s market to a more balanced or even buyer’s market. This shift is significant for both buyers and sellers. Buyers may find themselves with more leverage as the number of pending listings decreases, while sellers might need to adjust their expectations in terms of pricing and the time it takes to close a sale. In conclusion, the Austin real estate market has seen a notable decrease in the number of pending properties as of August 2024. This decline, the lowest since 2014, reflects broader market trends and economic conditions that have impacted buyer activity. As the market continues to adjust, stakeholders will need to remain vigilant and adapt to the changing landscape to navigate the evolving real estate market effectively.​ <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240822103155.png" alt="" width="" height="" style=""></figure></div>

Discover the latest insights into the Austin real estate market, as August 2024 records the lowest number of pending properties since 2014. Learn about the trends and factors influencing this significant decline in the Austin MLS.

Austin Real Estate Market Sees Lowest August Pending Listings Since 2014

2024 Austin Real Estate Activity Index: What the Numbers Reveal​August 19, 2024 : As the real estate market in Austin, Texas, continues to evolve, it is crucial to understand the current dynamics shaping the industry. One key metric that offers insight into market activity is the <a href="https://teamprice.com/real-estate-glossary/activity-index" style="font-size: 18px;">Activity Index</a>, which measures the percentage of pending listings compared to the total number of active and pending listings. This index provides a snapshot of the market's momentum, indicating whether buyer activity is increasing or declining.​In 2023, the Austin-area real estate market exhibited significant activity, peaking on April 29 with an <a href="https://teamprice.com/real-estate-glossary/activity-index" style="font-size: 18px;">Activity Index</a> of 36.66%. This figure was reflective of a market where buyer interest was high, and properties were being absorbed at a rapid pace. However, as the year progressed, the Activity Index showed a gradual decline, signaling a reduction in market activity. By November 2023, the index had dropped noticeably, underscoring a shift in market conditions. Fast forward to 2024, and the story has taken a different turn. The Activity Index on March 21, 2024, was recorded at 30.78%, already lower than the peak levels observed in 2023. This early indication of reduced activity set the tone for the rest of the year. As of August 19, 2024, there are 15,191 active listings on the Austin-area MLS, with 4,077 properties pending. This gives us an Activity Index of 21.2%, a stark contrast to the higher levels seen the previous year. The current index not only highlights a continued decrease in buyer activity but also suggests a market that may be becoming more saturated with active listings and fewer properties moving to the pending stage. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240819070737.png" alt="" width="" height="" style=""></figure></div> The downward trend is further emphasized when comparing the 2023 and 2024 Activity Indexes directly. The difference between the overall Activity Index in 2023, which averaged around 28.3%, and the current 2024 index of 21.2%, represents a significant drop of approximately 25.3%. This decline is indicative of changing market conditions, where there may be more inventory available but less urgency among buyers to make purchases. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240819070135.png" alt="" width="" height="" style=""></figure></div>​ This analysis of the Austin-area real estate market through the lens of the <a href="https://teamprice.com/real-estate-glossary/activity-index">Activity Index</a> reveals a market in transition. The data points to a decrease in buyer activity, which could be attributed to various factors such as rising interest rates, changes in buyer sentiment, or an increase in housing supply. As we move further into 2024, monitoring the Activity Index will be essential for both buyers and sellers to navigate the evolving market landscape effectively. ​​

August 19, 2024 : Latest trends in the Austin real estate market with an in-depth analysis of the Activity Index. Discover how the 2024 market is evolving compared to 2023 and what this means for buyers and sellers.

Austin Real Estate Market 2024: Activity Index Reveals Decline

Austin Real Estate Market Sees Record Highs in Active Listings and Inventory June 21, 2024 : The Austin real estate market has experienced significant changes, reaching record highs in active residential listings and months of inventory. As of June 21, 2024, active residential listings have reached an unprecedented 15,137, representing a 5.96% increase month-over-month and a substantial 28.7% rise year-over-year. This is the highest number of active listings ever recorded, surpassing the previous high of 15,035 on June 14, 2024, by 102 listings. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240622022318.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="active.png" data-file-size="88830" data-origin="," style=""></figure></div> A detailed comparison of the current year to the previous year reveals notable differences in the market dynamics. In 2023, the number of active listings was 11,760, which means the 2024 figure shows a remarkable increase of 28.7%. On the other hand, pending listings have seen a decline. In 2023, there were 5,245 pending listings, whereas in 2024, the number has decreased to 4,883, a drop of 6.9%. This shift indicates a cooling in the market’s absorption rate. The activity index, which measures the percentage of properties under contract out of the total available, provides further insight into market trends. The activity index has fallen from 31.6% in 2023 to 24.4% in 2024, showing a significant decrease of 22.7%. This metric is a leading indicator of market absorption, highlighting the percentage of properties going under contract out of the total available. A lower activity index suggests a slower pace of property sales relative to the number of active listings. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240622022357.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="activity.png" data-file-size="112031" data-origin="," style=""></figure></div> Another critical metric, months of inventory, has also reached a new high. In 2024, the months of inventory stand at 5.31, compared to 4.04 in 2023, marking a 31.6% increase. This indicates a slower turnover of homes, suggesting that properties are remaining on the market for longer periods before being sold. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240622022441.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="moi.png" data-file-size="69518" data-origin="," style=""></figure></div> The current market conditions also reveal significant price adjustments and occupancy trends. Out of all active listings, 52.1% have experienced price drops, and 44.2% of pending listings have had price reductions before going under contract. Additionally, 57.2% of all active listings are currently vacant, reflecting changes in property occupancy dynamics. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240622022530.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="price drop.png" data-file-size="194835" data-origin="," style=""></figure></div> When breaking down the types of listings, resale homes constitute the majority with 9,714 properties, accounting for 64.2% of the total active listings. New construction follows with 2,359 homes, making up 15.6% of the market. Other categories include updated or remodeled homes, which represent 5.9% of the market, and properties under construction, which account for 10.7%. Geographical distribution shows variations in market activity across different cities within the Austin area. For instance, Austin itself has 4,796 active listings, with 54.6% experiencing price drops. In contrast, Lakeway has 164 active listings, with a notable 68.9% having undergone price reductions. Other areas like Leander and Georgetown also show significant levels of price adjustments, with 58.6% and 56.1% of listings experiencing price drops, respectively. The overall increase in active listings and months of inventory, coupled with the decrease in pending listings and activity index, suggests a shifting market landscape. These changes highlight the importance of monitoring market trends and adapting strategies to navigate the evolving real estate environment in Austin.​ This article is based on data published on June 21, 2024. <a href="https://teamprice.com/insight-and-statistics">Austin Real estate statistics</a> are constantly evolving. For the most current data and analysis, please refer to the following resources, updated weekly: <a href="https://teamprice.com/active-residential-listings">Latest Active Residential Listings in the Austin-Area</a>

June 21, 2024 : Latest trends in the Austin real estate market as active residential listings and months of inventory reach record highs in 2024. Explore detailed market data, including price adjustments, occupancy rates, and geographical distribution, providing a comprehensive analysis of the current housing market dynamics.

Austin Real Estate Market Trends: Active Listings and Inventory Surge

June 14, 2024 : Austin-Area MLS Active Listings Cross 15,000 for the First Time The Austin-Area real estate market is witnessing a significant change as the number of <a href="https://teamprice.com/active-residential-listings">active residential listings</a> has crossed the 15,000 mark for the first time. This milestone, reached in mid-June 2024, reflects a substantial increase in available properties compared to previous years. In 2022, the active listings began modestly at 2,031 in early April and saw a steady rise, peaking at 10,874 by early September. This year-over-year growth continued in 2023, where listings started at 9,134 in early January and climbed to 12,188 by late August. However, 2024 has seen even more dramatic growth. Listings began at 9,707 in early January and soared to 15,035 by mid-June, marking a significant 30% increase compared to the same period in 2023. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240615034506.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="active history.png" data-file-size="85974" data-origin="," style=""></figure></div> The monthly growth trends over these years illustrate the dynamic nature of the <a href="https://teamprice.com/">Austin-Area real estate</a> market. In 2022, active listings grew rapidly from 2,031 in early April to 6,551 by mid-June. In 2023, the market saw a steadier increase, with listings rising from approximately 9,700 in early April to around 11,500 by mid-June. This year, the growth has been even more pronounced, with listings increasing from 11,880 in early April to over 15,000 by mid-June. Daily changes in active listings for 2024 further highlight the market's dynamism. For example, on May 10, there was a notable increase of 423 listings. Similar spikes were observed on May 24, with an increase of 159 listings, and on June 14, with a jump of 256 listings, which helped the market reach the 15,000 milestone. This rise in listings is complemented by changes in other key metrics. The months of inventory, which indicates how long it would take to sell the current inventory at the existing sales pace if no new listings were added, has increased to 5.26 months by mid-June 2024. This is a significant rise from previous years, suggesting a shift towards a more balanced or buyer-friendly market. Pending listings, which represent properties under contract but not yet sold, have shown a decrease compared to the previous year. By June 14, 2024, pending listings were down by 9.3% year-over-year. This decline indicates a slower pace of transactions, likely due to the increased inventory and more choices available to buyers. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240615034534.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="active vs pending.png" data-file-size="94465" data-origin="," style=""></figure></div> Comparing data from previous years provides additional insights. In 2022, the market experienced rapid growth from April to June, with active listings nearly tripling from 2,031 to 6,551. The trend continued in 2023, albeit at a steadier pace, with listings growing from 9,134 in January to 11,760 by mid-June. In 2024, the growth has been much sharper, with listings starting at 9,707 in January and reaching 15,035 by mid-June. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240615034550.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="active 2024 vs 2023.png" data-file-size="88214" data-origin="," style=""></figure></div> The current market dynamics indicate that the <a href="https://teamprice.com/">Austin-Area real estate market</a> is evolving. Buyers now have more options, which could lead to longer selling times and potentially more competitive pricing strategies from sellers. Real estate agents need to stay informed about these trends to provide accurate advice and adjust their marketing strategies accordingly. In conclusion, the crossing of the 15,000 active listings mark in the Austin-Area MLS is a significant milestone. This growth reflects broader market trends and suggests a shift towards a more balanced market. Understanding these changes is crucial for all stakeholders in the real estate industry, from buyers and sellers to agents and brokers.&nbsp; This article is based on data published on June 14, 2024. <a href="https://teamprice.com/insight-and-statistics">Real estate statistics</a> are constantly evolving. For the most current data and analysis, please refer to the following resources, updated weekly: <a href="https://teamprice.com/active-residential-listings">Latest Active Residential Listings in the Austin-Area</a>

June 14, 2024 : Explore the significant growth in the Austin-Area real estate market as active MLS listings surpass 15,000 for the first time. Discover detailed data insights and market trends from 2022 to 2024, highlighting the dynamic changes and implications for buyers, sellers, and real estate professionals.

Austin-Area Real Estate: Active Listings Surpass 15,000

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