Austin Real Estate Trends: Withdrawn and Expired Listings Shape Market Inventory in 2024 November 01, 2024 : The Austin real estate market has seen a significant shift in recent months, with inventory levels falling below 5 months for the first time since May 2024. This decrease in available housing inventory reflects dynamic changes in market behavior and supply adjustments, particularly due to a rise in withdrawn and expired listings across the six-county Austin Metropolitan Statistical Area (MSA), which includes Travis, Williamson, Bastrop, Hays, Caldwell, and Burnet counties. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241101104816.png" alt="" width="" height="" style=""></figure></div> Inventory trends have shown considerable fluctuation in 2024. The year began with a relatively low inventory of around 3.4 months, a level often associated with a balanced real estate market. As the spring months progressed, inventory levels began to increase, hitting 4.0 months in early April and climbing consistently through May, ultimately reaching 5.38 months in June. This rise signaled a cooling market, where new listings outpaced buyer demand, leading to slower absorption rates and a buildup of active properties. However, as the summer and early fall months unfolded, the Austin MSA experienced a different trend: a sharp increase in the number of listings withdrawn from the market or allowed to expire without a sale, directly impacting the months of inventory. In October 2024 alone, there were 1,036 withdrawn listings and 652 expired listings in the Austin MSA, a significant rise compared to earlier months. For comparison, January 2024 saw 585 withdrawn and 410 expired listings. This substantial growth in withdrawn and expired listings suggests that sellers are increasingly cautious about market conditions. This pattern first became prominent in the summer, with July seeing nearly 1,000 withdrawn listings and August reaching 1,085, coupled with rising expired listings that peaked in September at 679. As a result, many sellers opted to pull their homes from the market rather than leave them available without securing offers, a trend that continued through October. While the Austin area has witnessed a slight increase in pending sales year-over-year, the significant rise in withdrawn and expired listings has played a larger role in shaping the current market inventory. This combination of stable demand and decreasing active listings has brought months of inventory down to 4.97 in November, a notable change from the highs seen earlier in the year. In addition to indicating a potentially more competitive market for buyers, this decrease in months of inventory reflects a shift from the cooling conditions of the summer months, as the number of properties available for sale declines. From an annual perspective, 2024’s average months of inventory has been 16.1% higher than 2023, signaling a generally higher inventory throughout the year. However, the recent decline suggests that supply may become increasingly limited as the market heads toward the end of the year. October's rise in withdrawn and expired listings has clearly impacted the months of inventory, with sellers showing reluctance to keep listings active during uncertain conditions. The number of listings pulled from the market reflects both sellers' cautious approach and the broader seasonal cycles that typically affect real estate activity in the fall. As the Austin MSA real estate market closes the year, the trend toward lower inventory levels could have multiple implications for buyers, sellers, and the market as a whole. Fewer homes on the market can lead to increased competition among buyers, while sellers may face renewed confidence if inventory continues to decline. By tracking months of inventory, active listings, and the status of withdrawn and expired properties, both buyers and sellers in the Austin area can gain a clearer understanding of current market cycles and trends. With the months of inventory now below 5 months, the Austin real estate market stands at a pivotal moment, one marked by shifting supply and demand dynamics that will likely influence decisions moving into 2025.&nbsp;

Discover the latest trends in the Austin real estate market as inventory levels fall below 5 months for the first time since May 2024. Explore how increased withdrawn and expired listings across Travis, Williamson, Bastrop, Hays, Caldwell, and Burnet counties are impacting months of inventory, shaping a more competitive environment for buyers and sellers alike

Austin Real Estate Inventory Falls Below 5 Months as Withdrawn and Expired Listings Surge in 2024

Austin Real Estate Market October 2024: Rise in Pending Sales and Inventory The real estate market in Austin has seen significant changes as of October 2024, reflecting a combination of increased buyer activity and ample housing inventory. In the latest market update, the Austin area recorded a total of 4,130 pending listings, which marks a 6.0% increase compared to the same time last year. This rise in pending listings points to strong demand, suggesting that many buyers are finding value in the current market despite broader economic challenges. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241028060755.png" alt="" width="" height="" style=""></figure></div> Alongside this uptick in pending listings, the number of <a href="https://teamprice.com/active-residential-listings">active residential properties</a> in Austin reached 14,306, showing a notable year-over-year increase of 14.5%. This surge in available properties creates a well-supplied market for buyers, offering a wide selection of homes at competitive price points. Although inventory levels peaked in July 2024 at 15,503 active listings, the current figure still represents an ample supply, balancing demand effectively. This increase in active listings is coupled with other key market indicators that highlight the current market’s state. For instance, the Activity Index—measuring the ratio of pending to active listings—stands at 22.4%, an essential gauge for both buyers and sellers. This index level indicates a balanced market where demand is still strong but well-matched by supply, helping to maintain stability across property prices. Another valuable indicator is the Months of Inventory (MOI), which currently stands at 5.11 months. MOI measures how long it would take for the existing inventory to be sold at the current sales pace if no new listings entered the market. A MOI of over 5 typically suggests that the market leans towards a buyer's advantage, with more options for prospective homeowners to consider. However, this level is balanced enough that sellers can still anticipate steady interest in their listings. Breaking down the types of active listings reveals even more about current market trends. Of the 14,306 active listings, a significant portion represents resale properties, which make up 62.3% of the total. Resale homes average prices around $761,692, down by 7.1% from previous levels. New construction homes also form a substantial part of the inventory at 16.2%, with an average price of $742,062, reflecting an 8.1% decrease from past months. These price adjustments suggest that sellers and builders alike are aligning their pricing strategies with the market’s demand, creating opportunities for buyers. Looking at pending sales, resale properties constitute a large share, accounting for 50.4% of all pending listings, with average listing prices around $571,568. New construction follows closely, making up 17.9% of all pending listings with an average price of $599,742. The variance in pending prices indicates that while there is interest in new builds, resale properties continue to attract buyers who may be drawn to established neighborhoods or homes with existing character. For anyone tracking real estate trends in Austin, this data provides a clear view of the market's strength and balance. Higher pending listings, alongside abundant inventory and stable pricing, show a healthy market that caters to a wide range of buyers. As Austin's real estate landscape evolves, these key metrics provide valuable insights for buyers, sellers, and investors alike​

Explore Austin’s real estate market as of October 2024, with a 6% increase in pending sales and a 14.5% rise in available inventory, creating a balanced environment for buyers and sellers. Analyze key metrics like the Activity Index and Months of Inventory to understand market trends

Austin Housing Market October 2024: Increased Pending Sales and Inventory Trends

Austin’s Real Estate Market Hits Record-High Average List Price in October 2024 The City of Austin continues to demonstrate its robust real estate market growth, with the average list price reaching an all-time high of $947,796 in October 2024. This marks a significant increase from the previous October 2023 figure of $891,040, representing a 6.36% year-over-year rise. Austin’s real estate market has consistently demonstrated resilience and upward movement in property values over the past decade, contributing to its appeal for both homebuyers and investors. Looking back at historical data, the average list price in Austin has climbed steadily over the last decade. In 2014, the average price was $446,553, meaning that in 10 years, the city has seen a staggering 113.8% increase in property values. This growth is reflective of Austin’s position as one of the fastest-growing cities in the United States, driven by strong economic factors, population growth, and high demand for housing. Month-to-month data over the past year shows fluctuations in pricing, but the general trend has remained upward. In January 2024, the average list price was $887,148, slightly down by 0.5% from January 2023. However, this minor decline was quickly offset in subsequent months, with prices rebounding and ultimately peaking in October 2024. Notable increases include the February average list price, which rose to $913,186, and the March figure of $921,807. In addition to the year-over-year increase, the data shows strong growth over the past five years. From 2020 to 2024, Austin’s average list price rose by 69.6%. This five-year trend underscores the city's sustained price appreciation, making it a sought-after location for both residential and investment properties. The year 2021 was particularly noteworthy, with the market experiencing a 22.7% increase in list prices in October of that year, largely due to heightened demand and limited inventory during the pandemic. Examining the data from earlier years highlights the long-term upward trajectory of the market. In October 2015, the average list price was $480,635, and by October 2020, it had surged to $638,789, a 14.3% rise from 2019. As of October 2024, the city has maintained a steady pattern of growth, despite occasional market adjustments. This upward trend in Austin’s real estate market is not unique to October alone. Throughout 2024, other months also experienced substantial price increases. For instance, the average list price in April 2024 was $946,453, which represents a 3.0% rise compared to the previous year. In July 2024, the market held firm with an average price of $825,660, marking a 1.2% year-over-year growth. These figures emphasize the ongoing demand for housing in the Austin area. One of the most striking aspects of this data is the consistency of Austin’s real estate market growth, even during periods of economic uncertainty. The year-over-year percentage changes show that the city has experienced stable, upward trends for the better part of a decade. Whether looking at the 10-year growth of 113.8% or the five-year surge of 69.6%, it is clear that Austin remains a competitive market for both buyers and sellers. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241024043822.png" alt="" width="" height="" style=""></figure></div> As Austin’s average list price continues to rise, market analysts will closely watch whether this trend persists into 2025. For now, it’s evident that Austin's real estate market is strong, with prices reflecting both the high demand for housing and the area's rapid economic growth. The data suggests that as long as these driving factors remain in place, Austin’s market will likely continue to thrive, presenting opportunities for those looking to invest in one of the nation’s most dynamic housing markets​

In October 2024, Austin’s real estate market hit a record high, with the average list price reaching $947,796. Learn about the market's impressive 113.8% growth over the past decade and what’s driving these numbers.

Austin Real Estate Reaches Record-High List Price: October 2024 Analysis

Austin Zoning Changes Lead to Spike in 2-4 Unit Housing Permits In September 2024, Austin witnessed a remarkable <a href="https://teamprice.com/building-permits">surge in permits</a> for the construction of 2-4 unit housing developments. According to recent data, 314 permits were issued in that month alone. This is a substantial increase compared to previous months, reflecting a clear shift in Austin's housing market and development patterns. This surge is a result of recent zoning reforms that have reshaped how residential lots are used in the city, encouraging higher-density housing solutions. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241024030408.png" alt="" width="" height="" style=""></figure></div> Historically, Austin’s zoning laws favored single-family homes, limiting the potential for diverse housing options in many neighborhoods. However, in response to the city's growing population and affordability challenges, the Austin City Council introduced significant changes aimed at boosting housing density. One key reform, implemented in December 2023, allowed developers to build up to three units—such as duplexes and triplexes—on lots previously zoned for single-family homes. This change was a bold move to encourage more efficient use of space in Austin's urban core and increase the availability of affordable housing options. Further enhancing these efforts, in May 2024, the City Council reduced the minimum lot size requirement for single-family homes. The previous minimum of 5,750 square feet was reduced to 1,800 square feet, which opened the door for smaller, more affordable homes to be built on the same land footprint. This reduction in lot size also allowed for the development of 2-4 unit homes on lots that would have previously only accommodated a single-family residence. The data clearly shows that developers are taking advantage of these changes. The spike to 314 permits in September 2024 is a striking increase when compared to the year’s previous average. In August 2024, only 30 permits for 2-4 unit developments were issued, and in July 2024, there were just 25 permits. These lower numbers reflect a typical trend from earlier years, when fewer multi-unit developments were feasible due to Austin’s restrictive zoning laws. This recent spike marks a significant shift in how the city is addressing its housing needs. The multi-unit housing developments not only provide more affordable housing options but also help accommodate the influx of new residents to Austin. By allowing duplexes, triplexes, and fourplexes to be built in neighborhoods that previously only allowed single-family homes, the city is working to alleviate its housing shortage and offer more diverse living arrangements for its residents. While some local residents have voiced concerns about the potential changes to neighborhood character and increased density, the city’s leadership is focused on addressing Austin’s housing crisis through smart, calculated reforms. The dramatic rise in permits for 2-4 unit homes is evidence that these zoning changes are having a tangible impact on Austin’s housing market. Developers are responding quickly to the opportunities created by these reforms, and the result is a more diverse and dynamic housing landscape in the city. Austin’s recent zoning reforms aim to strike a balance between preserving neighborhood integrity and meeting the growing demand for housing. As developers continue to take advantage of these changes, Austin’s housing market will likely see further shifts, with increased density playing a crucial role in the city’s efforts to provide affordable housing options to its expanding population​

In September 2024, Austin issued 314 permits for 2-4 unit housing developments, marking a significant increase driven by recent zoning reforms. Discover how these changes are reshaping Austin’s housing market and addressing the city’s affordability challenges

Austin Real Estate: 2-4 Unit Permits Surge in September 2024

Austin Area Housing Market: October 2024 Market Conditions by Zip Code October 23 2024 : The real estate market in the Austin area, specifically across 75 zip codes, offers a diverse landscape that fluctuates between sellers, neutral, and buyers’ markets. A detailed look at the data from October 2024 reveals critical insights into months of inventory, pricing trends, and the overall real estate dynamics within key areas such as Austin, Georgetown, Round Rock, and Leander. Understanding these trends is essential for both buyers and sellers to make informed decisions. <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">Months of inventory</a>, a measure of the balance between supply and demand, plays a pivotal role in defining the market. A sellers' market is characterized by less than 4.9 months of inventory, meaning demand is higher than the available homes. Neutral markets have inventory between 5 and 6.9 months, where supply and demand are more balanced. Finally, buyers' markets feature more than 7 months of inventory, where the supply of homes exceeds demand, giving buyers more negotiating power. As of October 2024, 39% of the cities in the Austin area fall under the sellers' market category, 25% are classified as neutral markets, and 36% are buyers' markets. Each zip code reflects a different set of market conditions, and the data illustrates how these factors influence property prices and time on the market. In a sellers' market like <a href="https://teamprice.com/zip-codes/78739">78739 (Austin)</a>, there is only 1.4 months of inventory, making it highly competitive for buyers. With an average home price of $936,857 and a median price of $799,450, homes in this area are in demand. The median time on the market is 41 days, a testament to how quickly properties are moving. Similarly, <a href="https://teamprice.com/zip-codes/78747">78747 (Austin)</a> also reflects a sellers' market, though inventory is slightly higher at 5.5 months. With 143 active listings, homes have a median price of $454,990 and spend 32 days on the market. In contrast, neutral markets offer a more balanced environment for both buyers and sellers. <a href="https://teamprice.com/zip-codes/78759">78759 (Austin)</a>, with 5.3 months of inventory, fits into this category. The median home price here is $634,500, and properties take about 69 days to sell. Neutral markets like <a href="https://teamprice.com/zip-codes/78626">78626 (Georgetown)</a>, which features 4.51 months of inventory and a median price of $436,505, reflect balanced supply and demand, allowing transactions to be fairer for both sides. Buyers' markets, on the other hand, are seen in areas like <a href="https://teamprice.com/zip-codes/78746">78746 (Austin)</a>, where the inventory reaches 8.6 months. This area features a high-end market, with average home prices reaching $3,153,492 and a median price of $2,480,000. Homes in this category tend to stay on the market longer, with a median of 89 days, offering buyers more time and negotiating power. Another buyers’ market is <a href="https://teamprice.com/zip-codes/78669">78669 (Spicewood)</a>, where inventory levels stand at 11 months. The median home price is $963,000, and homes typically stay on the market for 119 days. Price trends across the region show a mix of reductions and slight increases. In high-demand areas like <a href="https://teamprice.com/zip-codes/78704">78704 (Austin)</a>, prices have dropped by 8.2%, while <a href="https://teamprice.com/zip-codes/78731">78731 (Austin)</a> saw an 8.6% price reduction, reflecting a market shift even in previously competitive zones. Meanwhile, <a href="https://teamprice.com/zip-codes/78759">78759 (Austin)</a> experienced a notable 21.8% price increase, despite being in a neutral market. This uptick indicates growing demand, even as supply remains relatively balanced. Areas with more price volatility are typically those with higher inventory. <a href="https://teamprice.com/zip-codes/78645">78645 (Leander)</a> and <a href="https://teamprice.com/zip-codes/78722">78722 (Austin)</a>, with 11 and 7.2 months of inventory respectively, have seen more fluctuations in prices as sellers adjust to the slower market. As a result, more properties in these zip codes have experienced price drops to attract buyers. For instance, <a href="https://teamprice.com/zip-codes/78701">78701 (Austin)</a> had 52.2% of its listings adjust prices, with an average reduction of 8.0%. This trend of price adjustments is common across the market as sellers respond to changing demand. Inventory levels in each zip code are crucial for understanding market conditions. <a href="https://teamprice.com/zip-codes/78739">78739 (Austin)</a>, with its low inventory, reflects a tight market where buyers must act quickly, while areas like <a href="https://teamprice.com/zip-codes/78669">78669 (Spicewood)</a> and <a href="https://teamprice.com/zip-codes/78746">78746 (Austin)</a>, with their higher inventory, provide more opportunities for buyers to negotiate better deals. For instance, in 78746 (Austin), where the inventory is at 8.6 months, the median time on the market is 89 days, giving buyers more time to consider their options. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241023021334.png" alt="" width="" height="" style=""></figure></div> As the Austin area continues to grow, market conditions are likely to shift further. Monitoring these trends and understanding the months of inventory in each zip code will be key for anyone looking to buy or sell in this diverse and competitive market. Whether you are looking to capitalize on a sellers' market or negotiate in a buyers' market, understanding these market metrics is essential for success.&nbsp;

Discover the latest real estate trends in the Austin area with insights on months of inventory, pricing, and market conditions across 75 zip codes. Learn how market dynamics favor buyers or sellers and how these factors impact home prices and time on the market in October 2024

Austin Area Real Estate Market Analysis: October 2024 Insights by Zip Code

October 2024 Sets Austin Real Estate Market on Track for Record-Breaking Performance As of mid-October 2024, the Austin real estate market, spanning the six-county region of Travis, Williamson, Bastrop, Hays, Caldwell, and Burnet, is showing signs of a remarkable month. The <a href="https://teamprice.com/market-cycle">average sold price has increased</a> by an impressive 7.1% from September to October. This is a significant gain, especially considering the 3.8% decline experienced just last month. The current data suggests that if this upward momentum continues through October, it could result in the best October performance for the Austin area since data collection began in 2000. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241017055925.png" alt="" width="" height="" style=""></figure></div> Historically, October has been a mixed month for the Austin area market. Over the past 24 years, October has experienced more negative <a href="https://teamprice.com/market-cycle">monthly price changes</a> than positive, with 11 out of those years seeing declines. The most substantial decline occurred in October 2004, with a drop of 8.9%, while the highest gain was in October 2010, at 11.8%. This October’s growth puts it among the top-performing years for this month, rivaling the high points of 2010 and surpassing the October gains seen in recent years, such as the slight decrease of 3.7% in 2023 and the minor 0.3% drop in 2022. The average sold price trends for October across two decades reveal that this month has generally seen fluctuations, with an average month-over-month price change of just 1.0%. October’s median month-over-month change stands at 0.0%, highlighting its reputation as an unpredictable month in the Austin real estate market. Despite these typical patterns, October 2024 appears to be breaking the mold with one of the highest month-over-month increases on record, indicating robust market activity and a potential tightening of inventory levels across the region. As of October 17, 2024, the Austin market remains poised for an exceptional month. However, it is worth noting that with two weeks remaining, the possibility of less expensive homes closing could affect the <a href="https://teamprice.com/market-cycle">current average sold price</a>. If more affordable properties sell in the coming days, the average sold price could potentially decrease. Therefore, this October’s record-setting potential will largely depend on the market dynamics in these final weeks. For those tracking the Austin real estate market closely, Team Price Real Estate offers the most up-to-date insights on trends and data for the area. This six-county region, including Travis, Williamson, Bastrop, Hays, Caldwell, and Burnet, has a diverse market that can shift significantly based on buyer behavior and economic factors. By monitoring the latest <a href="https://teamprice.com/market-cycle">austin area real estate market cycle data</a> on <a href="https://teamprice.com/">TeamPrice.com</a>, buyers and sellers can stay informed and make strategic decisions in a fluctuating market environment. Whether this month closes as a record-breaker or simply as a strong October, the Austin real estate market continues to demonstrate its resilience and growth potential. Visit TeamPrice.com regularly for the latest updates and insights on the Austin area’s real estate trends, average prices, and market cycle information​

<h1>Austin Area Market Cycle : Updated Daily</h1> 
<iframe src="https://drive.google.com/file/d/14Svbl3FbEntRHDSw_VcQm6oJVUI6IWCs/preview" width="100%" height="700px" margin="auto" title="Market Cycle"></iframe>

Explore Austin's real estate market performance in October 2024, with average sold prices up 7.1% from last month. Could this be the best October on record? Find out more about the market trends across Travis, Williamson, Bastrop, Hays, Caldwell, and Burnet counties. Stay updated with Team Price Real Estate

Austin Real Estate Market October 2024: Poised for Record Gains

<a href="https://teamprice.com/sold-price-to-list-price-ratio">Sold Over List Price</a> in Austin: What 20+ Years of Data Reveals Over the past two decades, the Austin real estate market has experienced significant fluctuations in the percentage by which homes sell over their list prices. This data, ranging from 2000 to 2024, reveals compelling trends in Austin's housing market, offering insights into buyer behavior and market competitiveness. From a steady climb in <a href="https://teamprice.com/sold-price-to-list-price-ratio">over-list sales percentages</a> through the early 2000s to peak demand in recent years, Austin's housing market has shown how dynamic it can be. In the early 2000s, the percentage of <a href="https://teamprice.com/sold-price-to-list-price-ratio">properties sold over list price in Austin</a> started modestly. In 2000, the average percentage peaked at 30.8% by June, highlighting a growing interest in Austin’s real estate market even then. This pattern of sales percentages hovering in the high teens and low twenties continued into the 2000s, with some monthly highs reaching just above 26%. Despite some fluctuations, the market remained relatively stable until 2020. The Austin real estate market experienced its most dramatic surge in 2021. During this period, the percentage of <a href="https://teamprice.com/sold-price-to-list-price-ratio">properties sold over list price</a> reached unprecedented heights, with an April high of 72.6%. These elevated percentages persisted throughout the year, reflecting a time of strong demand and highly competitive bidding. Many factors contributed to this demand spike, including positive net migration, increased employment opportunities, and a desirability that led to intense buyer competition. This trend extended slightly into 2022, though the numbers started to decline as the market began cooling. By mid-2022, as inventory levels increased and buyer demand started to wane, the average percentages of properties sold over list price dropped from 64.7% in March to 11.6% by December. In 2023, the market continued its downward trend, with percentages stabilizing to levels last seen before 2011. For example, the <a href="https://teamprice.com/sold-price-to-list-price-ratio" class="on">highest percentage of over-list sales</a> was in April at 17.9%, a significant decrease compared to the peaks of previous years. As of October 2024, Austin’s real estate market is seeing the lowest percentage of properties sold over list price in over a decade, reflecting a new era where buyers have greater opportunities to purchase homes without the need to outbid list prices. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241016032959.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" width="" height="" data-size="," data-percentage="auto,auto" data-index="0" data-file-name="austin-real-estate-sold-over-list-price-2000-2024.png" data-file-size="481585" data-origin="," style=""></figure></div> Throughout the past few years, Austin has transformed into a balanced market, where buyers are finding more options and less competition. With the surge in over-list sales percentages cooling, it has become an opportune time for buyers who were previously priced out. As Austin continues to evolve, these trends demonstrate that while the market can be fiercely competitive, there are periods when opportunities for buyers emerge, enabling them to find the right home at the right price​

Explore the changing trends in Austin’s real estate market, focusing on homes sold over list price from 2000 to 2024. Discover how demand surged to record highs, influencing prices and creating buyer opportunities as the market cooled

Austin Real Estate Trends: Sold Over List Price from 2000 to 2024

Austin Real Estate: What Months of Inventory Reveal About Buyer and Seller Markets October 15, 2024 : In the Austin real estate market, understanding the relationship between inventory and days on market is crucial for both buyers and sellers. The recent report on the area’s zip codes provides valuable insights into these dynamics by categorizing markets as seller’s, neutral, or buyer’s markets based on the <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">Months of Inventory (MOI)</a>. This analysis helps guide real estate decisions, providing a snapshot of local supply and demand. The Months of Inventory metric is a key indicator of whether a market favors sellers, is neutral, or favors buyers. A seller’s market is defined as having less than 4.9 months of inventory, suggesting limited supply relative to demand, which often leads to faster sales and higher prices. In the <a href="https://teamprice.com/cities/austin-tx">Austin area</a>, 31 zip codes, or 41% of the markets, fall into the seller’s market category. For example, in <a href="https://teamprice.com/zip-codes/78739">zip code 78739</a>, homes have an MOI of just 1.5 months, with a median price around $799,000. Here, homes are selling quickly, presenting a competitive landscape for buyers. A neutral market is characterized by an MOI between 5 and 6.9 months, where supply and demand are relatively balanced. In the Austin area, 23 zip codes, or 31% of the markets, are in a neutral state. For instance, <a href="https://teamprice.com/zip-codes/78724">zip code 78724</a> in Austin has an MOI of 6.89 months with a median price of $372,500, indicating stability in housing prices and demand. Buyers in these areas can expect moderate competition, while sellers have a fair chance of selling within a reasonable timeframe. Finally, a buyer’s market is one with an MOI of over 7 months, suggesting ample supply and less demand, which tends to favor buyers through increased bargaining power and potentially lower prices. There are 21 zip codes, or 28% of Austin markets, categorized as buyer’s markets. Notably, <a href="https://teamprice.com/zip-codes/78645">zip code 78645 in Leander</a> has a high MOI of 11 months, with a median home price of $550,000. Homes in these areas tend to remain on the market longer, offering buyers more time and choices. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241015024617.png" alt="" width="" height="" style=""></figure></div>​ The relationship between Days on Market and Months of Inventory is significant, with a strong positive correlation of 0.81. This means that as inventory levels rise, the days a home spends on the market also tend to increase. For example, in the high-inventory area of <a href="https://teamprice.com/zip-codes/78612">78612 (Cedar Creek)</a>, homes stay on the market for an average of 131 days. Conversely, in low-inventory seller markets, such as <a href="https://teamprice.com/zip-codes/78717">78717</a>, where the MOI is just 2.35, homes move off the market in a relatively short period of 67 days. For buyers, this analysis provides a guide to navigating <a href="https://teamprice.com/cities/austin-tx">Austin</a>’s varied real estate markets. In buyer-heavy areas with higher MOI, there’s more room to negotiate and less urgency to act quickly. Sellers, on the other hand, may need to consider competitive pricing and timing strategies, especially in areas where higher inventory levels correlate with longer listing times. In summary, the Austin real estate market showcases a diverse range of opportunities for buyers and sellers alike. By understanding the significance of inventory and days on market, individuals can make well-informed decisions in this dynamic market landscape​

Explore the Austin real estate market with a focus on Months of Inventory by zip code. Understand buyer and seller trends, days on market, and how these factors impact home prices and competition. Discover which areas favor buyers or sellers and gain insights for making informed real estate decisions

Austin Real Estate: How Inventory Affects Days on Market by Zip Code

Austin Lease Market Shows Listing Growth with a 147% Increase Since 2021 The Austin Area MLS has seen a remarkable growth in active lease listings over the past decade, with a particularly significant surge from 2021 to 2024. In October 2024, the <a href="https://teamprice.com/lease-inventory">number of active lease listings</a> reached 6,858, a considerable increase from the 2,771 listings recorded in October 2021. This represents a 147% increase over three years, illustrating the growing rental market in Austin. This substantial growth reflects the area’s evolving real estate dynamics and highlights a shift toward leasing, as rising mortgage rates and affordability challenges impact the purchase market. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241011122937.png" alt="" width="" height="" style=""></figure></div>​In recent years, the summer months have consistently experienced the highest volume of lease listings. July 2024 saw a peak with 7,093 <a href="https://teamprice.com/lease-inventory">active lease listings</a>, the highest number recorded in the last decade. This increase aligns with typical seasonal patterns where the demand for rental properties is often at its highest. During this period, renters tend to relocate, and new leases are frequently signed, driving up the number of listings. The winter months, however, traditionally see lower volumes. For instance, January 2024 recorded 5,061 active listings, which, while still higher than in previous years, falls short of the summer peak.​This pattern of seasonal fluctuation has been consistent over the years, with listings traditionally increasing during the warmer months and tapering off slightly as the year progresses. The October data for each year shows a clear upward trend, with 2,456 active listings in October 2014 growing steadily to the current figure of 6,858. This represents a 179% increase over the decade, indicating long-term growth in the rental market.​Examining the year-over-year changes provides insight into the Austin leasing market’s volatility and growth. From 2023 to 2024, <a href="https://teamprice.com/lease-inventory">active lease listings</a> for October rose by 19.4%. This increase reflects a robust and growing demand for rental properties in Austin, which can be attributed to factors such as population growth and increasing interest in urban living. Moreover, the 2021-2024 period saw particularly steep growth, with year-over-year increases frequently reaching double-digit percentages. These shifts indicate strong market dynamics, as the region attracts more renters and responds to evolving housing demands.&nbsp;The substantial rise in lease listings since 2021 highlights broader trends affecting the Austin real estate market. A number of factors may be contributing to this, including the region’s economic growth and the influx of new residents.&nbsp; <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241011122948.png" alt="" width="" height="" style=""></figure></div>​In addition to the year-over-year analysis, monthly data also paints a vivid picture of the market. In the span of just three years, Austin’s rental market experienced a 147% increase in listings, underscoring a significant shift toward renting in a city traditionally known for its active housing market. The data suggests that both <a href="https://teamprice.com/lease-inventory">supply and demand for leases</a> are rising, with owners increasingly opting to lease properties rather than sell them, potentially due to high mortgage rates or an uncertain sales market. As Austin continues to grow and develop, the leasing market’s expansion reflects its appeal as a place to live and work. The real estate trends of the past three years highlight the importance of rental properties in meeting the needs of a changing population. This continued growth in lease listings not only provides opportunities for prospective renters but also signals a dynamic market that adapts to economic and demographic shifts. The Austin lease market’s upward trajectory is a testament to the city’s vibrant and evolving real estate landscape.&nbsp;

Austin's active lease listings surged by 147% from 2021 to 2024. Explore key data, trends, and insights that highlight the vibrant growth of Austin’s rental market over the past three years.

Austin Lease Listings Increase by 147% from 2021 to 2024

How <a href="https://teamprice.com/residential-price">Austin Real Estate Prices</a> Have Changed Since Their Peaks – October 2024 Report As of October 10, 2024, the Austin real estate market is showing noticeable changes in property values compared to past peak periods. This analysis dives into the shifts in average and median list prices, sold prices, and price per square foot across the Austin-area MLS and the city of Austin specifically. Understanding these trends is essential for both buyers and sellers as they navigate a market that has seen significant adjustments over the past two years. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241010010610.png" alt="" width="" height="" style=""></figure></div> Starting with the Austin-area MLS, the average list price reached its highest point in March 2023, with properties listed at an average of $708,959. Since then, there has been a slight decrease of 3.3%, bringing the current average list price down to $685,908. Meanwhile, the median list price peaked earlier, in May 2022, at $539,900. Today, it stands at $465,000, which is a substantial drop of 13.9% from the peak. This decline reflects a broader cooling in list prices as sellers adjust to changing market dynamics. In terms of actual selling prices, the Austin-area MLS recorded its highest average sold price in May 2022, when properties sold for an average of $664,515. As of now, the average sold price is $587,771, marking an 11.5% decrease. Similarly, the median sold price also reached its peak in May 2022 at $538,000, but it has since fallen 19.1%, to $435,000. These numbers indicate that the market has shifted from its height, with sellers achieving lower prices than they were a year or two ago. The price per square foot, a key metric for buyers comparing different properties, also highlights the market’s changes. For the Austin-area MLS, the average sold price per square foot hit a peak of $324 in April 2022. Today, it has dropped to $259, representing a 20.1% decrease. The median sold price per square foot also peaked in April 2022 at $280 and has since fallen to $224, a 20% decrease. These declines suggest that not only are homes selling for less overall, but they also offer more space per dollar than they did at the peak. Within the city of Austin itself, there are similar trends, although the specifics differ. The average list price as of October 2024 stands at $991,906, which remains the peak value for this metric. In contrast, the median list price peaked in May 2022 at $658,589 and has since declined by 8.9% to $599,950. This shows that while some high-value listings are holding their price, the typical property is being listed for less than it was during peak market conditions. The city’s average sold price reached its highest point in May 2022, at $847,583, but has since dropped by 5.4% to $801,856. Additionally, the median sold price also peaked in May 2022 at $680,000, now standing at $602,500 after an 11.4% decrease. These numbers indicate that, like the broader Austin-area MLS, the city of Austin has also seen a cooling in terms of what sellers can achieve at closing. Price per square foot trends in the city of Austin highlight even more significant shifts. The average sold price per square foot was at $442 in May 2022 but is now down to $358, a 19% decrease. The median sold price per square foot has seen an even steeper decline from $393 to $224, marking a 20.9% reduction. These figures are crucial for buyers who are looking for value and are comparing properties on a per-square-foot basis. In summary, Austin’s real estate market has shifted considerably from its peak values, with prices adjusting across various metrics. This trend is evident both in the Austin-area MLS and in the city itself. As buyers and sellers continue to adjust to these new market conditions, these insights provide valuable context for understanding the current real estate landscape in Austin​

Discover the latest trends in Austin real estate as of October 10, 2024. This detailed report examines the changes in average and median list prices, sold prices, and price per square foot, offering valuable insights into how the market has shifted from its peak values

Austin Real Estate Price Trends: October 10, 2024 Analysis of Peak Value Declines

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

Tracking Median Leased Prices in Austin: A Detailed Look at Market Trends Over 36 Months The real estate market in Austin, Texas, has been in the spotlight for several years due to rapid growth in both home sales and lease prices. One important metric that highlights the evolving nature of the market is the comparison of median leased prices over a 36-month period. By looking at these numbers, we can better understand how <a href="https://teamprice.com/market-cycle-lease">rental rates</a> have changed and what this means for the future of Austin’s leasing market.​The data shows that in recent years, Austin has experienced significant fluctuations in <a href="https://teamprice.com/market-cycle-lease">rental prices</a>. For instance, in May 2008, the median leased price was 24% higher than it was in May 2005. This period of growth reflected the broader housing boom before the 2008 financial crisis. On the flip side, in August 2005, prices dropped by 2.33% compared to August 2002, marking a brief cooling period for the rental market.​Fast forward to 2022, and the Austin rental market saw one of its largest surges. <a href="https://teamprice.com/market-cycle-lease">Median lease prices</a> in September 2022 were 35.4% higher than those in September 2019. This rise in rent prices was fueled by increased demand for housing, as many people moved to Austin during the COVID-19 pandemic. With a growing population and limited housing supply, landlords were able to raise rents to unprecedented levels. However, as we move into 2024, the market is showing signs of stabilization. The most recent data indicates that the <a href="https://teamprice.com/market-cycle-lease">median leased price</a> is now at 0% growth when compared to three years prior. This flatlining suggests that the rapid increases we saw during the pandemic are beginning to slow. One potential reason for this could be rising interest rates, inflation, and broader economic uncertainty, all of which are impacting tenants’ ability to afford higher rents. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241001053234.png" alt="" width="" height="" style=""></figure></div>​ The detailed year-over-year numbers further illustrate the evolution of the leasing market. In 2000, the average rent in Austin was around $1,106 per month. By 2019, this had increased to $1,703 per month. But it was in the years following the pandemic that we saw the most significant increases. In 2022, the average monthly rent surged to $2,229, an increase of 24.2% compared to 2020. This spike in rent prices was particularly notable as it reflected the high demand for rental properties and the limited availability of housing during this period. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241001053115.png" alt="" width="" height="" style=""></figure></div>​As of 2024, while the market appears to be stabilizing, the <a href="https://teamprice.com/market-cycle-lease">average rent</a> remains high. In September 2024, the average monthly rent was $2,100, slightly down from the highs of $2,250 earlier in the year. This minor decrease indicates that while the leasing market is no longer experiencing the rapid growth seen in recent years, it still remains elevated compared to pre-pandemic levels.​Looking at historical data, we can see how Austin’s leasing market has gone through cycles of growth and contraction. The early 2000s saw relatively modest growth in rental prices, with only minor fluctuations. But starting in the mid-2000s, <a href="https://teamprice.com/market-cycle-lease">rental prices</a> began to rise steadily. After the financial crisis in 2008, there was a temporary cooling period, followed by more consistent growth into the 2010s.​The most significant period of growth occurred between 2020 and 2022. As demand for housing in Austin soared, rental prices followed suit, reaching record highs. The plateau we are now seeing in 2024 may signal a return to more sustainable growth rates in the future, as the market adjusts to higher costs and evolving economic conditions. In conclusion, the Austin leasing market has experienced rapid growth over the past few years, driven by high demand and limited supply. While 2022 saw some of the highest rent increases in recent history, the market in 2024 is showing signs of stabilizing. Renters can expect the market to remain competitive, but the days of rapid price hikes may be behind us for now​

Changes in Austin’s leasing market over the past 36 months. Discover detailed data on how median leased prices have fluctuated, the rapid growth from 2020 to 2022, and why the market is stabilizing in 2024. This data-driven article provides key insights into Austin’s rental trends

Tracking Austin’s Median Leased Prices: Market Trends from 2020 to 2024

Austin’s Housing Market Shows Signs of National Shift: Freddie Mac House Price Index for July and August 2024 September 30, 2024 : The&nbsp;<a href="https://teamprice.com/freddie-mac-house-price-index">Freddie Mac House Price Index (FMHPI)</a> is an important tool that tracks the trends in home prices across cities in the United States. For real estate professionals, homeowners, and potential buyers, understanding these trends is crucial in making informed decisions about the market. The latest data from July and August 2024 provides valuable insights into the shifts occurring in the housing market, particularly in Austin, Texas, as well as other major cities across the country. In July 2024, the national housing market experienced a slight decrease in home prices. The <a href="https://teamprice.com/freddie-mac-house-price-index">Freddie Mac House Price Index</a> for that month revealed an average month-over-month (MoM) decline of 0.1% across major cities. However, the year-over-year (YoY) price changes indicated that many markets were still growing compared to the previous year, with an average increase of 3.5%. Cities like Miami and Charlotte saw higher growth rates, driven by strong demand, while cities like Austin showed more modest or even negative trends. By August 2024, the national housing market displayed more noticeable changes. The MoM increase across cities averaged 4.02%, suggesting that while there was some softening, many markets were still experiencing upward momentum. The YoY price increase also slowed slightly to an average of 3.5%, down from the 3.5% seen in July. This indicates that while prices are still higher than they were a year ago, the rate of growth is stabilizing. For Austin, this change was less positive. The city’s MoM increase was a modest 1.74% in August, showing a slower pace of growth compared to the national average. Year-over-year, Austin’s housing prices fell by 5.1% in August, compared to a 5.1% decline in July. This trend points to a market correction in the city, as home prices cool after years of rapid increases. Austin, known for its strong housing market in recent years, has faced new challenges in 2024. The tech-driven city had seen a surge in demand for homes during the pandemic, as more people moved to the area for remote work opportunities and quality of life. However, in 2024, rising mortgage rates and concerns about affordability have dampened demand. Buyers are now more hesitant to enter the market, leading to a cooling in prices. For homeowners and sellers in Austin, this means adjusting expectations, while for buyers, it could represent an opportunity to enter a market that is stabilizing. Other cities in the Freddie Mac House Price Index for July and August show varied results. In Miami, housing prices continue to rise, driven by a combination of migration from other states and strong local demand. Miami saw a YoY increase of 13.6% in August 2024, making it one of the strongest-performing markets in the country. By comparison, cities like San Francisco and Denver have experienced declines similar to Austin’s, with both cities showing year-over-year price decreases. San Francisco, in particular, has been grappling with affordability issues and a shift in the workforce that has reduced demand for high-priced homes in the city. Looking at the data for the top 40 cities by population, several patterns emerge. Cities in the Southeastern United States, such as Miami, Tampa, and Charlotte, continue to experience price growth, though at a slightly slower pace than in previous years. These cities have been beneficiaries of a migration trend from more expensive regions, as people seek more affordable housing and warmer climates. On the other hand, cities in the Western United States, including Austin, San Francisco, and Denver, have seen prices decline as market conditions shift. In these cities, affordability and the end of pandemic-driven demand have contributed to the cooling market. The <a href="https://teamprice.com/freddie-mac-house-price-index">Freddie Mac House Price Index</a> also provides insight into the broader national trends for all 384 cities included in the data. While the overall MoM price changes indicate that many markets still see positive growth, YoY growth remains positive but slower than in previous years. The national average YoY price increase of 3.5% in August 2024 reflects a still-growing market, while Austin showed a YoY decrease of 5.1%. The national average MoM increase was 4.02%, with Austin’s increase standing at 1.74%. Additionally, Austin is down 15.5% from its peak in May 2022, while the national average drop from the peak across all cities is 1.4%. One of the most important insights from the Freddie Mac House Price Index is the "Down from Peak" data. Last month, 76 out of the 384 cities tracked by the FMHPI had experienced a decline from their peak home values. However, in just one month, that number surged to 335 cities—a staggering 87.2% of the tracked markets. This dramatic increase suggests a widespread correction in home prices across the United States. Austin, which saw a significant drop of 15.5% from its peak, may very well be the "canary in the coal mine" for this broader market downturn. As one of the first major cities to experience a sharp price decline, Austin could be signaling what’s to come for other cities. With more markets now following suit, this data reflects a cooling housing market that could become a national trend in the coming months. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241001123131.png" alt="" width="" height="" style=""></figure></div>​ Austin’s housing market, in particular, stands out in the latest Freddie Mac data. While the national average increase in home prices from January 2020 to August 2024 is 51.6%, Austin's growth in the same period is 40.8%. From January 2021, the national average increase is 35.6%, while Austin saw only an 18.3% rise. Since August 2022, the national market has grown by 7.8%, but Austin’s prices have dropped by 11.9% in that same period. This marks a significant shift from the city’s rapid price increases in previous years. The decline in Austin’s market can be attributed to a combination of rising mortgage rates, affordability concerns, and a reduction in out-of-state buyers who had previously fueled demand. For buyers and sellers in Austin, understanding these trends is crucial. For buyers, the price declines may present an opportunity to enter the market at a more favorable time, particularly as inventory levels rise and competition decreases. Sellers, on the other hand, may need to adjust pricing expectations as the market corrects itself. Real estate professionals in Austin should keep a close eye on these trends, as the market continues to shift in response to broader economic factors. In conclusion, the <a href="https://teamprice.com/freddie-mac-house-price-index">Freddie Mac House Price Index</a> for July and August 2024 highlights the varied performance of housing markets across the United States. While some cities continue to see price growth, others, like Austin, are undergoing a market correction. For those in the Austin real estate market, understanding these data points and adjusting strategies accordingly will be key to navigating the changes in the months ahead.&nbsp;

Freddie Mac House Price Index for July and August 2024, with a focus on Austin’s housing market trends. Learn how Austin’s home prices have dropped by 15.5% from their peak, signaling a potential national housing market correction. Stay informed on the latest shifts in the real estate market

Austin Leads National Housing Market Shift: Freddie Mac House Price Index for July and August 2024

Austin Housing Market Trends: Sales Data Reveals Sharp Decline in 2024 The real estate market in Austin, Texas, has experienced significant shifts over the past decade. As one of the fastest-growing cities in the United States, Austin's housing market has seen periods of rapid growth followed by sharp declines, particularly in the last few years. By analyzing the data from January 2014 through September 2024, it becomes clear that the number of home sales in Austin has fluctuated, with noticeable drops in the most recent years. This article dives into these trends, offering an in-depth look at how the market has evolved and what the current state of sales looks like. In September 2024, the <a href="https://teamprice.com/residential-inventory">City of Austin recorded 629 home sales</a>. This number represents a substantial decline from previous years. In fact, comparing September 2024 to September 2020, when 1,533 sales were recorded, shows a dramatic reduction of nearly 60%. Even when compared to September 2023, which saw 840 sales, this represents a decrease of 25.1%. The trend is not unique to September. Months like August and July have also seen reduced activity, with August 2024 recording 870 sales, down from 1,485 in August 2018. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240930115127.png" alt="" width="" height="" style=""></figure></div>​ If we look further back, the sales numbers tell an even more complex story. Between 2014 and 2019, sales were relatively stable. For example, in September 2014, 1,146 <a href="https://teamprice.com/residential-inventory">homes were sold</a>, and in 2019, that number was slightly higher at 1,234. However, by 2022, sales dropped to 948 in September, and the numbers have continued to decline since then. The COVID-19 pandemic brought significant changes to the housing market, as seen by the surge in sales in 2020 and 2021. July 2020 was particularly strong, with 1,815 sales recorded, but by July 2024, sales had fallen to just 900. Year-over-year changes highlight the extent of this decline. In September 2024, sales were down 49% compared to September 2020 and 45.1% compared to September 2015. This downward trend has been consistent across most months, with only occasional upticks. For example, April 2024 showed a 13.6% increase from April 2023, but the overall trend has been a steady reduction in sales since the highs of 2020. The seasonal nature of real estate activity is also evident in the data. Summer months, such as June, July, and August, tend to have more <a href="https://teamprice.com/residential-inventory">home sales</a> compared to the winter months. For example, June 2024 saw 865 home sales, which is notably lower than June 2020's 1,505 sales, but still higher than the early months of the year, such as January 2024, when only 551 homes were sold. This pattern of higher summer activity followed by lower sales in the fall and winter is typical in the housing market, but the recent decline in sales is more than just seasonal. It reflects broader market conditions that have shifted over time. The five-year and ten-year comparisons further emphasize how much the market has changed. Between 2020 and 2024, there has been a 43.7% <a href="https://teamprice.com/residential-inventory">decline in sales</a> in June alone. Similarly, comparing the years 2015 to 2024 shows a 45.1% decrease in September sales. These declines point to a challenging real estate environment, where fewer homes are being sold despite the rapid growth Austin experienced earlier in the decade. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240930115143.png" alt="" width="" height="" style=""></figure></div>​ Overall, the data shows that while Austin's real estate market was thriving in the mid-2010s, it has faced significant challenges in recent years. The rapid <a href="https://teamprice.com/residential-inventory">increase in sales</a> during 2020 and 2021 has been followed by a period of contraction, with fewer homes being sold each month. This trend is likely influenced by a combination of factors, including rising home prices, higher interest rates, and changing buyer behavior. As Austin continues to grow, these trends will be important to watch for anyone looking to buy or sell property in the area​

Discover the latest trends in Austin's real estate market with an in-depth analysis of sales data from 2014 to 2024. This detailed article explores the steady decline in home sales over the last decade, the factors driving these changes, and what it means for buyers and sellers in the Austin area. Stay informed on the current state of Austin real estate with this comprehensive report

Austin Real Estate Sales Decline: A Detailed Look at Trends from 2014 to 2024

Austin Real Estate Market: Examining Months of Inventory from 2014 to 2024 The Austin real estate market has experienced significant shifts over the past decade, with the <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">months of inventory</a> serving as a key indicator of these changes. The term "months of inventory" refers to the amount of time it would take to sell all active listings in the market at the current pace of sales. When months of inventory are low, it signals a seller's market where demand exceeds supply. Conversely, higher months of inventory indicate a buyer's market, where there are more homes available than there are buyers. Understanding the fluctuation of months of inventory in Austin from 2014 to 2024 can offer insight into how the market has evolved and where it may be heading. In 2014, the Austin housing market had an average of 3.37 months of inventory. This level indicated a balanced market where neither buyers nor sellers had a significant advantage. By 2015, the months of inventory increased slightly to 3.61, maintaining the market’s balanced nature. However, a steady decline began in the years that followed, with the months of inventory dropping to 2.45 by 2018. This trend suggested that housing supply was tightening as demand increased, likely driven by Austin's booming population growth and economic expansion. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240926115222.png" alt="" width="" height="" style=""></figure></div> The onset of the pandemic in 2020 marked a dramatic shift in the real estate landscape. The months of inventory plummeted to just 1.54 in 2020, reflecting an extremely competitive seller's market. The pandemic spurred demand for homes as historically low interest rates and the rise of remote work led many to seek more spacious living environments. In 2021, the months of inventory reached an all-time low of 0.97. Buyers were facing significant challenges, with homes being sold almost as soon as they were listed, creating intense competition. However, by 2022, the months of inventory began to increase as the market started to correct itself. The average months of inventory for that year rose to 2.37, more than doubling from the previous year’s figure. This upward trend continued into 2023, with the months of inventory rising to 4.01, a sign that the market was beginning to balance after the volatility caused by the pandemic. As of 2024, the months of inventory have reached 4.89, suggesting that supply is starting to catch up with demand. Looking at individual months, the seasonal fluctuations in Austin's real estate market become apparent. For instance, January consistently sees lower months of inventory compared to the summer months, which is a common trend in real estate markets nationwide. In 2024, January had 3.27 months of inventory, while June reached 5.93, reflecting increased market activity during the warmer months when families tend to move. This pattern is consistent across the years, with inventory levels generally peaking during the summer and declining in the winter.&nbsp; Over the ten-year period from 2014 to 2024, the data reveals significant year-over-year percentage changes. For example, in January 2022, there was a 261.7% increase in inventory compared to 2021, highlighting how dramatically the market had shifted. The years immediately following the pandemic saw inventory levels steadily rise, marking a return to a more balanced market. Despite this correction, the 2024 levels are still higher than pre-pandemic figures, indicating that Austin’s housing market is likely entering a new phase of stabilization. In the long-term view, the 5-year and 10-year averages offer further perspective. From 2020 to 2024, there was a 73.6% increase in the months of inventory for January, while the 10-year comparison shows a 24.0% rise. These trends suggest that while the market is recovering from the dramatic shifts seen during the pandemic, it may not fully revert to the conditions seen in the mid-2010s when inventory levels were much lower. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240926115300.png" alt="" width="" height="" style=""></figure></div> The months of inventory is a crucial indicator of market health. For potential buyers and sellers in the Austin area, understanding these trends can help inform decisions about entering or exiting the market. With the current levels approaching 5 months of inventory in 2024, Austin is moving closer to a balanced market where neither buyers nor sellers have a distinct advantage. This return to equilibrium after years of intense competition is a promising sign for the stability of the housing market in the city.

Explore the evolution of Austin's real estate market with a detailed analysis of months of inventory from 2014 to 2024. Discover how the market has shifted from a seller’s market to a more balanced state, with data-driven insights into key trends and seasonal variations. Learn what these inventory changes mean for buyers and sellers in Austin

Months of Inventory in Austin Real Estate: A Decade of Data (2014-2024)

Why Austin Home Prices Fell 21.3%: A Decade of Real Estate Data September 26, 2024 : The City of Austin real estate market has experienced significant changes over the past decade, with a notable rise and subsequent correction in the <a href="https://teamprice.com/residential-price">average sold price per square foot</a>. From 2014 to 2024, the price of homes in Austin has shown both steady growth and moments of rapid appreciation, followed by a marked decline in recent years. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240926044501.png" alt="" width="" height="" style=""></figure></div> In 2014, the <a href="https://teamprice.com/residential-price">average sold price per square foot in Austin</a> was $172. Over the next several years, prices increased gradually, reflecting healthy market growth. By 2019, the average price had risen to $239 per square foot, signaling strong demand in the Austin area. However, it was the period from 2020 to 2022 when the market saw a dramatic surge, driven by factors such as historically low interest rates and increased housing demand. The most significant rise occurred in 2021 and 2022. In May 2022, the <a href="https://teamprice.com/residential-price">average sold price per square foot</a> peaked at $442, marking the highest point in Austin's real estate history. This sharp increase represented a surge of over 85% in just a few short years, as prices climbed from $239 per square foot in 2019 to $442 per square foot in May 2022. Many buyers were priced out of the market during this period, as the rapid appreciation made homes less affordable. However, as is often the case in overheated markets, a correction followed. After reaching its peak in May 2022, Austin’s real estate prices began to decline. By September 2024, the average sold price per square foot dropped to $348, representing a 21.3% decrease from the market peak. This decline is indicative of the natural market cycle, where prices begin to correct after a period of unsustainable growth. This correction can also be seen when comparing prices across specific months. For instance, the average price in January 2024 was $337 per square foot, a noticeable drop from $385 per square foot in January 2022. Similarly, in March 2024, the price was $361 per square foot, compared to $416 per square foot in March 2022. These numbers clearly reflect the downward trend as the market stabilizes after the extreme price hikes seen during the pandemic boom. While the recent drop in prices may seem concerning to some, it is important to consider the overall long-term growth of Austin’s real estate market. Even with the recent decline, the average sold price per square foot is still significantly higher than it was in the mid-2010s. In September 2014, the average price was $190 per square foot, meaning the current price of $348 represents an increase of over 83% over the last decade. This pattern of rising prices followed by a correction aligns with the concept of mean regression in real estate. As prices skyrocketed in 2021 and 2022, they moved far above the historical trend line. The current price adjustments reflect a reversion to the mean, where the market returns to more sustainable levels in line with long-term growth trends. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240926044531.png" alt="" width="" height="" style=""></figure></div> As Austin continues to grow, its real estate market remains robust, despite the recent corrections. Buyers and sellers in the Austin area should understand these trends and the historical context when considering current pricing. The market is adjusting after a period of unprecedented growth, and while prices are down from their peak, the long-term outlook remains positive for those who are considering entering or exiting the market.​

The Austin real estate market has experienced a significant correction, with the average sold price per square foot dropping 21.3% from its May 2022 peak. This detailed analysis tracks the market's trends from 2014 to 2024, providing insights into the factors behind the price surge and subsequent decline. Learn how the market is stabilizing and what it means for buyers and sellers in the Austin area

Austin Real Estate Market: Average Price Per Square Foot Drops 21.3% Since Peak

Why Austin Rental Prices Dropped in 2024: A Comprehensive Market Analysis September 21, 2024 : The Austin rental market, which has seen explosive growth over the past decade, experienced a notable shift in 2024. The <a href="https://teamprice.com/lease-price">average leased price in the City of Austin</a> as of September 2024 was $2,607, marking a significant decline from the highs observed in 2022. This drop is indicative of broader market adjustments, driven by a variety of factors that have altered the supply-demand dynamics in one of the country’s most competitive rental markets. In 2022, <a href="https://teamprice.com/lease-price">Austin rental prices</a> peaked, with the average leased price in September reaching $2,746. Since then, the market has cooled, and by September 2024, there was a $139 drop in the average leased price compared to two years prior. This decline reflects the market’s response to increasing inventory, a shift in demand, and possibly, the broader economic conditions affecting renters and landlords alike. In particular, the demand for rentals has lessened in some areas, and the increase in available rental units has further put downward pressure on prices. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240922023141.png" alt="" width="" height="" style=""></figure></div> The decline wasn’t isolated to September. <a href="https://teamprice.com/lease-price">City of Austin rental prices</a> throughout the year showed similar trends. For example, the average leased price in February 2024 was $2,669, down from $2,696 in 2023. March followed a similar pattern, with the average price dropping from $2,685 in 2023 to $2,644 in 2024. While the year-over-year declines seem modest, they indicate that the Austin rental market may have reached its peak in 2022 and is now stabilizing. Looking at longer-term data, the average leased price in January 2024 was $2,555, compared to $1,548 in January 2014. Over this 10-year period, rental prices increased by more than $1,000, reflecting Austin’s status as a rapidly growing urban hub. This growth has been fueled by a thriving tech sector, a steady influx of new residents, and Austin’s appeal as a top-tier city for lifestyle and business. However, the recent decline suggests that the market may be entering a new phase, where rental prices are no longer skyrocketing but are instead adjusting to the realities of supply and demand. The year-over-year percentage changes also offer a deeper understanding of these trends. From 2020 to 2024, the average leased price in Austin grew by 34.8%. However, this upward momentum has slowed, with certain months in 2024 seeing small declines compared to the previous year. For example, in August 2024, the average leased price fell from $2,605 in 2023 to $2,470, marking a 5.2% decrease. Similarly, September 2024 showed a slight dip compared to September 2023, with a decrease of -1.3%. One of the key reasons for this price moderation could be attributed to Austin’s rapidly growing rental inventory. As more housing developments come online, tenants are benefiting from a wider range of choices, allowing for more competitive pricing. Additionally, the economic uncertainty surrounding inflation and interest rates may have tempered demand for rentals, leading to slower price growth. Despite these recent declines, Austin’s rental market remains one of the most expensive in Texas. Over the last decade, rental prices have grown significantly, outpacing wage growth and making it one of the more challenging markets for affordability. However, the easing of rental prices in 2024 could offer some relief to renters who have faced sharp increases over the last several years. Austin’s rental market is also subject to seasonal trends. Historically, prices tend to peak during the summer months when rental activity is high. In 2024, the average leased price in June was $2,727, slightly down from $2,745 in 2023. July saw a more pronounced decline, with the average price dropping from $2,704 in 2023 to $2,619 in 2024. These fluctuations highlight how market conditions can change depending on the time of year, and why tenants and landlords should pay attention to seasonal patterns. In conclusion, while the <a href="https://teamprice.com/lease-price">Austin rental market</a> has experienced rapid growth over the past decade, 2024 marks a year of adjustment. The data shows a clear shift from the high peaks of 2022, with a consistent, albeit modest, decline in rental prices across various months. This could signal a broader trend toward market stabilization, offering renters more opportunities and potentially easing the pressure on affordability in the coming years.​

Austin rental prices saw a notable drop in 2024, marking a shift in the market after years of growth. This article provides an in-depth analysis of the reasons behind the decline, supported by comprehensive data on rental trends. Stay informed about the changes in Austin's rental landscape

Why Austin Rental Prices Dropped in 2024: A Comprehensive Market Analysis

<a href="https://teamprice.com/market-update">Austin Real Estate Market Update</a>: September 20 2024 The Austin real estate market is currently in a period of transition. As of September 2024, the <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">Months of Inventory (MOI)</a> stands at 5.2 months, signaling a neutral market. This metric is a key indicator in real estate, measuring how long it would take for all current listings to sell if no new properties were added. An MOI below 4.9 months indicates a seller’s market, while more than 7 months suggests a buyer’s market. At 5.2 months, the Austin market is balanced, giving both buyers and sellers some leverage, but not tipping heavily in favor of either. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240920071609.png" alt="" width="" height="" style=""></figure></div>​ In addition to the MOI data, there are currently 15,114 <a href="https://teamprice.com/active-residential-listings">active residential listings in the Austin area</a>. This is down from a recent peak of slightly over 16,000 just a few months ago. This drop in active listings could indicate a slight tightening of inventory. Fewer homes available on the market can lead to more competition among buyers, but it is important to note that inventory levels are still higher than during the housing boom of 2020 and 2021, when active listings were at historic lows. The drop in listings from over 16,000 to 15,114 shows a trend that could impact how quickly homes sell and at what price point they move. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240920071624.png" alt="" width="" height="" style="" origin-size="1835,892"></figure></div>​ The <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">Months of Inventory</a> data shows a significant shift from just a few years ago. During the pandemic years, when buyer demand surged due to <a href="https://teamprice.com/30-year-fixed-mortgage-rate">low-interest rates</a> and shifting housing needs, the MOI dropped to as low as 1.0 month in early 2021. At that time, the market was extremely competitive, with multiple offers and homes selling well above asking prices. In contrast, today’s MOI of 5.2 months reflects a more measured pace of buying and selling. Buyers have more options and can take more time to make decisions, while sellers may need to be more strategic about pricing. Although the current market is neutral, it is still important for buyers and sellers to understand the underlying trends. Interest rates are higher now compared to the historically low rates seen in 2020 and 2021. This increase in borrowing costs has cooled buyer enthusiasm somewhat, leading to more stable market conditions. However, Austin’s desirability as a place to live continues to drive demand, particularly as the market stabilizes from the rapid growth of recent years. Sellers should be aware that while the market is no longer as frenzied as it was during the housing boom, homes are still selling. With 15,114 active listings, there is enough inventory for buyers to choose from, but not so much that it overwhelms the market. Pricing homes competitively will be essential to attracting attention and offers. Sellers might also expect properties to stay on the market longer compared to the rapid sales seen in the past two years. Buyers, on the other hand, can benefit from the neutral market conditions. With the number of active listings and a stable MOI, buyers have the opportunity to negotiate more favorable terms than they would have in a strong seller’s market. However, they should still be mindful of rising interest rates, which could affect their buying power. Waiting too long for prices to drop further could mean missing out on favorable financing terms. Overall, the Austin real estate market is finding its balance. The shift from the extreme seller’s market of the pandemic years to today’s neutral conditions is a sign of stabilization. With 5.2 months of inventory and 15,114 active listings, the market is well positioned for both buyers and sellers to make informed decisions. Monitoring these trends will be essential as the market continues to evolve throughout the rest of 2024.

Latest trends in the Austin real estate market for September 2024. With 15,114 active listings and a neutral 5.2 months of inventory, find out what this means for both buyers and sellers as the market stabilizes. Explore key data and insights to make informed decisions in Austin’s evolving housing market

Austin Real Estate Update: 5.2 Months of Inventory and 15,114 Listings in September 2024

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