Austin-Area Real Estate Market Report: Trends in the Top 30 Cities November 21, 2024 : The real estate market in the Austin area continues to showcase a diverse range of opportunities for buyers and sellers alike. With the latest analysis of 30 cities, we see a spectrum of market conditions shaped by inventory levels, pricing trends, and demand patterns. Understanding these dynamics can help buyers, sellers, and investors navigate their decisions effectively. The cities analyzed are classified into three categories based on months of inventory: seller's markets, neutral markets, and buyer's markets. A seller’s market occurs when there is less than 4.9 months of inventory, signaling strong demand relative to supply. Neutral markets, with 5 to 6.9 months of inventory, represent a balance between buyers and sellers, while buyer’s markets, exceeding 7 months of inventory, indicate an oversupply of homes. Among the 30 cities in the Austin area, 40% are seller’s markets, 33% are neutral, and 27% are buyer’s markets, illustrating a varied landscape of real estate 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/20241121021044.png" alt="" width="" height="" style=""></figure></div> Austin, the region's flagship city, represents a neutral market with 5.04 months of inventory. The median home price stands at $599,000, and properties spend an average of 76 days on the market. Austin’s inventory and pricing balance make it an appealing market for both buyers seeking opportunities and sellers looking for competitive offers. <a href="https://teamprice.com/cities/georgetown-tx">Georgetown</a>, with 3.68 months of inventory, leans toward a seller’s market. This city sees a median home price of $515,000 and homes averaging 75 days on the market, reflecting steady demand. In contrast, cities like <a href="https://teamprice.com/cities/burnet-tx">Burnet</a> and <a href="https://teamprice.com/cities/spicewood-tx">Spicewood</a> experience slower market activity, categorizing them as buyer’s markets. Burnet has 11 months of inventory, a median price of $599,000, and properties lingering on the market for an average of 82 days. Similarly, Spicewood, with 11 months of inventory and a median price of $899,000, offers abundant options for buyers seeking more luxurious properties at potentially negotiable prices. Affordability plays a key role in driving market dynamics. For instance, <a href="https://teamprice.com/cities/jarrell-tx">Jarrell</a>, with a median price of $299,000, sees a brisker pace of sales, boasting just 2.87 months of inventory. Hutto, another affordable option, offers homes with a median price of $397,000 and maintains only 2.80 months of inventory. Both cities highlight the heightened activity in the lower price brackets, where demand often outpaces supply. Luxury markets such as <a href="https://teamprice.com/cities/driftwood-tx">Driftwood</a> and <a href="https://teamprice.com/cities/dripping-springs-tx">Dripping Springs</a> tell a different story. Driftwood’s median home price stands at $1.3 million, with 7.31 months of inventory reflecting a buyer’s market. Dripping Springs, though more balanced with 5.44 months of inventory, also caters to high-end buyers with a median price of $773,859. These areas demonstrate the slower turnover typically associated with higher price points. Price adjustments are another critical metric to evaluate market conditions. Several cities in the <a href="https://teamprice.com/cities/austin-tx">Austin</a> area have seen reductions in active listing prices to stimulate buyer interest. For example, <a href="https://teamprice.com/cities/lago-vista-tx">Lago Vista</a> reports an average price drop of 7.8%, equating to $75,000, while <a href="https://teamprice.com/cities/liberty-hill-tx">Liberty Hill</a> properties average an 8.3% reduction, or $60,000. Conversely, in competitive markets like <a href="https://teamprice.com/cities/Pflugerville-tx">Pflugerville</a>, price increases remain modest, with adjustments hovering around 3%. Median days on market also offer insights into transaction speed across different areas. <a href="https://teamprice.com/cities/buda-tx">Buda</a>, with just 64 days on the market, showcases its appeal to buyers, likely due to its combination of affordability and proximity to Austin. Similarly, <a href="https://teamprice.com/cities/Del-Valle-tx">Del Valle</a> sees homes selling within 68 days on average, bolstered by a median price of $369,990. On the other hand, markets like <a href="https://teamprice.com/cities/Wimberley-tx">Wimberley</a>, with 109 days, and Spicewood, with 122 days, reflect longer cycles, typical of higher-end and rural areas. Another layer of complexity emerges when comparing inventory levels with the average and median prices. Cities such as Pflugerville and <a href="https://teamprice.com/cities/Round-Rock-tx">Round Rock</a>, with 3.05 and 3.90 months of inventory respectively, have median home prices of $425,000 and $444,815. These cities represent strong opportunities for buyers and sellers alike, benefiting from stable pricing and lower-than-average inventory. The data also reveals an interesting distribution of active listings across price brackets. Cities like <a href="https://teamprice.com/cities/Cedar-Park-tx">Cedar Park</a> and <a href="https://teamprice.com/cities/Leander-tx">Leander</a>, with median prices of $550,000 and $542,865 respectively, showcase mid-tier market dynamics, attracting buyers who seek value near Austin. Meanwhile, Lockhart, with just 2.32 months of inventory and a median price of $334,950, offers affordable entry points for first-time buyers or investors. Overall, the Austin area’s real estate market presents a complex yet navigable environment. While cities like Austin and Georgetown maintain balanced conditions, places like Hutto and Jarrell emerge as hotspots for sellers. Meanwhile, buyers find leverage in markets like Burnet and Spicewood, where inventory levels remain high. By understanding the interplay between pricing, inventory, and demand, stakeholders can make informed decisions that align with their real estate goals.&nbsp;

Explore the latest real estate trends across 30 cities in the Austin area. Discover market conditions, pricing insights, and inventory levels to guide your buying or selling decisions

Austin-Area Real Estate Trends: Top 30 Cities Analysis

Austin's Top Appreciating Zip Code in 2024: A Closer Look at 78730 In the ever-changing Austin real estate market, the <a href="https://teamprice.com/data-analysis/78730">78730 zip code</a> has emerged as the best-performing area in terms of year-over-year appreciation. According to the latest data, the 78730 area has demonstrated remarkable growth, particularly when comparing the median sold price from last year to this year. This impressive performance highlights the continued strength of the 78730 market despite broader economic challenges faced by the Austin area. The annual compound growth rate for the <a href="https://teamprice.com/data-analysis/78730">78730 zip code</a> from 1999 to 2024 stands at 3.49%, reflecting steady and consistent long-term growth. However, what sets this area apart is the recent surge in the median sold price, making it the standout zip code in Austin for 2024. In 2023, the median sold price in 78730 was $995,000, showing a slight decline from previous highs. However, 2024 brought a strong recovery, with the median sold price jumping to $1,175,000, marking an impressive 18% increase compared to the previous year. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241111123841.png" alt="" width="" height="" style=""></figure></div> The historical data for 78730 reveals notable fluctuations and growth patterns that tell a broader story about this market's resilience. In the early 2000s, the area experienced rapid price increases, including a significant spike between 1999 and 2000, where the median sold price rose by 30%. This was followed by a period of market corrections in the mid-2000s, aligning with the nationwide housing downturn during the financial crisis. From 2007 to 2009, the area saw a sharp drop in both average and median sold prices, reflecting the broader economic recession. Despite these setbacks, the 78730 zip code rebounded strongly in the 2010s. The market showed consistent growth year after year, with a notable surge between 2013 and 2015. The average sold price climbed from $615,182 in 2013 to $657,770 in 2015, while the median sold price increased by 14% during the same period. This steady appreciation continued into the late 2010s, setting the stage for the dramatic gains seen during the COVID-19 pandemic. The impact of the pandemic on the Austin real estate market was profound, and the 78730 area was no exception. In 2020 and 2021, the zip code saw its largest gains in over a decade. The average sold price jumped by 22% in 2020, followed by a staggering 32% increase in 2021. During this time, median prices also soared, reaching a high of $975,000 in 2021. These figures underscore the surge in demand for homes in desirable, suburban areas like 78730, as buyers sought more space and quality amenities. However, 2022 brought a shift in the market. Rising interest rates and broader economic concerns led to a cooling of the real estate frenzy. The average sold price in 78730 fell by 4%, while the median sold price still managed a modest increase of 5%, showing that while demand softened, it remained relatively strong in this sought-after area. The following year, 2023, saw further declines in both average and median sold prices, reflecting the ongoing market adjustments and a return to more balanced conditions. The strong rebound in 2024 highlights the underlying demand and desirability of the 78730 area. This year, the median sold price climbed back up to $1,175,000, an 18% increase from the previous year, signaling renewed buyer confidence and likely reduced inventory levels. The growth in 2024 positions 78730 as the best-appreciating zip code in Austin, attracting both investors and homebuyers looking for long-term value in the market. Beyond the numbers, the 78730 zip code offers a lifestyle that draws residents year after year. The area includes some of Austin’s most desirable neighborhoods and subdivisions, such as <a href="https://teamprice.com/subdivisions/river-place">River Place</a>, Long Canyon, Westminster Glen, Shepherd Mountain, and Glenlake Estates. These communities feature a mix of luxury homes, spacious lots, and scenic views of the Texas Hill Country. Residents enjoy close proximity to outdoor attractions like Emma Long Metropolitan Park, which offers miles of hiking trails, waterfront activities along Lake Austin, and picnic areas perfect for family outings. Another unique aspect of the 78730 zip code is its easy access to major roadways like RM 2222 and Loop 360, providing convenient commutes to downtown Austin and the Domain. The area is also known for its top-rated schools, making it a popular choice for families. The natural beauty, combined with upscale amenities and excellent connectivity, makes 78730 one of the most sought-after and appreciated zip codes in the city. In summary, the 78730 zip code has shown remarkable resilience and consistent growth over the past two decades, with significant appreciation, particularly in 2024. This data-driven analysis highlights the market's ups and downs but ultimately shows a strong upward trend. Buyers and investors looking at the Austin real estate market would be wise to consider the 78730 area, which continues to demonstrate its strength and potential for future appreciation.&nbsp;

Explore why Austin’s 78730 zip code stands out as the top appreciating area in 2024. Detailed analysis of home prices, neighborhood amenities, and historical trends make 78730 a must-watch market for buyers and investors

78730: Austin’s Top Appreciating Zip Code in 2024

Austin Real Estate Market Analysis: Pending Listings Show November Uptick But Year-to-Date Remains Weak November 08, 2024 : The City of Austin’s real estate market has experienced a rollercoaster of changes in the past decade. Analyzing <a href="https://teamprice.com/residential-inventory">pending listings</a>, which serve as a key indicator of market activity, we observe significant fluctuations from 2014 through 2024. This data offers valuable insights into seasonal trends, economic shifts, and the broader dynamics impacting homebuyers and sellers in Austin. Let’s take a closer look at how these numbers have changed over time, focusing on the recent performance and trends for November 2024, as well as a comprehensive comparison with previous years.​From January to November 2024, the <a href="https://teamprice.com/residential-inventory">number of pending listings in the City of Austin</a> consistently lagged behind previous years. In fact, each month from January through June 2024 showed significantly lower figures than the strong market performance of 2021 and the recovery year of 2022. For example, June, a critical month for pending listings, had only 1,313 in 2024, down from 1,550 in 2023 and dramatically lower than the peak of 2,452 seen in June 2020. This decline highlights a cooling trend that became evident in late 2022 and persisted throughout 2023 and into the early months of 2024. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241108124835.png" alt="" width="" height="" style=""></figure></div>​Despite a slow start, November 2024 marked a turning point for the Austin real estate market. This month reported 905 pending listings, making it the best November performance in three years. By comparison, November 2023 had only 869 pending listings, while November 2022 recorded 887. This increase, albeit modest, suggests a slight rebound in buyer activity as we head into the end of the year. It is still far below the levels seen in November 2021, which had an impressive 1,711 pending listings, demonstrating that while there may be signs of improvement, the market has not yet returned to its pre-slowdown strength.​Looking back at the entire year-to-date (YTD) data for 2024, the overall performance remains weak. January 2024 started off with 1,155 pending listings, nearly identical to the previous year's start at 1,157, yet substantially lower than the 1,709 pending listings seen in January 2020. The months of March through June, traditionally the most active period for pending listings, failed to regain momentum. March 2024 recorded only 1,551 pending listings, significantly below the 2,370 recorded in March 2021. Similarly, April 2024 saw a decline, with 1,565 pending listings compared to 2,175 in April 2021.​Seasonality plays a critical role in the Austin real estate market. Typically, the summer months show the highest levels of pending listings due to increased buyer activity. However, the summer of 2024 saw lower-than-expected performance. For instance, July 2024 reported just 1,245 pending listings, a notable drop from 1,438 in July 2023 and far below the 2,308 seen in July 2020. This decline indicates that the heightened buyer demand observed during the pandemic years has cooled off considerably, potentially due to changing economic conditions, higher interest rates, and shifts in buyer preferences.​As we move towards the end of the year, it’s essential to highlight the ongoing trend of lower pending listings across the board. While November 2024's 905 pending listings mark an improvement from the past two years, the year-to-date figures still reflect the lowest cumulative total in a decade. The year 2024 has been marked by a cautious market, where both buyers and sellers seem to be waiting on the sidelines, perhaps due to economic uncertainties and fluctuating mortgage rates.​December typically experiences the lowest levels of pending listings, and based on the trends observed throughout 2024, it’s likely that this year will follow suit. In December 2023, there were 907 pending listings, showing a slight increase compared to 846 in December 2022, but still far from the peak of 1,506 in December 2020. If this trend continues, we may see a similar outcome for December 2024, reinforcing the broader narrative of a market that has yet to fully recover. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241108124848.png" alt="" width="" height="" style=""></figure></div> In conclusion, the <a href="https://teamprice.com/residential-inventory">City of Austin’s pending listings</a> data from 2014 to 2024 paints a picture of a market that surged during the pandemic years, experienced a strong recovery in 2021, but has since softened. November 2024 stands out as a relative bright spot, showing the highest number of pending listings for this month in three years. However, the overall year-to-date performance remains the weakest in the past decade, suggesting that the market still faces headwinds as we head into 2025. Continued monitoring of pending listings will be essential to gauge the direction of the Austin real estate market in the coming months.&nbsp;

November 2024 recorded the highest number of pending listings in three years for Austin, showing signs of recovery. However, year-to-date data reveals the weakest performance in a decade, highlighting ongoing challenges in the Austin real estate market

Austin Real Estate Market Update: November 2024 Shows Best Pending Listings in Three Years Despite Weak Year-to-Date Performance

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’s 78701 Zip Code Sees Record Lease Price Drop in 2024: A 25-Year Market Analysis October 29, 2024 : The downtown Austin real estate market, centered in the <a href="https://teamprice.com/zip-codes/78701">78701 zip code</a>, has seen substantial changes over the past 25 years. Known for its vibrant culture, proximity to major employers, and mix of high-rise apartments and luxury condos, downtown Austin has traditionally been a high-demand rental market. However, the latest data for 2024 reveals a surprising downturn in leasing prices, indicating a potential shift in the market. Understanding these trends provides valuable insights for both investors and renters. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241029121012.png" alt="" width="" height="" style=""></figure></div>​ Since 1999, leasing prices in the <a href="https://teamprice.com/zip-codes/78701">78701 zip code</a> have steadily increased, with the median leased price rising from $1,100 to $2,995 in 2024. The average leased price has also grown significantly, starting at $1,270 in 1999 and reaching $3,567 in 2024. This consistent increase translates to an annual compound growth rate of 3.72%, reflecting the appeal and economic strength of the downtown Austin area. Over the years, the area has attracted a steady influx of residents who are drawn to its unique amenities and vibrant lifestyle. Yet, despite this long-term growth, the market is now experiencing a notable drop in leasing prices. From 2023 to 2024, the average leased price declined by 10%, marking the largest year-over-year decrease in 25 years. The median leased price similarly dropped by 6% over the past year. This decrease is significant, considering the historical trend of steady price increases. Such a substantial decline in both average and median prices points to changing demand dynamics within downtown Austin. The year-over-year variations in the data also reveal how the 78701 leasing market has responded to economic shifts over time. For example, in 2000, the median leased price surged by 36%, and in 2011, it increased by 18%. These spikes coincide with periods of economic growth, when high demand for downtown living pushed prices upward. Conversely, the financial crisis in 2009 brought a downturn, with the average leased price dropping by 6%. This pattern demonstrates how closely tied the downtown Austin rental market is to the broader economy. More recently, the downtown market experienced a period of rapid growth following the COVID-19 pandemic. As urban areas reopened and people returned to city life, demand for <a href="https://teamprice.com/zip-codes/78701">rentals in 78701</a> surged. In 2022, the average leased price increased by 19%, reflecting this demand spike as renters sought the convenience and lifestyle that downtown Austin offers. However, the recent price drop in 2024 suggests a correction in the market, possibly influenced by rising living costs, increased rental supply, or shifting renter priorities. Affordability is likely playing a key role in the latest price shift. <a href="https://teamprice.com/zip-codes/78701">Downtown Austin</a> has traditionally been one of the most expensive rental markets in the city, making it sensitive to economic pressures that affect renter budgets. As rental prices climbed, other parts of Austin became more attractive to renters seeking affordability. Additionally, rising interest rates have created affordability challenges for both renters and prospective homebuyers, further impacting demand in the downtown market. The <a href="https://teamprice.com/zip-codes/78701">78701 area’s leasing market</a> also faces increased competition from newly developed properties across Austin. As more rental units become available, renters have more options, potentially easing demand in the core downtown area. This influx of supply could explain part of the recent decline in leased prices as property owners adjust rates to remain competitive. The leasing trends in <a href="https://teamprice.com/zip-codes/78701">Austin’s 78701 zip code</a> provide a clear picture of the area’s market cycles and economic responsiveness. While the long-term growth trend underscores downtown Austin’s sustained appeal, the recent downturn highlights the impact of affordability and supply dynamics. Investors and renters alike should keep an eye on these changes, as they reflect the ongoing evolution of Austin’s housing landscape. With Austin’s rapid growth and development, downtown remains a dynamic and influential part of the city’s real estate market.&nbsp;

Latest 2024 data on leasing trends in Austin’s 78701 zip code. This in-depth analysis covers a 25-year span, revealing the largest year-over-year price drop downtown Austin has seen. Discover how economic shifts, affordability challenges, and increased supply are impacting rental prices in Austin’s prime downtown area

Downtown Austin’s 78701 Zip Code Sees Largest Lease Price Drop in 25 Years: 2024 Analysis

Austin Home Prices Up Year-Over-Year: October 2024 Market Insights In October 2024, the Austin real estate market has demonstrated notable resilience, achieving an average sold price of $579,330, a 5.5% increase from September 2024, and a 3.5% rise compared to October 2023. Although the current October price does not surpass the record high of October 2022, when the average sold price reached $593,970, this recent gain indicates a market rebound year-over-year and month-over-month. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241028061847.png" alt="" width="" height="" style=""></figure></div> Historically, Austin’s real estate market has exhibited distinct cyclical patterns. The peak in October 2022 marked the highest recorded October average sold price. Since then, prices have moderated, with fluctuations reflecting adjustments to the shifting economic climate and changing buyer demand. However, the data from October 2024 suggests a renewed interest in the Austin market, with current prices recovering from prior declines and showing sustained month-over-month growth, despite remaining below the 2022 high. The market's trajectory over the past two years highlights these cyclical shifts. For instance, the average sold price decreased to $559,879 in October 2023, representing a year-over-year decline of approximately 5.7% from 2022. This decline mirrored broader market adjustments across Texas and other regions as buyers recalibrated in response to economic conditions. The 2024 data, however, reflects a return of positive momentum, as prices rise above 2023 levels, though they remain about 2.5% below the October 2022 peak. This year-over-year increase indicates a stabilizing market with steady buyer demand. Median sold prices add another layer of insight into Austin’s real estate dynamics. In October 2024, the median sold price was $435,000, a 2.4% increase from September’s $425,000, although it reflects a slight year-over-year decline from October 2023’s $438,520. This decrease contrasts with the rise in average prices, signaling that high-value properties are driving the market’s upward trend while the central portion of the market remains relatively stable. This pattern suggests that while buyers continue to pursue premium properties, options in more affordable ranges remain accessible. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241028061933.png" alt="" width="" height="" style=""></figure></div> The data underscores Austin’s balanced appeal to a range of buyers. The simultaneous rise in average sold prices and stabilization of median prices suggests that the market offers both high-end and accessible options for buyers. Although prices remain below the October 2022 high, the current month-over-month and year-over-year gains in 2024 indicate a strengthened market with potential for future growth as economic conditions evolve. In summary, October 2024 represents a significant milestone in Austin’s real estate market recovery, with the average sold price reaching $579,330. This figure, while below the October 2022 record high of $593,970, reflects a positive upward shift from October 2023, with a month-over-month increase of 5.5%. As Austin continues to attract buyers across different price points, its real estate market remains robust, with both average and median prices providing a comprehensive view of market health.&nbsp;

October 2024 marked a resurgence in Austin’s real estate market with an average sold price of $579,330, up 5.5% month-over-month and 3.5% year-over-year. Explore data insights on the Austin market’s growth trajectory and its current position below 2022’s record high

Austin Home Prices Rebound in October 2024: A Year-Over-Year and Month-Over-Month Growth Analysis

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

Navigating <a href="https://teamprice.com/short-sale">Austin's Short Sale Market</a>: Key Data and Trends for Buyers and Sellers October 16, 2024 : <a href="https://teamprice.com/short-sale">Short sales</a> are becoming increasingly relevant in the Austin real estate market, especially given the recent data that indicates a total of 29 active short sale listings as of October 16, 2024. These listings are spread across various cities in the Austin area, including Austin, Kyle, and Killeen, with a range of price reductions that reflect the market’s current challenges. This report provides a comprehensive breakdown of the price reductions and other details for these listings, illustrating the unique aspects of short sales and their significance in today’s housing market. In Austin, there are six <a href="https://teamprice.com/short-sale">short sale listings</a> with an average price of $470,000, which have experienced a notable average price drop of approximately 12.6%, or $67,758 per property. These price adjustments reflect the homeowners' need to sell their properties for less than what they owe on their mortgages. Meanwhile, Kyle has two listings, with average price reductions of 11.4%, and Cedar Creek has a single property marked down by 4.1%. Other cities like Georgetown and Pflugerville show price drops of 7.1% and 3.1%, respectively. The most substantial price drop can be found in West Lake Hills, where a high-value property listed at $3,149,000 has been reduced by $200,000, translating to a 6% decrease. This mix of price reductions across different cities highlights the challenges faced by sellers in today’s market, particularly those navigating short sales. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241016063326.png" alt="" width="" height="" style=""></figure></div> The data also highlights specific zip codes where these short sale properties are concentrated. In zip code 78640, representing Kyle, properties have seen price reductions of $49,656, or 11.4%, on average. Meanwhile, zip code 78155 in San Antonio shows a property with a significant 24.1% reduction, totaling $69,998 off the original listing price. Such sizable adjustments suggest that these areas might be facing higher rates of financial distress among homeowners, leading to a greater prevalence of short sales. A short sale occurs when a homeowner sells their property for less than the remaining mortgage balance due to financial hardship. This process is often chosen as an alternative to foreclosure, as it allows the seller to avoid the damaging consequences associated with foreclosure. The short sale process starts with the homeowner listing their property as a short sale, often working with a real estate agent. Once an offer is received, the lender must approve it, which can be a lengthy process due to the potential for multiple layers of approval. Sellers are generally required to submit a hardship letter and financial documents to justify the sale. If the lender agrees, the sale proceeds, allowing the homeowner to avoid foreclosure, which typically has more severe credit implications and may result in the homeowner owing additional funds to cover the lender’s losses. Lenders may agree to a <a href="https://teamprice.com/short-sale">short sale</a> to avoid the expenses associated with foreclosure, which include legal fees, maintenance, and the hassle of reselling the property. However, the presence of mortgage insurance (PMI or MPI) can influence the lender’s decision to approve a short sale. Mortgage insurance protects lenders from losses when borrowers default, but it also adds a layer of complexity. If the property has PMI or MPI, the insurer may need to approve the short sale as well, as they may be responsible for covering part of the lender's loss. In some cases, the mortgage insurer may prefer to foreclose rather than approve a short sale if they believe they can minimize their payout this way. Therefore, while PMI or MPI does not necessarily prevent a short sale, it can affect the decision-making process and extend the time required to gain approval from all involved parties. Considering the detailed information provided here, potential buyers and sellers in the Austin area should approach short sales with a thorough understanding of the process and the market dynamics. The trend in price reductions across these cities and zip codes provides valuable insights into where opportunities and challenges might arise within the local real estate market.&nbsp; The historical data on short sale transactions in the Austin area reveals distinct trends over the years. The graph below shows total <a href="https://teamprice.com/short-sale">short sale transactions in the Austin-area MLS</a>, peaking at 489 transactions in 2012, then steadily decreasing each year afterward. By 2017, short sales had significantly declined to 38 transactions, with only 26 recorded so far in 2024. Similarly, in the City of Austin, short sales reached a high of 143 transactions in 2012 but dropped sharply to single digits from 2016 onward. As of 2024, there have been just two short sales, indicating a stabilization in the market. These trends reflect the broader economic recovery and rising property values in recent years, which have reduced the number of distressed sales like short sales.&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/20241016063512.png" alt="" width="" height="" style=""></figure></div>

Explore the latest data on short sales in the Austin area as of October 2024. Learn about price reductions, the short sale process, and how mortgage insurance can impact lender decisions. This comprehensive guide offers valuable insights into current market conditions for buyers and sellers

Austin Short Sale Market Analysis: October 2024 Trends and Insights

<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 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

Is Buying or Renting Better in Austin's 78725 Zip Code? A Data-Driven Look The <a href="https://teamprice.com/zip-codes/78725/for-sale">housing market in Austin’s 78725 zip code</a> presents an intriguing <a href="https://teamprice.com/renting-vs-buying">balance between renting and buying</a>, particularly for prospective homeowners and renters evaluating their long-term options. As of September 2024, the data suggests that the gap between renting and buying in this area is relatively narrow, making it a prime location for careful financial consideration. In 78725, the median household income sits at $78,420. When purchasing a home with a standard 20% down payment, the mortgage payment (PITI) is $2,263, consuming 34.6% of the median income. Comparatively, the median rent is $1,965, which equates to 30.1% of the median household income. This difference, a mere $298, reflects a 13.2% cost gap in favor of renting. However, the close proximity of these costs means that buying a home offers a competitive financial alternative, especially for those interested in building equity over 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/20240927122927.png" alt="" width="" height="" style=""></figure></div>​ At present, there are 41 <a href="https://teamprice.com/zip-codes/78725/for-sale">active listings in the 78725 zip code</a>, providing a range of options for buyers considering this market. The average list price is $380,134, while the median list price is $324,000. Notably, 53.7% of these homes have experienced price reductions, with an average drop of $53,086 or 7.4%. This substantial adjustment in listing prices indicates that sellers are adjusting their expectations to align with buyer demand. On the other hand, nearly 44% of listings have remained at their original price, suggesting that some sellers are holding firm despite market 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/20240927122940.png" alt="" width="" height="" style=""></figure></div> The average days on market for homes in this area is 58 days, with a median of 49 days, highlighting the relatively moderate speed at which homes are selling. Homes are staying on the market for about two months on average, which can be a critical factor for buyers and sellers alike. In particular, sellers with vacant properties—accounting for 51.22% of the active listings—may be more motivated to sell quickly, given that these homes are not generating rental income. <a href="https://teamprice.com/insight-and-statistics-78725">Market activity in 78725</a> can be characterized as balanced but slightly leaning toward buyers. The months of inventory currently stand at 5.47 months, reflecting a market in transition. A market with 4 to 6 months of inventory is generally considered balanced, meaning that supply and demand are roughly in equilibrium. However, the fact that more than half of the homes have undergone price cuts suggests that buyers may have greater negotiating power, especially for homes that have been on the market for more than 50 days. The data also reveals a notable distinction between newer homes and resales. Nearly all of the homes currently on the market are resales, with just one new property available, representing only 2.44% of the total. The prominence of resale homes may appeal to buyers who are looking for more established properties or who prefer not to wait for new construction. For those evaluating the financial merits of renting versus buying, the 78725 zip code offers a unique opportunity. The small gap between the costs of renting and homeownership makes purchasing a home a viable option for many households. With price reductions on over half of the active listings, the current market presents potential savings for buyers looking to enter the area. Additionally, the significant percentage of vacant homes suggests that sellers may be more flexible on price, providing further opportunities for negotiation. Overall, the 78725 housing market offers a balanced dynamic, where both renters and buyers can find competitive options. For renters, the lower upfront costs and flexibility may be appealing, while buyers can take advantage of the potential for long-term appreciation, especially with current price drops. As the market continues to evolve, both sides of the renting versus buying decision offer viable paths for individuals and families alike in this part of Austin​

78725-austin-real-estate-market-renting-vs-buying-analysis-2024

78725 Austin Real Estate Market: Renting vs Buying Analysis for 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)

ArticleDirectorySimple

<h2>Austin real estate</h2>Find articles about Real Estate relating to this article tag.

Austin real estate