Austin Real Estate Market Update: November 2024 November 20, 2024 : The Austin-area real estate market is undergoing notable changes as November progresses. There are currently 13,740 <a href="https://teamprice.com/active-residential-listings">active residential properties for sale</a>, with 3,951 pending properties. This results in an Activity Index of 22.33%, a figure that highlights the ratio of pending properties compared to the total number of active and pending listings. This combination reflects a market with substantial inventory alongside steady buyer 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/20241120012703.png" alt="" width="" height="" style=""></figure></div> The <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">months of inventory (MOI) across the Austin</a> area averages 4.8 months, signaling a balanced market that favors neither buyers nor sellers. This is the lowest MOI since March 2024, indicating a shift toward more stable conditions. Across the 30 cities in Central Texas, months of inventory range widely—from a tight 2.35 months in high-demand areas to a substantial 11 months in markets with slower 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/20241120012601.png" alt="" width="" height="" style=""></figure></div> Home prices show a median sold price of $440,000 and an average sold price of $585,629. Compared to the market's peak in May 2022, the average sold price has dropped by 20%, creating improved affordability for buyers. Despite these adjustments, sellers continue to secure favorable results, with a sold-to-list price ratio of 97.10%, demonstrating that properties are generally selling close to their listed prices. The average time on the market is currently 70 days, underscoring the importance of competitive pricing and effective marketing strategies to achieve quicker sales. Additionally, 54.39% of active listings have seen price reductions, reflecting sellers’ willingness to adjust in response to market conditions and buyers’ focus on value. These patterns indicate that the Austin-area housing market is adjusting to evolving economic conditions, such as fluctuating interest rates and changing buyer demand. The balance reflected in the months of inventory suggests a stable environment, offering opportunities for both buyers and sellers to achieve their real estate goals.&nbsp;​

Discover the latest trends in the Austin real estate market for November 2024. Explore detailed data on inventory, pricing, days on market, and more, providing insights for buyers and sellers.

November 2024 Austin Real Estate Market Update: Key Trends and Insights

Austin Real Estate Market Update: Shifting Back to a Seller's Market November 09, 2024 : The Austin real estate market is showing significant signs of change as the latest data reveals a dip in the <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">Months of Inventory (MOI)</a> to 4.96. This shift marks a return to a seller's market, highlighting a balance tipped in favor of sellers after a period of higher inventory levels throughout much of 2023 and early 2024. The Months of Inventory is a crucial metric in real estate that measures how long it would take to sell all active listings at the current sales pace, and a figure below 5 months typically indicates strong demand, favoring 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/20241109015305.png" alt="" width="" height="" style=""></figure></div> Over the past two decades, Austin's real estate market has experienced various cycles, from the stability of the mid-2000s to the turbulence of the financial crisis, and the booming seller's market during the pandemic years. Historically, the Austin area has seen MOI fluctuate based on broader economic trends, local housing demand, and changing interest rates. For context, during the financial crisis in 2009-2011, the MOI surged to levels as high as 8.6 months, reflecting a sharp drop in buyer demand and a significant increase in available listings. In stark contrast, the pandemic-driven market of 2020-2021 recorded some of the lowest inventory levels in history, with MOI dropping to as low as 0.7 months, driven by a surge in buyer demand and limited new listings.​The current MOI of 4.96 suggests a market dynamic where demand is rising again, possibly due to more stable interest rates and a rebound in buyer confidence. This figure signals a shift back from the neutral and buyer-leaning market conditions observed earlier this year, where MOI was often above 5 months. The recent decline below the 5-month threshold suggests a tightening market where sellers have more leverage, and properties are moving at a quicker pace.​In November 2024, the Austin area has 14,136 active residential listings, indicating a robust level of inventory compared to the peak crisis levels of 2010 but still below the highs of the past year. Despite the elevated inventory, the declining MOI points to increased absorption rates, which means that more buyers are entering the market, and properties are being sold at a faster rate. This change is significant because a higher absorption rate usually correlates with a decrease in the number of days properties spend on the market, often resulting in upward 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/20241109015449.png" alt="" width="" height="" style=""></figure></div>​The analysis of the market data from 2005 to 2024 reveals several key trends. From 2005 to 2008, the market was relatively stable, with MOI hovering around 4-5 months, which is consistent with a balanced market where supply and demand are nearly equal. However, the economic downturn in 2008 led to a sharp increase in inventory levels, peaking in mid-2010 at 8.6 months. This represented a strong buyer’s market, where the number of available homes far exceeded the demand, giving buyers considerable negotiating power.​Following the recovery period from 2012 onwards, the Austin market experienced a gradual tightening. From 2012 to 2019, the MOI consistently stayed below 5 months, marking a prolonged seller’s market as the local economy strengthened and demand outpaced supply. This trend was further exacerbated during the COVID-19 pandemic, when record-low interest rates and heightened demand led to an unprecedented reduction in inventory, with MOI figures consistently below 2 months.​In 2023 and early 2024, there was a noticeable shift, with inventory levels rising and the market moving toward a neutral stance. However, as of November 2024, the MOI’s drop to 4.96 indicates a resurgence of buyer activity. This suggests that buyers are adjusting to the current mortgage rates, and many are capitalizing on the relative affordability improvements compared to the price peaks seen during the height of the pandemic boom.​The market's current conditions align with trends seen in 2013-2014, where MOI hovered around 4-5 months, indicating a slightly seller-favored environment. Unlike that period, however, the macroeconomic landscape today includes higher interest rates, which have been a major factor affecting affordability and buyer sentiment. Despite these challenges, the sustained demand and strong absorption rates reflect a resilient housing market supported by ongoing in-migration, strong employment figures, and a robust local economy in Austin. Looking ahead, the months of November and December often see seasonal slowdowns, but if the current trend of declining MOI persists, it may point to stronger underlying demand heading into early 2025. The ongoing absorption of inventory, coupled with stable demand, could result in increased competition among buyers, especially if the Federal Reserve signals any potential adjustments to interest rates. The upcoming months will be critical to observe as these factors play out, shaping the market dynamics for the new year. Overall, the latest data shows that the Austin real estate market is making a notable shift back towards a seller’s market. The MOI at 4.96 indicates strong buyer activity and a tightening of supply, which could lead to stabilizing or even rising home prices in the near future. This change, while subtle, may signal the beginning of a new phase in the Austin housing market cycle.&nbsp;

The latest Austin real estate market update reveals a shift back to a seller’s market, with Months of Inventory (MOI) dropping to 4.96 in November 2024. Active residential listings remain steady at 14,136, while increased absorption rates highlight rising buyer demand. Discover how these trends may impact home prices and the Austin housing market moving into 2025.

Austin Real Estate Market Update: Seller’s Market Returns as Inventory Falls in November 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 Real Estate Market Sees Growth in Pending Listings and Activity Index in 2024 The Austin real estate market in 2024 has witnessed some notable trends, particularly regarding pending listings, active listings, and months of inventory. With an increasing number of pending transactions, active listings have been on a steady decline, driving up the market's <a href="https://teamprice.com/real-estate-glossary/activity-index">activity index</a> and reducing <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">months of inventory</a>. Understanding these dynamics is crucial for buyers, sellers, and real estate professionals looking to navigate the changing market conditions. As of October 23, 2024, the number of pending listings in Austin stands at 4,179, a 5.1% increase compared to the 3,977 pending listings reported in 2023. This rise in pending listings has a direct impact on the availability of active residential properties. For instance, on the same date, there were 14,271 active listings, reflecting a 3.14% year-over-year decrease. This decline in active listings has been consistent throughout the year, with several days in September and October 2024 showing similar 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/20241023015656.png" alt="" width="" height="" style=""></figure></div> Between September 11 and October 23, 2024, the number of active listings fluctuated, reaching a high of 14,875 on September 23 before dropping to the 14,271 seen in late October. Throughout this period, the daily changes in active listings remained modest, but the cumulative effect over time is clear—a shrinking pool of available properties for buyers to choose from. This trend is especially relevant in a market where demand remains high. The <a href="https://teamprice.com/real-estate-glossary/activity-index">activity index</a>, a key measure that reflects market conditions by dividing pending listings by the sum of active and pending listings, has also been on the rise. On October 23, 2024, the activity index reached 22.7%, a substantial increase compared to previous months. This uptick in the <a href="https://teamprice.com/real-estate-glossary/activity-index">activity index</a> indicates that a larger proportion of the available housing inventory is moving toward closing. As pending sales rise and active listings decrease, the activity index becomes an essential tool for gauging the competitiveness of the market. Another important metric is <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">months of inventory</a>, which represents the time it would take for the current inventory of homes to sell given the current sales pace. On October 23, 2024, Austin’s months of inventory dropped to 5.07 months, down from 5.18 months in mid-September. This decline in months of inventory suggests that the Austin housing market is tightening, with fewer homes available relative to buyer demand. Lower months of inventory often lead to a more competitive market, where buyers must act quickly to secure a property. The data from 2024 paints a picture of a market where increased buyer activity, as shown by rising pending listings, is driving down the availability of homes, thus tightening the market further. This environment is expected to influence pricing, negotiations, and how long homes stay on the market. For buyers, it means being prepared to move quickly, while sellers may find themselves in a favorable position with more leverage in negotiations. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241023015727.png" alt="" width="" height="" style=""></figure></div> In conclusion, the Austin real estate market in 2024 is characterized by rising pending listings, decreasing active listings, and a tightening inventory. These factors contribute to a more competitive environment for buyers and sellers alike, emphasizing the importance of staying informed about current market conditions. Real estate professionals should continue to monitor these trends as they evolve throughout the year.&nbsp;

Discover how Austin’s real estate market in 2024 is shifting with rising pending listings, falling active inventory, and a tightening market. Learn how these trends are driving up the activity index and reducing months of inventory, creating a more competitive environment for buyers and sellers

2024 Austin Housing Market: Rise in Pending Listings and Falling Active Inventory

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

Why Austin’s <a href="https://teamprice.com/zip-codes/78701/for-sale">78701 Luxury Market</a> Has an Unprecedented 87 Months of Inventory The real estate market in <a href="https://teamprice.com/zip-codes/78701/for-sale">Austin's 78701 zip code</a> is currently presenting unique conditions for luxury property buyers and sellers. As of October 10, 2024, this area boasts a substantial number of high-end properties priced above $2.15 million, totaling 31 active listings. However, despite this considerable supply, the market is exhibiting signs of significant imbalance, with an exceptionally high months of inventory figure. Months of inventory is a metric that indicates how long it would take to sell all current listings at the existing sales pace, assuming no new listings are added. For the 78701 zip code, this figure stands at a staggering 87 months for properties priced over $2.15 million. This translates to over seven years to clear out the current supply, a sign that the market in this price range is heavily skewed toward buyers. Such an extended timeframe indicates that demand is not meeting the supply, giving buyers substantial negotiating power in this luxury segment. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241010112019.png" alt="" width="" height="" style=""></figure></div>​ In addition to the elevated months of inventory, the area also has a low activity index of 6.5%. This figure, which measures the proportion of pending listings to the total active and pending listings, is well below what would be expected in a more balanced market. Typically, a healthy real estate market has an activity index in the 20%–30% range. The current rate of 6.5% points to sluggish demand and a slow turnover of properties in Austin's luxury market. The high months of inventory are influencing prices, as sellers strive to attract buyers by reducing prices. For instance, the average list price across all <a href="https://teamprice.com/zip-codes/78701/for-sale">active listings in the 78701 zip code</a> is around $1.32 million. This price level is influenced by a broad range of listings, with many priced above the $2.15 million mark. Price reductions have become common, with average markdowns around $131,663, reflecting sellers' attempts to make their properties more competitive amid the slow-moving market. The current state of the <a href="https://teamprice.com/zip-codes/78701/for-sale">luxury market in 78701</a> also reflects on broader economic factors. Many buyers may be hesitant due to rising interest rates or shifting preferences. Nevertheless, the high inventory level creates a favorable landscape for those looking to invest in high-end properties. Buyers can benefit from more negotiating leverage, as the oversupply forces sellers to be flexible on price. Overall, the <a href="https://teamprice.com/zip-codes/78701/for-sale">real estate conditions in Austin’s 78701 zip code</a> emphasize the importance of understanding market trends and statistics. The unusually high months of inventory, low activity index, and ongoing price reductions collectively highlight a market that offers distinct opportunities for luxury buyers​

Discover why Austin's 78701 luxury real estate market is experiencing an unprecedented 87 months of inventory. Learn how low demand and high supply are shaping opportunities for buyers in this upscale Austin zip code

Why Austin’s 78701 Luxury Market Has an Unprecedented 87 Months of Inventory

Austin-Area Home Prices Drop by 22%: What It Means for Buyers and Sellers The real estate market in the Austin area has experienced a significant shift since its peak, with notable <a href="https://teamprice.com/residential-price">declines in both list and sold prices</a> across various metrics. This analysis, based on data from the Austin-Area MLS and the City of Austin, provides a detailed breakdown of how home prices have changed since reaching their highest points. For buyers, sellers, and real estate professionals, understanding these trends is essential to navigate the current market conditions effectively. As of September 2024, the <a href="https://teamprice.com/residential-price">average list price in the Austin-Area MLS</a> has decreased by 6.3% from its peak value in April 2024. At that time, the average list price was $709,318, but it has since fallen to $664,347. Similarly, the median list price in this region peaked earlier, in May 2022, at $539,900. It now stands at $465,041, marking a more substantial drop of 13.9%. This decline in listing prices reflects the broader market's correction and signals opportunities for buyers seeking to enter the market at more competitive prices. The <a href="https://teamprice.com/residential-price">sold prices in the Austin-Area MLS</a> show even more dramatic declines. The average sold price peaked in May 2022 at $664,515. Today, that figure has dropped by 18.6%, settling at $541,059. The median sold price has seen an even sharper decline, falling from a peak of $538,000 in May 2022 to $420,000 today, representing a 21.9% decrease. Additionally, the average price per square foot for sold homes in the Austin-Area MLS has dropped by 22.5%, from $324 to $251. The median price per square foot has also seen a 22.5% decline, falling from $280 to $217. These reductions underscore the changing dynamics of the market and suggest that sellers may need to adjust their expectations regarding home values. Turning to the City of Austin specifically, we see somewhat smaller <a href="https://teamprice.com/residential-price">declines in list prices</a>, but significant reductions in sold prices. The average list price in the City of Austin peaked at $948,096 in April 2024. While this figure remains relatively high, it has dropped by 2.5% to $924,711. The median list price, which reached $658,589 in May 2022, now sits at $625,000, reflecting a 5.1% decrease. <a href="https://teamprice.com/residential-price">Sold prices in the City of Austin</a> have fallen even more sharply. The average sold price, which peaked at $847,583 in May 2022, has dropped by 14.8% to $722,561. The median sold price has fallen from $680,000 to $570,000, a decrease of 16.2%. When considering price per square foot, the declines are more pronounced. The average price per square foot has decreased by 21.7%, from $442 at its peak to $346. Similarly, the median price per square foot has dropped by 21.9%, falling from $393 to $307. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240930120512.png" alt="" width="" height="" style=""></figure></div>​ These declines are significant and offer valuable insights into the state of the Austin real estate market. For buyers, this may represent a favorable time to enter the market, with prices being lower than their peak. Sellers, on the other hand, may need to adjust their strategies, pricing their homes more competitively to attract buyers in a market that has shifted away from its peak values. Regardless of whether you're buying or selling, staying informed about the latest trends in the Austin real estate market is crucial for making smart decisions. With home prices in the Austin area and the City of Austin seeing drops of up to 22.5% from their peak, the data suggests that the market is undergoing a significant correction. While the average and median list prices show more modest declines, particularly in the City of Austin, the sold price data indicates that buyers are paying considerably less than they were at the market’s peak. For real estate professionals, this information is invaluable when advising clients on how to navigate the current market conditions​

Austin real estate prices have dropped significantly since their peak in 2022 and 2024. Learn about the detailed price reductions in list and sold prices, as well as changes in price per square foot, and understand what these trends mean for buyers and sellers in the Austin real estate market

Austin Real Estate Market: How Prices Have Dropped Since Peak Values

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

2024 Sees 21.4% Fewer Sales Between January and September September 23, 2024 : The Austin real estate market has seen a noticeable slowdown in 2024. From January to September, the <a href="https://teamprice.com/sales-density-population-and-realtors">number of properties sold in the Austin Area</a> per 100,000 population dropped by 21.4%. This decline marks a significant change in a region that has been known for its booming real estate activity. The latest data indicates that the real estate market in Austin is cooling, reflecting broader market trends that may affect 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/20240923011922.png" alt="" width="" height="" style=""></figure></div> Between the beginning of the year and September, <a href="https://teamprice.com/sales-density-population-and-realtors">cumulative sold properties</a> per 100,000 population have decreased compared to the same period in previous years. The dip in sales activity, particularly this 21.4% decline, has brought sales volume below the historical average. While some months showed signs of slight improvement, the overall downward trend has been clear. For instance, certain months experienced minor upticks in property sales, with gains of 2.4% or more. However, these gains were insufficient to offset the overall decrease. Historical trends in Austin show that the city has experienced fluctuating real estate activity over the past two decades. In years of robust economic growth and lower interest rates, the market saw significant increases in <a href="https://teamprice.com/sales-density-population-and-realtors">sales density</a>. However, 2024 presents a different picture. Buyers seem more hesitant, likely impacted by increased mortgage rates and concerns about affordability. Even though there have been occasional periods of market stabilization, the cumulative figures for 2024 reflect a consistent cooling trend. The 21.4% decrease is significant when considering the historical context. Over the past few years, Austin’s real estate market has been a hotspot for growth, with strong demand from buyers locally and from out of state. This year’s slowdown indicates that fewer properties are being sold, which could be attributed to changing economic conditions or potential shifts in buyer behavior. At the same time, the broader national market has seen similar slowdowns, reinforcing the idea that the real estate sector is entering a more cautious phase. While the cumulative decline from January to September is notable, there are still moments of optimism. Certain periods experienced growth, with <a href="https://teamprice.com/sales-density-population-and-realtors">sales density</a> increasing by over 12% during specific months. These spikes suggest that while the overall trend is downward, there are pockets of activity that show buyers are still engaging with the market. However, these short-term gains are not enough to reverse the broader 21.4% drop seen over the entire nine-month period. The long-term outlook for Austin's real estate market will depend on various factors, including interest rates, buyer sentiment, and affordability. While the 2024 slowdown presents challenges, the historical resilience of Austin’s market suggests that future growth is still possible once current economic pressures ease. For now, though, the data points to a market that is operating below its typical performance levels, and both buyers and sellers will need to adjust their strategies accordingly.

Discover key insights into Austin's real estate market with data showing a 21.4% decline in sold properties per 100,000 population from January to September 2024. Learn about the current market conditions and what the future may hold for buyers and sellers in this rapidly evolving market.

Austin Real Estate Market Sees 21.4% Decline in 2024: January to September Data

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

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

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

2024 Austin Area Real Estate Trends: Seller, Neutral, and Buyer Markets Explained September 16, 2024 : The Austin area real estate market has displayed significant variations across different cities in September 2024, reflecting diverse conditions for buyers and sellers. Analyzing these trends through the lens of months of inventory helps to identify whether a specific city is in a <a href="https://teamprice.com/type-of-market-city">seller's market</a>, <a href="https://teamprice.com/type-of-market-city">neutral market</a>, or <a href="https://teamprice.com/type-of-market-city">buyer's market</a>. The months of inventory metric, calculated by dividing the total number of active listings by the rate at which properties are being sold, is a key indicator of the supply and demand balance in the market. The current market conditions across the region offer essential insights into how these factors shape the buying and selling experience in Central Texas. In a seller’s market, inventory is typically below 4.9 months, meaning homes are selling more quickly due to higher demand compared to available supply. A total of 17 cities across the Austin area fall into this category. Austin itself, the region’s most prominent city, has 4,444 active listings with a median price of $624,950 and an average price of $1,001,119. The city’s inventory currently stands at 5.13 months, positioning it on the edge of a neutral market but still exhibiting seller-friendly conditions. Other cities within the seller's market include Buda, with an inventory of 2.77 months, and Cedar Park, which has a median price of $559,450 and an inventory of 3.32 months. Jarrell, with only 2.59 months of inventory and a median price of $299,550, is also a strong seller’s market, indicating that homes are selling quickly in these areas. A neutral market is defined by 5 to 6.9 months of inventory, indicating a balance between buyers and sellers. Eight cities across the Austin area are experiencing neutral market conditions, where homes tend to stay on the market for a moderate amount of time. Bastrop, for example, has a median price of $435,000 and an inventory of 6.08 months, reflecting a more balanced market. Burnet, with a median price of $669,000 and 6.29 months of inventory, shows similar characteristics. Dripping Springs, known for its higher-priced homes, with a median price of $789,000, has 4.99 months of inventory, placing it close to the seller’s market threshold but remaining in the neutral range. Georgetown, a growing city with a median price of $514,700, has an inventory of 4.41 months, signaling a market that could shift depending on future supply and demand. In a buyer’s market, where there is more than 7 months of inventory, the supply exceeds demand, giving buyers more negotiating power. Five cities fall into this category, reflecting longer times for homes to sell and greater opportunities for buyers. Cedar Creek, with 9.97 months of inventory and a median price of $530,000, exemplifies these conditions. Dale, with an inventory of 8.06 months and a median price of $439,000, also offers more favorable conditions for buyers. Lago Vista, with a median price of $513,050 and 8.83 months of inventory, further demonstrates the increased options for homebuyers. Marble Falls, with an 8.20-month inventory and a median price of $472,000, also shows strong buyer’s market characteristics. In these cities, buyers can take advantage of the surplus in available homes, leading to greater flexibility in negotiations. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240917011826.png" alt="" width="" height="" style=""></figure></div> The overall market in the Austin area presents a broad spectrum of conditions depending on the city. From fast-moving seller’s markets to more balanced neutral markets and buyer-friendly environments, each city offers different opportunities for prospective buyers and sellers. The months of inventory metric remains a crucial factor in determining the level of competition in each area. As market dynamics continue to evolve, staying informed on the latest inventory data is essential for making well-informed real estate decisions in the Austin area.

Austin real estate market, September 2024 real estate, Austin area housing trends, seller's market Austin, buyer's market Austin, neutral real estate market Austin, months of inventory Austin, Austin housing prices, real estate inventory Austin, city-by-city Austin real estate, Austin real estate analysis, housing market Austin, real estate market trends Austin, Central Texas real estate, Austin home prices 2024

Austin Real Estate Market Analysis: September 2024 City-by-City Breakdown

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

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

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

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