Austin to Miami: Freddie Mac’s 2024 Home Price Insights Across U.S. Cities November 01, 2024 : The <a href="https://teamprice.com/freddie-mac-house-price-index">Freddie Mac House Price Index (FMHPI)</a> is a crucial tool for understanding housing market trends in the United States. This comprehensive report offers an in-depth look at home price changes across various metro areas, allowing both buyers and sellers to gain valuable insights into the current state of the real estate market. Using data up to September 2024, the FMHPI provides a clear view of how home prices have fluctuated from different starting points, including January 2020, January 2021, and September 2022. In analyzing these figures, trends emerge across cities that highlight both significant growth in some regions and marked declines in others. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241101110538.png" alt="" width="" height="" style=""></figure></div> One of the most notable areas featured in the FMHPI report is Austin, Texas, which saw a substantial peak-to-present decline in home values of -14.7%, with its peak in May 2022. This downturn highlights a broader trend in many cities where the overheated markets of the past few years have begun to stabilize or decline. Austin's significant decline is reflective of an overall adjustment seen in cities where housing demand surged rapidly during the pandemic, and as conditions have normalized, prices have started to correct. San Francisco, Portland, and Denver also reported declines from their peak values, with decreases of -3.5%, -4.0%, and -4.2%, respectively. These figures underscore the effects of economic normalization after rapid price surges in high-demand areas. However, not all metro areas experienced similar declines. The report highlights several regions where prices have continued to climb, reflecting strong local demand. For instance, Miami, Florida, and Tampa, Florida, experienced notable increases since January 2020, with Miami’s home prices surging by 74.5% and Tampa’s by 70.6%. These cities have benefited from steady demand due to favorable factors, including strong migration trends and comparatively affordable real estate markets. Charlotte, North Carolina, and Providence, Rhode Island, followed closely with price increases of 66.8% and 64.6% since January 2020, respectively. These cities illustrate that while some markets are cooling, others continue to attract homebuyers, contributing to significant long-term price growth. Additionally, year-over-year data from the FMHPI shows varied performance among metro areas, indicating that the real estate market is far from uniform. Cities such as Providence, New York, and Cleveland maintained positive year-over-year growth, showing increases of around 7.4%. These metro areas have continued to attract steady interest, and this demand has helped sustain price growth in these regions. Conversely, Austin experienced a slight year-over-year decline of -0.9%, reflecting the continued correction within its market. Other cities with similar patterns include San Francisco and Denver, where local conditions have tempered recent home price gains. Monthly data from the FMHPI reveals further fluctuations. Some cities demonstrated modest month-over-month increases, including Cleveland and Detroit, with growth rates nearing 0.9%. Other cities, such as Austin and Tampa, saw slight month-over-month declines, continuing their respective cooling trends. The monthly data points serve as a useful indicator for buyers and sellers interested in the latest developments, as this information can be helpful when determining optimal timing for real estate decisions. The FMHPI report also emphasizes the broader trend of metro areas experiencing a decrease from their peak values. A total of 91.41% of the 384 cities measured in the report have seen a decline from their highest price levels, with an average decrease of -1.6%. These declines, however, vary widely depending on the specific city, with each market showing its unique trajectory. Many areas reached their peak values between the second quarter of 2022 and the present day, reflecting a shift in the housing market as it moves into a phase of adjustment and potential stability. The FMHPI data highlights this trend, showing that while markets have generally cooled from their peaks, conditions differ considerably by region. The Freddie Mac House Price Index provides a reliable view of the state of housing across the United States. By examining home prices in a wide range of metro areas, from Austin to Miami, it becomes clear that the market is experiencing both growth and correction, depending on local conditions. The data reveals key insights for anyone interested in real estate, offering a valuable resource for understanding current trends and making informed decisions. With a mix of rising prices in some areas and cooling trends in others, the FMHPI is an essential tool for navigating today’s housing market​

Discover Freddie Mac’s House Price Index (FMHPI) 2024 report with detailed analysis of U.S. housing market trends. See how cities like Austin and Miami are performing, with data on home price changes since 2020. Learn about year-over-year changes and monthly fluctuations to help guide informed real estate decisions

Freddie Mac House Price Index 2024: U.S. Housing Market Trends Analyzed

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

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 Real Estate Market Update: Pending Listings Reach New High in September 2024 September 16, 2024 : The Austin real estate market continues to show dynamic changes as we head into September 2024. One of the most notable shifts in the market is the rise in pending listings, which have reached 4,100 on September 16, 2024. This marks the highest number of pending listings in a month, showcasing an increase in buyer activity despite the broader market trends. Although pending listings have risen, they are still down -2.9% year-over-year (YoY), reflecting the impact of a market in transition. <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240916014447.png" alt="" width="" height="" style=""></figure></div>​ Simultaneously, the number of <a href="https://teamprice.com/active-residential-listings">active residential listings in the Austin</a> area has decreased, with 14,838 active listings as of the same date. This represents a significant decline of -19.7% compared to September 2023. Month-over-month (MoM), the active listing count dropped by -2.32%, indicating a steady contraction in available homes. The steady drop in active listings, coupled with the rise in pending listings, suggests that homes are selling more quickly, leading to fewer options for prospective buyers. The Austin real estate market’s <a href="https://teamprice.com/real-estate-glossary/activity-index">Activity Index</a>, a key indicator of market absorption, stands at 21.6% as of mid-September. The Activity Index is calculated by dividing the number of pending properties by the total number of active and pending listings. This figure shows the rate at which homes are moving from being listed to going under contract. With pending listings at their highest in a month, it’s clear that buyer demand remains strong in the region. In addition to these numbers, the months of inventory available in the Austin market is another important measure. As of September 16, 2024, there are 5.31 months of inventory on hand. <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">Months of inventory</a> is calculated by dividing the number of active listings by the number of homes sold in the past year. This metric helps determine how balanced the market is between buyers and sellers. A balanced market typically has about 5 to 6 months of inventory, which suggests that Austin is in a relatively stable position despite the fluctuations in active and pending listings. While pending listings have risen, the trend leading up to this point showed notable fluctuations. For example, between August 26, 2024, and September 16, 2024, pending listings varied from a low of 3,974 on September 2, 2024, to their peak of 4,100 on September 16, 2024. Meanwhile, active listings showed a steady decrease, highlighting the ongoing reduction in housing supply, which could be contributing to the heightened buyer interest. Overall, the data suggests that the Austin housing market is experiencing a shift, with fewer homes available for sale but strong buyer interest pushing pending listings to new heights. This tight inventory and increased pending activity may signal that buyers are taking advantage of more favorable conditions, such as competitive pricing and improving market trends.

Discover the latest update on the Austin real estate market in September 2024. Pending listings have hit 4,100, the highest in a month, while active listings continue to decline. Learn more about the market trends, inventory, and what this means for buyers and sellers in Austin.

Austin Real Estate Market Update: Pending Listings Hit 4100 in September 2024

Understanding Seasonal Trends in Real Estate Prices September 14, 2024 : Real estate markets are known for their cyclical nature, with specific months showing patterns of price increases and decreases. The data provided from 2000 to 2024 highlights this cyclical trend, with April emerging as a key month for price increases. Understanding these month-over-month changes in the median sold prices can help both buyers and sellers make informed decisions about the optimal time to enter or exit the market. From the data, April is a standout month, with significant price increases observed over the years. In fact, 22 out of the 25 Aprils included in the data saw month-over-month price increases. This consistency in price growth makes April a crucial month for those looking to maximize their sale price. On the other hand, September, which only saw price increases in 4 out of 25 years, tends to be a weaker month for sellers. This drop in activity during September reflects the seasonal slowdown that typically begins in the fall and extends into the winter months. A closer look at the data reveals how prices fluctuate throughout the year. For example, March also shows strong activity, with price increases in 17 out of 25 years. May is another month where sellers have seen positive results, with price increases in 21 of the 25 years studied. This aligns with the broader trend of increased buyer demand during the spring and early summer months, which tends to drive prices up. Conversely, September and October are often slower months for the market, with fewer price gains and, in many cases, declines. Real estate prices are heavily influenced by seasonality. The spring and early summer months, particularly March through June, are when the market is most active. This is likely due to families wanting to settle into new homes before the school year starts and the more favorable weather conditions for home buying. This is seen in the consistent price increases during these months. For example, in 2021, March saw a 7.3% price increase, followed by 8.2% in April. Meanwhile, September of that year saw a price decrease of 4.3%, demonstrating the market’s typical slowdown after the summer peak. The data also shows how external factors can influence real estate prices. During the 2009 financial crisis, for instance, prices were highly volatile. January of that year saw a 3.1% decrease in prices, but by February, prices had increased by 7.6%. This volatility shows that while seasonal trends are important, larger economic conditions can significantly impact the market. By 2021, the market had rebounded dramatically, with a 27.0% overall increase in prices for the year. This kind of price growth highlights how quickly the market can shift in response to changing economic conditions. Given these seasonal trends, timing is key for anyone looking to sell a home. If the goal is to close in April, it’s important to consider the time it takes for the average property to go from listing to closing. The data shows that properties that close in April typically stay on the market for a median of 37 days, followed by a 30-day closing period. That means a total of 67 days from listing to closing. To close by the end of April, the ideal listing time would be around February 22. This gives the property enough time to be on the market, attract buyers, and move through the closing process by the target date. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240914095211.png" alt="" width="" height="" style=""></figure></div> Understanding the cyclical nature of real estate prices can be a powerful tool for both buyers and sellers. By analyzing historical data, it becomes clear when the market is most active and when prices are likely to increase or decrease. April consistently stands out as the month where prices rise the most, while September sees the opposite trend, with declining prices. By timing their decisions based on these patterns, sellers can maximize their chances of success in the real estate market. For up to date information, refer to our <a href="https://teamprice.com/market-cycle">Austin Real Estate Market Cycle</a> Resource.&nbsp;

September 14, 2024 : Discover the cyclical nature of real estate prices from 2000 to 2024. Learn why April is the best month to sell your home, how seasonal trends impact prices, and when to list your property for maximum value. Analyze detailed data to make informed real estate decisions

Real Estate Market Cycles: How Timing Affects Home Prices

Exploring 2024 Home Prices in the Austin Area: Which Cities Are Up or Down The real estate market in the Austin area has seen a mix of ups and downs in 2024, with home values across the 30 cities monitored showing both increases and decreases when compared to 2023. This year-to-date comparison highlights the diverse and dynamic nature of the region's housing market, where local factors are influencing property values in different ways.&nbsp;In 2024, 15 of the 30 cities tracked experienced a rise in average home prices. <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240822110113.png" alt="" width="" height="" style="" origin-size="1681,1039"></figure></div> <a href="https://teamprice.com/insight-and-statistics-manchaca">Manchaca</a> leads the pack with an impressive 14.5% increase, making it the top-performing city in terms of price appreciation this year. <a href="https://teamprice.com/insight-and-statistics-burnet">Burnet</a> and <a href="https://teamprice.com/insight-and-statistics-wimberley">Wimberley</a> follow closely with gains of 12.7% and 12.0%, respectively. These areas have attracted buyers due to their balance of space, amenities, and relatively affordable pricing compared to more central locations. Dale, which saw a 9.4% increase, and Smithville, with a 9.0% increase, are also notable for their strong performance, suggesting that demand remains high in these less urbanized areas. Other cities, such as <a href="https://teamprice.com/insight-and-statistics-leander">Leander</a> and Hutto, recorded solid increases of 3.2% and 2.7%, respectively. Leander has become a particularly attractive market due to its growth and proximity to major employment hubs. Meanwhile, <a href="https://teamprice.com/insight-and-statistics-hutto">Hutto</a> continues to draw interest due to its affordability and expanding infrastructure. Dripping Springs and Elgin also showed positive trends, with prices increasing by 2.2% in both cities. These areas are known for their growing communities and appeal to those seeking a more suburban lifestyle while still remaining accessible to Austin. In contrast, the remaining 15 cities experienced a decline in average home prices. <a href="https://teamprice.com/insight-and-statistics-buda">Buda</a> faced the steepest decline, with a 10.4% drop in prices compared to 2023. This significant decrease might be linked to oversupply or a cooling demand following several years of rapid growth. Driftwood and Lago Vista also saw notable declines of 6.2% and 5.7%, respectively, which could indicate a market correction after previous price hikes. Lakeway and Cedar Creek experienced decreases of 4.4% and 4.1%, respectively. These declines suggest that even traditionally strong markets can face challenges when broader economic conditions shift or when affordability concerns come into play. Taylor and Manor also saw prices decrease by 4.0% and 3.5%, respectively. As these cities are closer to Austin, the drop may reflect a shift in buyer behavior or increased competition in nearby areas. <a href="https://teamprice.com/insight-and-statistics-georgetown">Georgetown</a>, <a href="https://teamprice.com/insight-and-statistics-round-rock">Round Rock</a>, and Bastrop showed more modest declines, ranging from 1.0% to 1.7%. These cities remain popular due to their amenities and location but may be experiencing a slight market correction after several years of robust price growth. The overall performance in these cities suggests a stabilizing trend, where prices adjust to reflect current demand and economic conditions. <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240822110335.png" alt="" width="" height="" style="" origin-size="1710,1975"></figure></div> This data underscores the importance of understanding local market dynamics when buying or selling a home in the Austin area. With some areas continuing to appreciate while others face declining prices, both buyers and sellers must stay informed to make strategic decisions. Buyers may find opportunities in cities where prices have dropped, while sellers in appreciating markets should consider the potential for further gains when pricing their properties. As the Austin area real estate market continues to evolve, keeping a close eye on these trends will be key to navigating the market successfully in 2024.

Discover the detailed analysis of the Austin area real estate market trends in 2024. Learn which cities have seen home price increases and which have faced declines. Stay informed with our comprehensive year-to-date data to make the best decisions in this dynamic housing market

2024 Austin Area Real Estate Market: A Detailed Analysis of Home Price Trends

Real Estate Market Insights: What Days on the Market Tell Us About Property Demand Understanding the dynamics of the real estate market is crucial for both buyers and sellers. One of the most telling metrics in evaluating market conditions is the number of days a property remains on the market, known as "<a href="https://teamprice.com/real-estate-glossary/days-on-the-market">Days on the Market</a>" (DOM). This metric not only reflects the demand for properties in a given area but also provides insights into the health and trends of the market. In the latest data from the Multiple Listing Service (MLS), there are 15,065 active residential listings with a median DOM of 69 days. This means that, on average, properties are taking just over two months to sell. However, this figure alone doesn't tell the full story. When we break down the data further, we see that 37.9% of these listings have been on the market for 50 days or fewer. This indicates a segment of the market where properties are selling relatively quickly, reflecting a healthy demand. On the other hand, 27.6% of listings have a DOM between 50 and 100 days, and 34.4% of listings have been on the market for over 100 days. The higher percentage of properties lingering on the market for more than 100 days suggests that there may be some challenges in certain segments of the market, possibly due to pricing, location, or other factors. It's important to understand that DOM refers specifically to the "<a href="https://teamprice.com/real-estate-glossary/days-on-the-market">active days on the market</a>." This means that the clock stops when a property goes under contract. For example, if a property is listed and goes under contract after 10 days but the deal falls through after 30 days, when the property comes back on the market, the DOM will pick up at 11 days, not 41. This ensures that the DOM reflects only the time the property is actively available for purchase. Looking closer at individual cities within the MLS, we can observe interesting patterns. In Austin, for instance, there are 4,479 active listings with a median DOM of 69 days, mirroring the overall MLS median. In Austin, 36.9% of properties have been on the market for 50 days or fewer, while 30.1% are in the 50 to 100 days range, and 33.0% have been on the market for more than 100 days. This distribution suggests that while a significant portion of the market is moving briskly, there is also a considerable number of properties that may require price adjustments or additional marketing efforts to attract buyers. Comparing Austin with neighboring cities reveals some notable contrasts. For example, Cedar Park, a city with 243 active listings, has a lower median DOM of 57 days. Here, nearly 45% of the listings have a DOM of 50 days or fewer, indicating a more robust market compared to Austin. Conversely, in Burnet, with only 110 active listings, the median DOM is much higher at 113 days, and a staggering 57.3% of listings have been on the market for over 100 days. This data highlights the variability in market conditions even within the same region, underscoring the importance of local market knowledge for both buyers and sellers. In cities like Hutto and Pflugerville, the market is particularly active, with over 50% of listings having a DOM of 50 days or fewer. Hutto, with 226 active listings, has a median DOM of just 49 days, one of the lowest in the region. Pflugerville, with 399 listings, also sees a rapid turnover, with a median DOM of 49 days. These areas may be experiencing higher demand, possibly due to their proximity to major employment centers and their relatively affordable housing options. On the other end of the spectrum, cities like Spicewood and Wimberley have higher median DOMs of 108 and 95 days, respectively. In Spicewood, 53.4% of listings have been on the market for over 100 days, while in Wimberley, this figure is 49.1%. These statistics suggest that in certain areas, properties are taking longer to sell, which could be due to factors such as pricing, property type, or the overall appeal of the location. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240820125010.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="active days on the market.png" data-file-size="211280" data-origin="," style=""></figure></div> In summary, the DOM data provides valuable insights into the real estate market across the MLS area. It highlights areas with high demand and quick turnover, as well as regions where properties are slower to sell. For real estate professionals, understanding these trends is essential for advising clients on pricing strategies and marketing efforts. For buyers, this data can help identify markets where they might have more negotiating power, or where they need to act quickly to secure a property.​

Explore the latest real estate market trends with a detailed analysis of Days on the Market data from Central Texas. Learn how this key metric reveals property demand, market health, and insights into pricing strategies across different cities

Understanding Days on the Market: A Detailed Look at Current Real Estate Trends

Understanding the Current State of Austin's Real Estate Market August 08, 2024 : The Austin real estate market has seen significant changes over the past few years. The <a href="https://teamprice.com/residential-price">Residential Peak Value Analysis</a> provides a detailed look at the market trends, highlighting the shifts in property values from their peak times to the present day. This analysis is essential for anyone involved in the Austin real estate market, offering a clear picture of the current state and historical performance of residential properties. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240808040420.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="peak analysis.png" data-file-size="192646" data-origin="," style=""></figure></div> In the broader Austin-area MLS, the average list price reached its peak in April 2024, with properties listed at an average of $713,548. Today, this value has dropped to $649,723, a decline of $63,825 or 8.9%. The median list price saw its peak in May 2022 at $539,900 but has since fallen to $465,000, showing a decrease of $74,900 or 13.9%. Similarly, the average sold price peaked in May 2022 at $664,515, but the current average is now $571,741, a reduction of $92,774 or 14%. The median sold price, which was highest in May 2022 at $538,000, has decreased to $429,453, marking a significant drop of $108,547 or 20.2%. The analysis also looks at the price per square foot, providing a granular view of the market. In April 2022, the average sold price per square foot peaked at $324. Currently, this figure stands at $265, reflecting a decrease of $59 or 18.2%. The median sold price per square foot, which was at its highest in April 2022 at $280, has dropped to $232, a reduction of $48 or 17.1%. Focusing on the City of Austin, the trends show similar declines. The average list price reached its highest point in April 2024 at $953,196. Today, it has decreased to $898,178, a drop of $55,018 or 5.8%. The median list price peaked in May 2022 at $658,589 but has since fallen to $582,500, a decline of $76,089 or 11.6%. The average sold price in the city peaked in May 2022 at $847,583. Currently, this value is $744,397, showing a drop of $103,186 or 12.2%. The median sold price, which peaked in May 2022 at $680,000, has decreased to $550,000, a significant drop of $130,000 or 19.1%. The price per square foot data for the City of Austin also reflects these downward trends. In May 2022, the average sold price per square foot peaked at $442. It has now decreased to $348, a reduction of $94 or 21.3%. The median sold price per square foot peaked in April 2022 at $393 but has since dropped to $232, a significant decrease of $92 or 23.4%. These figures indicate a general cooling of the real estate market in Austin, with notable declines from peak values. The changes in list prices, sold prices, and price per square foot highlight the shifts in market dynamics over the past few years. This detailed data is crucial for buyers, sellers, and real estate professionals as they navigate the current market conditions and make informed decisions. This information is from August 08, 2024 and is updated weekly. For the weekly update, access our <a href="https://teamprice.com/residential-price" class="on">Residential Price</a> resource.&nbsp;

August 08, 2024 : latest trends in Austin's real estate market with our comprehensive analysis. Learn about the changes in average and median list prices, sold prices, and price per square foot from their peak values to today. Stay informed and make better decisions in the Austin real estate market.

Understanding the Current Trends of Austin's Real Estate Market

What's Happening in July 2024 with the Average Price Going Up So Much July 09, 2024 : In July 2024, the residential real estate market is witnessing significant changes that are noteworthy for both buyers and sellers. While we have projected that 2,526 homes will be sold this month, this projection is based on the data from the 514 homes that have already been sold so far. Despite this drop in sales compared to previous months and the same period last year, there has been a noticeable increase in home prices, capturing the attention of market analysts and participants alike. The projected total number of homes sold in July 2024 is 2,526, which represents a 6.4% decrease from June 2024, where 2,698 homes were sold. When compared to July 2023, the decline is even more pronounced, with a 10.5% drop from the 2,821 homes sold last year. This decrease in the number of transactions indicates a cooling in the volume of sales, which could be due to various factors such as seasonal trends, economic conditions, or changes in buyer behavior. Interestingly, while the number of homes sold has decreased, the average selling price has seen a significant increase. Based on the sales so far this month, the average price of a home sold in July 2024 is $630,037. This is a substantial 9.4% increase from the previous month of June 2024, where the average selling price was $575,980. Compared to July 2023, the average selling price has risen by 6.0%, up from $594,567. This upward trend in prices suggests that the demand for homes remains strong, or there is a limited supply of homes available, driving up the 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/20240709091439.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="market cycle.png" data-file-size="376172" data-origin="," style=""></figure></div> The median selling price also reflects this upward trend. In July 2024, the median price of homes sold so far is $475,000, which represents a 6.1% increase from June 2024's median price of $447,500. Compared to July 2023, the median price has increased by 3.3%, from $460,000. The median price is a critical indicator as it shows the middle point of all transactions, providing a more accurate reflection of the market without being skewed by extremely high or low prices. Another important metric to consider is the sold-to-list price ratio, which indicates how close the final selling price is to the initial listing price. In July 2024, the sold-to-list price ratio is 97.42%, slightly down from June 2024's ratio of 97.49%. This small decrease shows that homes are still selling relatively close to their asking prices, suggesting a competitive market where buyers are willing to meet sellers' pricing expectations. These trends highlight a unique situation in the real estate market for July 2024. While the number of homes being sold is decreasing, the prices are climbing. This could be indicative of a market where supply is not meeting demand, causing prices to rise even as fewer transactions take place. For buyers, this means facing higher costs, while sellers might find themselves in a favorable position to capitalize on the current market conditions. Understanding these dynamics is crucial for anyone involved in the real estate market, whether you're buying, selling, or simply keeping an eye on market trends. The increase in average and median prices, despite fewer sales, is a significant development that could influence market strategies and decisions moving forward. ​

July 09, 2024 : What's happening in the Austin real estate market in July 2024. Despite a projected decrease in home sales, average prices have surged. Learn about the trends and what they mean for buyers and sellers.

Why Are Home Prices Rising in July 2024 Despite Fewer Sales?

Austin Area MLS Sees Record High in Active Lease Listings for July 2024 July 07, 2024 : The Austin Area MLS has experienced a remarkable surge in active lease listings, reaching a record high of 6,662 in July 2024. This unprecedented number highlights significant growth in the real estate market, reflecting broader trends observed over the past 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/20240707124809.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="austin area lease inventory.png" data-file-size="140662" data-origin="," style=""></figure></div> In January 2014, the Austin Area MLS recorded 1,892 active lease listings. Fast forward ten years, and this figure has soared to 5,049 by January 2024, marking an impressive 166.9% increase. February showed a similar trend, with listings rising from 1,776 in 2014 to 4,869 in 2024, a staggering 174.2% growth. March also saw a significant increase, with listings jumping from 1,868 in 2014 to 4,760 in 2024, reflecting a 154.8% rise. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240707124852.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="austin area lease inventory graph 1.png" data-file-size="66417" data-origin="," style=""></figure></div> The data for April through June further underscores this upward trajectory. In April 2014, there were 2,123 active lease listings, which grew to 5,106 by April 2024. May's listings increased from 2,412 in 2014 to 5,978 in 2024, and June saw a rise from 2,852 to 6,480 over the same period. Each month consistently shows substantial year-over-year growth, emphasizing the expanding rental market in Austin. July 2024's record high of 6,662 <a href="https://teamprice.com/lease-inventory">active lease listings</a> is a milestone for the Austin Area MLS. This figure represents a significant leap from the 2,862 listings recorded in July 2014. The month-over-month data reveals a steady climb, with listings rising from 2,935 in 2015 to 3,491 in 2016, and eventually reaching 5,525 in July 2023. The current year's record surpasses the previous high, showcasing a robust and dynamic market. The trends observed over the last decade illustrate consistent growth in active lease listings, with notable increases year-over-year. For instance, January 2023 saw an 81.7% increase compared to the previous year, while February 2023 experienced a 79.0% rise. March 2023 also demonstrated significant growth with a 77.2% increase from the prior year. The five-year and ten-year averages provide further insight into these trends. The average number of active lease listings for the five years leading up to 2024 is 5,558, while the ten-year average is 4,908. This comparison indicates a notable increase in recent years, suggesting a vibrant and expanding market. Analyzing percentage differences year-over-year highlights the fluctuations in the market. January's data, for example, shows a 31.8% increase in 2024 compared to the previous year. Similarly, February and March recorded 28.2% and 21.1% increases, respectively. These variations reflect the market's responsiveness to various external factors and the overall growth trajectory. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240707125304.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="austin area lease inventory graph 2.png" data-file-size="73062" data-origin="," style=""></figure></div> In conclusion, the Austin Area MLS has reached a historic milestone with 6,662 active lease listings in July 2024. This record-breaking number is part of a broader trend of significant growth observed over the past decade. The data highlights the dynamic nature of the Austin rental market and underscores the increasing demand for lease properties in the area. This article is based on data published on July 07, 2024. <a href="https://teamprice.com/insight-and-statistics">Austin Real estate statistics</a> are constantly evolving. For the most current data and analysis, please refer to the following resources, updated weekly: <a href="https://teamprice.com/lease-inventory">Austin-Area Lease Inventory</a>

July 07, 2024 : In July 2024, the Austin Area MLS reached a record high of 6,662 active lease listings, marking a significant milestone in the real estate market. This article explores the decade-long trends and the impressive growth in lease listings, providing detailed insights into the Austin rental market.

Austin Area MLS Hits Record High: 6,662 Active Lease Listings in July 2024

July 02, 2024 : The real estate market has experienced significant changes over the past two decades. From 2003 to 2024, we have seen fluctuations in the average and median sold prices of properties. Understanding these changes is crucial for anyone involved in real estate, whether buying, selling, or investing. Starting in 2003, the market showed a steady increase in property prices compared to three years prior. January 2003 saw a 7.49% rise in average sold prices and a 7.97% increase in median sold prices compared to January 2000. This growth continued into 2004, although at a more moderate pace, with January 2004 recording a slight decline of 1.18% in average prices but still a 1.75% increase in median prices compared to January 2001. In 2005, the market began to fluctuate. For example, February 2005 compared to February 2002 showed a slight decline of 2.64% in average prices but remained relatively stable in median prices with a minimal decrease of 0.32%. By 2006, the market had picked up again, showing significant growth. January 2006 saw a remarkable 23.99% increase in average prices and a 14.47% rise in median prices compared to January 2003. The late 2000s, particularly from 2007 to 2009, were marked by the financial crisis, which significantly impacted the real estate market. January 2009 saw a minimal decrease of 0.30% in average prices, though median prices increased by 5.76% compared to January 2006. The market began recovering in 2010, with gradual improvements seen in the subsequent years. By April 2012, there was a notable recovery, with average prices up by 15.79% and median prices by 10.22% compared to April 2009. The mid-2010s saw consistent growth. March 2013 compared to March 2010 saw a 20.51% increase in average prices and a 21.29% rise in median prices. This growth continued steadily into 2017, although the rates began to moderate. January 2016, for instance, showed a 24.60% increase in average prices compared to January 2013. Entering the 2020s, the real estate market experienced unprecedented growth. Factors such as low interest rates and increased demand played a significant role. February 2021 saw a staggering 37.82% increase in average prices and a 35.19% rise in median prices compared to February 2018. This upward trend peaked in 2022, with April 2022 recording a 73.51% increase in average prices and a 74.39% rise in median prices compared to April 2019. However, the market began to cool in 2023 and 2024. June 2024 showed a slight decrease of 1.42% in average prices and a more significant decline of 5.21% in median prices compared to June 2021. This indicates a potential market correction or stabilization phase after the rapid growth experienced in the previous 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/20240702125021.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="article.png" data-file-size="185523" data-origin="," style=""></figure></div>​ The data from 2003 to 2024 highlights the cyclical nature of the real estate market, influenced by economic conditions, policy changes, and consumer behavior. These trends underscore the importance of staying informed and adaptable in the ever-changing real estate landscape.&nbsp; This article is based on data published on July 02, 2024 with data for the month ending June 2024. <a href="https://teamprice.com/insight-and-statistics">Austin Real estate statistics</a> are constantly evolving. For the most current data and analysis, please refer to the following resources, updated weekly: <a href="https://teamprice.com/market-cycle">Austin-Area Market Cycle</a>

July 02, 2024 : Austin real estate market trends from 2003 to 2024, highlighting a 5.21% price drop in June 2024 compared to 36 months prior. Understand the fluctuations in average and median sold prices, key growth periods, and market corrections. Stay informed with detailed data-driven insights

Austin Real Estate: June 2024 Sees 5.21% Drop vs 36 Months Ago

In Austin, Texas, the ZIP code 78728 stands out as an area with a dynamic real estate market and a plethora of local amenities. Nestled in the northern part of the city, this neighborhood offers a unique blend of residential charm and accessibility to urban conveniences, making it an attractive locale for both potential homeowners and investors. The real estate market in 78728 exhibits robust activity, characterized by a healthy <a href="https://teamprice.com/activity-index-zip-code">absorption ratio of 51.22%</a>, signaling a strong sellers' market. The area currently hosts <a href="https://teamprice.com/active-residential-listings-78728">20 active properties</a>, with an average active price of $492,535 and a median price slightly lower at $489,450. In contrast, the pending properties, totaling 21, have a more modest average price of $430,490 and a median of $435,000, suggesting a competitive market environment where homes are moving quickly from listing to contract. This is further evidenced by the fact that 29 properties have sold in the past 90 days at an average price of $448,809, reflecting the area's desirability. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240424100019.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="78728 active.png" data-file-size="214235" data-origin="," style=""></figure></div> The quick turnover in the housing stock is mirrored by a low months of inventory figure at 1.82, indicating that properties in 78728 are selling faster than in many other areas. Over the past year, 147 properties have sold at an average price of $454,567, with a slight dip this year to an average sold price of $436,836. Despite this decrease, the <a href="https://teamprice.com/appreciation-year-over-year-zip-code-78728">long-term appreciation rate of 4.85%</a> annually over the past 25 years underscores the enduring value of investments in this zip code. The average tax rate for this zip code is 1.9976%, well under the average for the area of 2.25%. The yearly gross rent for the average home for sale and lease is $27,685 which gives us a <a href="https://teamprice.com/cap-rate">cap rate of 3.83%</a>, the 23rd best cap rate compared to the top 75 zip codes in Central Texas. The <a href="https://teamprice.com/gross-rent-yield">Gross Rent Yield is 5.87%</a> using the median sold price and median leased price. 78728 is not only notable for its real estate dynamics but also for its vibrant local scene. The area is home to popular dining spots such as Ramos Tex-Mex and Raggedy Anne's, offering residents a taste of Austin's rich culinary landscape. Nearby attractions include The Domain, a large shopping and entertainment complex that provides a wealth of activities and amenities. Furthermore, the zip code's proximity to major employment hubs and thoroughfares makes it an ideal choice for professionals seeking a blend of suburban tranquility and urban accessibility.

Explore the thriving real estate market of Austin's 78728 ZIP code. With a strong seller's market, quick property turnover, and a robust appreciation rate, 78728 offers valuable insights for homebuyers and investors. Discover local attractions and dining experiences that make 78728 a desirable location.

Why Austin's 78728 Is a Hot Spot for Homebuyers and Investors

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