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

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

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

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

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

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

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

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

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

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

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

Austin Real Estate Market Sees Lowest August Pending Listings Since 2014

A Detailed Look at Austin's Pending Property Market from 2000 to 2024 July 09, 2024 : The Austin Metropolitan Statistical Area has experienced significant shifts in its real estate market over the past two decades. By examining cumulative pending properties from January to July for each year between 2000 and 2024, we gain valuable insights into the market’s evolution, trends, and fluctuations. In the year 2000, the number of pending properties was recorded at 16,167. This marked the beginning of a period of growth that saw some variations but overall demonstrated a trend towards increasing market activity. By 2001, the pending properties slightly decreased to 14,845, representing a 8.2% decline from the previous year. This decline continued marginally into 2002, with pending properties numbering 14,764, a small drop of 0.5%. The year 2003 saw a recovery, with pending properties increasing to 15,305, marking a 3.7% growth. This upward trend accelerated significantly in 2004, when the number of pending properties surged to 18,951, a substantial 23.8% increase. The momentum continued into 2005, reaching 23,489, another notable rise of 23.9%. The growth streak extended into 2006 with pending properties climbing to 27,663, reflecting a 17.8% increase. However, 2007 witnessed a slight dip to 26,560, a decrease of 4.0%. This downturn was a precursor to a more significant decline during the global financial crisis, with pending properties plummeting to 21,461 in 2008, a steep 19.2% drop. The following year, 2009, saw a further decline to 18,443, representing a 14.1% decrease. The market began to recover in 2010, with pending properties increasing to 19,466, a growth of 5.5%. This recovery continued steadily, albeit more modestly, into 2011 with 19,792 pending properties, reflecting a 1.7% increase. The year 2012 marked a robust resurgence with pending properties jumping to 24,262, a substantial 22.6% rise. This growth trend continued into 2013, reaching 29,134 pending properties, an increase of 20.1%. Despite a slight dip in 2014, where pending properties slightly decreased to 28,996, a small drop of 0.5%, the market rebounded in 2015, growing to 30,270, an increase of 4.4%. The growth persisted in 2016 with 31,204 pending properties, a rise of 3.1%, and in 2017, the market saw a further increase to 32,004, up by 2.6%. This upward trend continued into 2018 with 33,088 pending properties, reflecting a 3.4% growth. The year 2019 experienced a more significant increase, with pending properties reaching 34,977, a rise of 5.7%. This positive trend continued in 2020, with 36,090 pending properties, marking a 3.2% growth. The market saw a marginal increase in 2021, with 36,213 pending properties, a small rise of 0.3%. However, 2022 marked a notable downturn, with pending properties dropping to 31,257, a significant 13.7% decrease. This decline continued into 2023, with pending properties falling to 28,177, a further 9.9% drop. The downward trend extended into 2024, with pending properties reducing to 24,828, reflecting an 11.9% decrease. The sharp decline from the peak of 2021 to the current numbers in 2024 can be attributed to several key factors. The increase in interest rates, driven by the Federal Reserve's rate hikes, has had a direct impact on mortgage rates, making home loans more expensive. This has, in turn, contributed to a higher unemployment rate and affordability issues. Property prices have reached record highs, and coupled with the rise in mortgage rates, the principal, interest, taxes, and insurance (PITI) payments have surged dramatically. These affordability problems have made it difficult for many potential buyers to enter the market, resulting in a significant drop in pending properties. This combination of economic pressures has played a crucial role in the observed decline in pending real estate transactions. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240709050235.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="cumulative pending.png" data-file-size="152219" data-origin="," style=""></figure></div> Overall, the data reveals a dynamic and evolving real estate market in Austin, characterized by periods of robust growth, resilience during economic downturns, and significant fluctuations. This comprehensive analysis of cumulative pending properties from 2000 to 2024 provides a detailed understanding of the market trends and the factors influencing these changes.

Austin's Real Estate Market: An In-Depth Analysis of Pending Properties from 2000 to 2024

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?

Historical Analysis of Properties Sold Below List Price: 2000-2024 Insights June 26, 2024 : The real estate market is always fluctuating, and understanding these changes is crucial for both buyers and sellers. This article examines the percentage of properties sold under the list price from January 2000 to the present month of 2024. By analyzing this data, we can gain insights into the market's past and present conditions, helping you make more informed decisions. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240626124813.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="sold under list price.png" data-file-size="512516" data-origin="," style=""></figure></div> Starting in 2000, the percentage of properties sold under the list price was relatively high, with 52.1% in January. Throughout the early 2000s, the percentages remained high, particularly during economic downturns. For instance, during the Great Recession of 2008-2009, we saw significant peaks. In November 2008, 74.4% of properties sold under the list price, and in November 2009, this number was even higher at 79.5%. These peaks reflect the economic struggles of the time, where sellers were more willing to lower prices to close deals. As the economy recovered, the percentages began to stabilize. In the years following the recession, we noticed a gradual decrease in the percentage of properties sold under the list price. By 2013, the percentages were lower compared to the previous decade, indicating a recovering market. For instance, in 2013, the percentage of properties sold under the list price ranged from 57.6% in April to 72.4% in January. The market saw a significant shift in 2021. This year marked one of the lowest percentages of properties sold under the list price. In July 2021, only 13.3% of properties sold below the list price, a stark contrast to previous years. This change can be attributed to low inventory and high demand, leading to competitive bidding wars where many homes sold at or above the list price. In 2022, the market began to stabilize again. Although the percentages were higher than in 2021, they were still relatively low. The percentages ranged from 16% in April to 71.5% in December. This variation reflects the typical seasonal trends in the real estate market, with higher percentages often occurring in the winter months. Looking at 2023, we see a continuation of this stabilization. The percentages varied from 55.6% in April to 72.5% in December. This indicates a balanced market with steady buyer and seller activities. The data suggests that while the market was not as overheated as in 2021, it remained robust. So far in 2024, 66% of properties have sold under the list price. This is a notable increase compared to the previous year, suggesting a potential cooling in the market. This could be due to several factors, including rising interest rates, which reduce buyer affordability, and economic uncertainties that impact buyer confidence. In conclusion, the data from January 2000 to June 2024 highlights the dynamic nature of the real estate market. By understanding these trends, buyers and sellers can better navigate the market, making more informed decisions. Whether you are looking to buy or sell, staying informed about market conditions is essential.&nbsp;​ This article is based on data published on June 26, 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/sold-price-to-list-price-ratio">Sold to List Price Ratio</a>

June 26, 2024 : Explore the trends in the real estate market from 2000 to 2024, focusing on the percentage of properties sold under the list price. Understand how economic conditions, seasonal variations, and market fluctuations impact these trends. Stay informed to make better real estate decisions.

Understanding Real Estate Trends: Properties Sold Under List Price from 2000 to 2024

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

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

Austin Real Estate Market Trends: Active Listings and Inventory Surge

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Austin Real Estate Market Trends: Active Listings and Inventory Surge

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