<a href="https://teamprice.com/building-permits">Austin-Area Building Permit Data</a> Highlights Regional Growth Trends December 23, 2024 : The Austin-area metropolitan statistical area has experienced significant developments in construction activity, as evidenced by the <a href="https://teamprice.com/building-permits">latest building permit data for the Austin Area</a> released for November 2024. This report sheds light on residential and multi-unit housing trends in one of the fastest-growing regions in the country, showcasing a detailed analysis of permits issued and their broader implications. <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241223043025.png" alt="" width="" height="" style=""></figure></div>​For all units combined, November permits surged to levels 93.9% above the historical monthly average, emphasizing the strong construction momentum. Year-to-date cumulative permits from January to November 2024 have been 42.6% higher than the long-term average, reflecting sustained growth across the housing market.&nbsp; Focusing on single-family homes, permits issued in November 2024 were 26.1% above the historical monthly average, reinforcing the continued demand for single-unit residential properties. Over the first eleven months of the year, cumulative permits for this category outpaced the average by 32.1%, highlighting robust activity in Austin's suburban and urban residential sectors. <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241223043048.png" alt="" width="" height="" style=""></figure></div>​The market for multi-family units comprising 2 to 4-unit structures also saw an increase, with November permits registering 14.8% above average. More notably, cumulative year-to-date permits in this category soared to 76.9% above the historical average. This surge indicates a growing interest in small multi-family developments, likely fueled by a combination of investment opportunities and changing housing preferences among Austin residents. <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241223043108.png" alt="" width="" height="" style=""></figure></div>​For larger-scale developments of 5 or more units, the data demonstrates sustained interest, with year-to-date cumulative permits continuing to exceed historical benchmarks. While the month-to-month numbers reflect variations, the year-to-date trends underscore Austin's appeal for developers focused on large multi-family housing projects, which are vital for addressing the region's housing demands. <div class="se-component se-image-container __se__float-none"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241223043124.png" alt="" width="" height="" style=""></figure></div> When analyzing the data in terms of permits issued per 100,000 population, a nuanced picture emerges. For all units, November figures were 46.8% above average, underscoring Austin’s leadership in meeting housing demands despite rapid population growth. However, the 1-unit permits per 100,000 population fell slightly below average by 6.9%, suggesting that while single-family housing remains strong, its share relative to population growth may be stabilizing. Conversely, permits for 2 to 4-unit structures and 5+ unit developments show continued upward trends, highlighting diverse housing options being developed to meet the city's growing needs. This detailed analysis of the Austin-area building permits provides valuable insights into the region's evolving housing market. Developers, investors, and residents alike can use this data to understand the ongoing construction trends shaping Austin’s landscape.&nbsp;

Latest Austin-area building permit trends with November 2024 data. Learn how single-family and multi-unit housing developments are shaping the region's growth, with cumulative permits exceeding averages across all categories

Austin Housing Market 2024: Building Permit Trends and Growth Analysis

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

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

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

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

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

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

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

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

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

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

Is Buying or Renting Better in Austin's 78725 Zip Code? A Data-Driven Look The <a href="https://teamprice.com/zip-codes/78725/for-sale">housing market in Austin’s 78725 zip code</a> presents an intriguing <a href="https://teamprice.com/renting-vs-buying">balance between renting and buying</a>, particularly for prospective homeowners and renters evaluating their long-term options. As of September 2024, the data suggests that the gap between renting and buying in this area is relatively narrow, making it a prime location for careful financial consideration. In 78725, the median household income sits at $78,420. When purchasing a home with a standard 20% down payment, the mortgage payment (PITI) is $2,263, consuming 34.6% of the median income. Comparatively, the median rent is $1,965, which equates to 30.1% of the median household income. This difference, a mere $298, reflects a 13.2% cost gap in favor of renting. However, the close proximity of these costs means that buying a home offers a competitive financial alternative, especially for those interested in building equity over time. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240927122927.png" alt="" width="" height="" style=""></figure></div>​ At present, there are 41 <a href="https://teamprice.com/zip-codes/78725/for-sale">active listings in the 78725 zip code</a>, providing a range of options for buyers considering this market. The average list price is $380,134, while the median list price is $324,000. Notably, 53.7% of these homes have experienced price reductions, with an average drop of $53,086 or 7.4%. This substantial adjustment in listing prices indicates that sellers are adjusting their expectations to align with buyer demand. On the other hand, nearly 44% of listings have remained at their original price, suggesting that some sellers are holding firm despite market trends. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240927122940.png" alt="" width="" height="" style=""></figure></div> The average days on market for homes in this area is 58 days, with a median of 49 days, highlighting the relatively moderate speed at which homes are selling. Homes are staying on the market for about two months on average, which can be a critical factor for buyers and sellers alike. In particular, sellers with vacant properties—accounting for 51.22% of the active listings—may be more motivated to sell quickly, given that these homes are not generating rental income. <a href="https://teamprice.com/insight-and-statistics-78725">Market activity in 78725</a> can be characterized as balanced but slightly leaning toward buyers. The months of inventory currently stand at 5.47 months, reflecting a market in transition. A market with 4 to 6 months of inventory is generally considered balanced, meaning that supply and demand are roughly in equilibrium. However, the fact that more than half of the homes have undergone price cuts suggests that buyers may have greater negotiating power, especially for homes that have been on the market for more than 50 days. The data also reveals a notable distinction between newer homes and resales. Nearly all of the homes currently on the market are resales, with just one new property available, representing only 2.44% of the total. The prominence of resale homes may appeal to buyers who are looking for more established properties or who prefer not to wait for new construction. For those evaluating the financial merits of renting versus buying, the 78725 zip code offers a unique opportunity. The small gap between the costs of renting and homeownership makes purchasing a home a viable option for many households. With price reductions on over half of the active listings, the current market presents potential savings for buyers looking to enter the area. Additionally, the significant percentage of vacant homes suggests that sellers may be more flexible on price, providing further opportunities for negotiation. Overall, the 78725 housing market offers a balanced dynamic, where both renters and buyers can find competitive options. For renters, the lower upfront costs and flexibility may be appealing, while buyers can take advantage of the potential for long-term appreciation, especially with current price drops. As the market continues to evolve, both sides of the renting versus buying decision offer viable paths for individuals and families alike in this part of Austin​

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

78725 Austin Real Estate Market: Renting vs Buying Analysis for 2024

Why 2024 Is a Standout Year for Austin Real Estate Listings As of September 17th 2024, the Austin real estate market continues to show dynamic activity, with <a href="https://teamprice.com/new-listing-to-pending-ratio">new listings reaching a historic high</a>. Between January and September 2024, 37,473 new listings entered the market, positioning this year as the third-highest on record for new home listings during this period. This is a notable achievement, especially when considering that the cumulative number of new listings is 14.1% above the historical average, a clear indicator of the robust market activity and increasing supply in the Austin area. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240917121325.png" alt="" width="" height="" style=""></figure></div> Over the years, Austin’s real estate market has experienced fluctuations in the number of new listings. In 2000, the market saw just 21,173 new listings from January to September. Fast forward to 2024, and the number has almost doubled. Looking at specific years, we observe consistent growth, with peaks and valleys reflective of various market conditions. For instance, in 2001, new listings rose by 34.3% from the previous year, reaching 28,445 listings. This upward trend continued until 2006, where listings peaked at 34,444, before a significant drop of -8.6% in 2008 to 31,498 listings, likely reflecting the broader economic challenges of that period. Interestingly, despite a few declines, the Austin real estate market has shown resilience over the years. In 2009, new listings fell by -13.7%, and again in 2011 by -13.8%, but these were followed by rebounds, with listings growing 8.2% in 2010 and 9.0% in 2012, demonstrating how market dynamics can shift in response to external factors. The current year’s performance is particularly impressive, especially as we move through the final days of September. The 2024 cumulative listings of 37,473 already surpass those of several previous years, such as 2019’s 35,808 and 2020’s 36,291. With more listings expected before the end of the month, projections suggest that 2024 could surpass 37,796, recorded in 2021, which would make this year the second-highest on record. The steady <a href="https://teamprice.com/new-listing-to-pending-ratio">increase in new listings</a> is a critical factor for both buyers and sellers in Austin’s competitive real estate market. For buyers, the increasing supply may offer more options and potentially better pricing, while for sellers, the data points to a continuously active market with sustained interest in properties. With Austin's real estate market continuing to evolve, understanding these data trends is essential for making informed decisions. Whether you are a buyer, seller, or investor, tracking new listings and comparing them to previous years provides a clear picture of the market's health and trajectory. As we approach the end of September, all eyes will be on the final count of new listings to see if 2024 will indeed claim the spot as the second-highest year for new listings on record.

The Austin real estate market is seeing record-breaking activity in 2024, with 37,473 new listings from January to September, marking the third-highest on record and 14.1% above the average. Learn how the market is shifting and what this means for buyers and sellers as we approach year-end.

Austin Real Estate Sees Record Listings in 2024: 14.1% Above Average

Austin Real Estate Prices Fall to March 2021 Levels September 16, 2024 : The Austin real estate market has experienced significant changes in recent years, particularly in terms of median sold prices. As of September 2024, the <a href="https://teamprice.com/market-cycle">median sold price in Austin has fallen</a> to $428,125, a figure last seen in March 2021 when the median sold price was $425,000. This decrease highlights a notable market shift from the rapid price increases observed over the past few 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/20240917125920.png" alt="" width="" height="" style=""></figure></div> In 2020, the Austin real estate market saw median home prices rise steadily, with the average median price at $344,500. The year ended with prices climbing as high as $366,585 in December. This growth set the stage for 2021, a year marked by even higher demand and price increases. By March 2021, the median sold price reached $425,000, and prices continued their upward trajectory throughout the year, peaking at $480,000 during the summer months. The year closed with a median sold price of $475,000 in December, and the average median price for 2021 was $461,500. The upward momentum continued into 2022, where <a href="https://teamprice.com/market-cycle">Austin's housing market reached its highest levels</a>. The median sold price hit a peak of $550,000 in May and June 2022, marking the height of the real estate boom. However, by the end of 2022, prices started to decline, reflecting a cooling in the market as interest rates increased and affordability became a concern for many buyers. The year ended with a median sold price of $450,000 in December, down from the mid-year high. The average median price for 2022 was $497,048, showing just how significant the market surge had been. As 2023 progressed, the real estate market began to show more signs of stabilization. The median sold prices fluctuated but remained lower compared to the previous year. In March 2023, the median sold price was $450,000, and by the end of the year, the market had slightly dipped to $440,415 in December. The average median price for 2023 was $450,150, reflecting a market in transition from the rapid growth of previous years to a more moderated pace. In 2024, the downward trend in prices continued. By March 2024, the median sold price had fallen to $442,990, and by September 2024, it dropped further to $428,125. This level marked a return to the pricing seen in early 2021, signaling a full correction from the highs of 2022. The <a href="https://teamprice.com/market-cycle">average median price for 2024</a>, up to the most recent data, is $441,762, further illustrating the cooling trend in the market. This data shows how the Austin real estate market has shifted from unprecedented growth to a more balanced state. The rapid price escalation in 2021 and 2022, fueled by low interest rates and strong demand, eventually gave way to a cooling off period. Rising interest rates, economic uncertainty, and affordability issues have all contributed to the current decline in prices. Despite the decrease in median sold prices, the Austin market remains significantly above the pre-pandemic levels of 2020, where the median sold price was $330,000 in March of that year. The <a href="https://teamprice.com/market-cycle">market correction</a>, while notable, has not erased the gains made during the housing boom. As a result, the long-term trend still points toward growth, though at a more sustainable rate than the surge seen in 2021 and 2022. For those looking to buy or sell in Austin, understanding these market trends is critical. While prices are down from their peak, they are still historically high. Buyers may find opportunities in the current market with lower prices than in the previous two years, while sellers may need to adjust their expectations given the more balanced market conditions.​

As of September 2024, Austin’s median sold prices have returned to March 2021 levels, dropping to $428,125. This detailed analysis breaks down how the market has shifted over the past few years, covering the highs of 2021 and 2022 and the cooling trend of 2023 and 2024.

Austin Real Estate Prices Fall to March 2021 Levels: September 2024 Update

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

real estate trends Austin

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

Austin Real Estate Market October 2024: Poised for Record Gains

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

78725 Austin Real Estate Market: Renting vs Buying Analysis for 2024

Austin Real Estate Sees Record Listings in 2024: 14.1% Above Average

Austin Real Estate Prices Fall to March 2021 Levels: September 2024 Update

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