Austin Area Housing Market: October 2024 Market Conditions by Zip Code October 23 2024 : The real estate market in the Austin area, specifically across 75 zip codes, offers a diverse landscape that fluctuates between sellers, neutral, and buyers’ markets. A detailed look at the data from October 2024 reveals critical insights into months of inventory, pricing trends, and the overall real estate dynamics within key areas such as Austin, Georgetown, Round Rock, and Leander. Understanding these trends is essential for both buyers and sellers to make informed decisions. <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">Months of inventory</a>, a measure of the balance between supply and demand, plays a pivotal role in defining the market. A sellers' market is characterized by less than 4.9 months of inventory, meaning demand is higher than the available homes. Neutral markets have inventory between 5 and 6.9 months, where supply and demand are more balanced. Finally, buyers' markets feature more than 7 months of inventory, where the supply of homes exceeds demand, giving buyers more negotiating power. As of October 2024, 39% of the cities in the Austin area fall under the sellers' market category, 25% are classified as neutral markets, and 36% are buyers' markets. Each zip code reflects a different set of market conditions, and the data illustrates how these factors influence property prices and time on the market. In a sellers' market like <a href="https://teamprice.com/zip-codes/78739">78739 (Austin)</a>, there is only 1.4 months of inventory, making it highly competitive for buyers. With an average home price of $936,857 and a median price of $799,450, homes in this area are in demand. The median time on the market is 41 days, a testament to how quickly properties are moving. Similarly, <a href="https://teamprice.com/zip-codes/78747">78747 (Austin)</a> also reflects a sellers' market, though inventory is slightly higher at 5.5 months. With 143 active listings, homes have a median price of $454,990 and spend 32 days on the market. In contrast, neutral markets offer a more balanced environment for both buyers and sellers. <a href="https://teamprice.com/zip-codes/78759">78759 (Austin)</a>, with 5.3 months of inventory, fits into this category. The median home price here is $634,500, and properties take about 69 days to sell. Neutral markets like <a href="https://teamprice.com/zip-codes/78626">78626 (Georgetown)</a>, which features 4.51 months of inventory and a median price of $436,505, reflect balanced supply and demand, allowing transactions to be fairer for both sides. Buyers' markets, on the other hand, are seen in areas like <a href="https://teamprice.com/zip-codes/78746">78746 (Austin)</a>, where the inventory reaches 8.6 months. This area features a high-end market, with average home prices reaching $3,153,492 and a median price of $2,480,000. Homes in this category tend to stay on the market longer, with a median of 89 days, offering buyers more time and negotiating power. Another buyers’ market is <a href="https://teamprice.com/zip-codes/78669">78669 (Spicewood)</a>, where inventory levels stand at 11 months. The median home price is $963,000, and homes typically stay on the market for 119 days. Price trends across the region show a mix of reductions and slight increases. In high-demand areas like <a href="https://teamprice.com/zip-codes/78704">78704 (Austin)</a>, prices have dropped by 8.2%, while <a href="https://teamprice.com/zip-codes/78731">78731 (Austin)</a> saw an 8.6% price reduction, reflecting a market shift even in previously competitive zones. Meanwhile, <a href="https://teamprice.com/zip-codes/78759">78759 (Austin)</a> experienced a notable 21.8% price increase, despite being in a neutral market. This uptick indicates growing demand, even as supply remains relatively balanced. Areas with more price volatility are typically those with higher inventory. <a href="https://teamprice.com/zip-codes/78645">78645 (Leander)</a> and <a href="https://teamprice.com/zip-codes/78722">78722 (Austin)</a>, with 11 and 7.2 months of inventory respectively, have seen more fluctuations in prices as sellers adjust to the slower market. As a result, more properties in these zip codes have experienced price drops to attract buyers. For instance, <a href="https://teamprice.com/zip-codes/78701">78701 (Austin)</a> had 52.2% of its listings adjust prices, with an average reduction of 8.0%. This trend of price adjustments is common across the market as sellers respond to changing demand. Inventory levels in each zip code are crucial for understanding market conditions. <a href="https://teamprice.com/zip-codes/78739">78739 (Austin)</a>, with its low inventory, reflects a tight market where buyers must act quickly, while areas like <a href="https://teamprice.com/zip-codes/78669">78669 (Spicewood)</a> and <a href="https://teamprice.com/zip-codes/78746">78746 (Austin)</a>, with their higher inventory, provide more opportunities for buyers to negotiate better deals. For instance, in 78746 (Austin), where the inventory is at 8.6 months, the median time on the market is 89 days, giving buyers more time to consider their options. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241023021334.png" alt="" width="" height="" style=""></figure></div> As the Austin area continues to grow, market conditions are likely to shift further. Monitoring these trends and understanding the months of inventory in each zip code will be key for anyone looking to buy or sell in this diverse and competitive market. Whether you are looking to capitalize on a sellers' market or negotiate in a buyers' market, understanding these market metrics is essential for success.&nbsp;

Discover the latest real estate trends in the Austin area with insights on months of inventory, pricing, and market conditions across 75 zip codes. Learn how market dynamics favor buyers or sellers and how these factors impact home prices and time on the market in October 2024

Austin Area Real Estate Market Analysis: October 2024 Insights by Zip Code

Austin MLS Reports 10,733 Withdrawn &amp; Expired Listings by October 2024: What It Means The real estate market in the Austin area is seeing significant changes in 2024, particularly when it comes to properties that have been withdrawn or expired from the Multiple Listing Service (MLS). Between January and October 10, 2024, the cumulative total of withdrawn and expired listings has reached an impressive 10,733, marking a notable increase of 5.7% compared to the same period last year. This figure is anticipated to grow as more listings are added for the rest of October, with an expected rise of at least another 500 listings before the month ends. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241010103847.png" alt="" width="" height="" style=""></figure></div> This trend reveals a growing challenge in the Austin real estate market, especially as it stands 7.9% above the historical average for withdrawn and expired listings. Withdrawn listings occur when a seller or listing broker decides to remove a property from the MLS. While the listing agreement may still be active, the property is withdrawn from public viewing, or the agreement might be prematurely ended. An expired listing, on the other hand, happens when the listing agreement has reached its term without the property selling, signaling that it didn’t find a buyer within the specified timeframe. The 2024 numbers also represent a significant threefold increase in withdrawn and expired listings since 2021. This change is likely a reflection of broader shifts in market conditions, such as rising interest rates and evolving buyer behaviors that have impacted overall demand and affordability. Sellers in the Austin area may be finding it more challenging to attract buyers, potentially prompting a higher number of properties to be removed from the market or left unsold as listing agreements expire. These elevated levels of withdrawn and expired listings suggest a growing unease among sellers, as properties are staying on the market longer or are unable to attract buyers. This situation could be signaling a shift towards a more balanced or even cooling market, compared to the rapid growth seen in previous years. For those watching the Austin real estate market, these trends indicate that the conditions are becoming less favorable for sellers, with an increasing number of properties not reaching a successful sale. As October progresses, it will be essential to keep an eye on how these numbers evolve. Given the current pace, it is plausible that withdrawn and expired listings will continue to climb. For buyers, this trend could potentially create more opportunities as sellers reassess their listing strategies, while sellers may need to adjust their expectations in response to a shifting market landscape. The data from 2024 provides a clear picture of the evolving real estate dynamics in Austin and offers valuable insights for anyone involved in the market.&nbsp;​

Explore the latest data on Austin's real estate market, where withdrawn and expired listings have surged to 10,733 by October 2024. This article examines the causes and implications for buyers and sellers, as listings are up 5.7% year-over-year, marking a threefold increase since 2021. Find out what this means for Austin’s market outlook

Why Withdrawn and Expired Listings Are Rising in Austin: October 2024 Update

Analyzing <a href="https://teamprice.com/cities/lakeway-tx">Lakeway's Real Estate Market</a>: Price Drops and Inventory Trends <a href="https://teamprice.com/cities/lakeway-tx">Lakeway, Texas</a>, is experiencing significant price adjustments in its residential real estate market. As of October 8, 2024, there are 119 active residential listings, with a notable 68.1% of these properties having undergone price reductions. This data reveals a trend where sellers are adjusting their prices to align with current market conditions. In fact, the average price drop is approximately $122,000, which equates to a 9.6% reduction from the original list price. The median price reduction stands at $76,000 or 7.9%, indicating substantial markdowns that could potentially attract more buyers. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241008074458.png" alt="" width="" height="" style=""></figure></div> When examining the overall market, listings are distributed across various price brackets, with the majority falling between $700,000 and $1,300,000. Price reductions are spread across all price ranges, but higher cuts are often seen in the upper price brackets. Specifically, the $550,000 to $700,000 range exhibits high buyer activity, with an Activity Index of 29%, indicating strong interest from potential buyers at these price points. In contrast, properties priced above $1,300,000 have lower buyer interest, reflected in their higher average <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">Months of Inventory</a>. This metric, which measures how long it would take to sell all properties on the market at the current sales pace, varies widely depending on price. Properties in the $700,000 to $850,000 range have up to 11 months of inventory, whereas those around $400,000 show only 3 months, indicating a faster turnover for lower-priced homes. Looking at the broader Central Texas region, <a href="https://teamprice.com/cities/lakeway-tx">Lakeway</a> stands out with the highest percentage of price reductions. Other areas like Cedar Creek and <a href="https://teamprice.com/cities/georgetown-tx">Georgetown</a> also have a significant portion of listings with price drops, but Lakeway’s 68.1% is unparalleled. For comparison, <a href="https://teamprice.com/cities/cedar-creek-tx">Cedar Creek</a> and <a href="https://teamprice.com/cities/cedar-park-tx">Cedar Park</a> both show over 60% of active listings with price reductions, but their average price drops are $50,000 and $42,000, respectively, much lower than Lakeway’s $122,000 average. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241008074510.png" alt="" width="" height="" style=""></figure></div> Days on market is another critical factor in assessing market dynamics. In Lakeway, the average time a listing spends on the market is 145 days, with a median of 103 days. This duration indicates that while price cuts are prevalent, properties are not being absorbed at a particularly quick pace. Over half of the listings are vacant, which may appeal to buyers looking for immediate occupancy, while 16.81% of the active listings are new constructions. Only a small fraction, 2.52%, are tenant-occupied properties, suggesting that most properties on the market are intended for direct home buyers rather than investors. The report also highlights trends in market activity over the past year. The <a href="https://teamprice.com/real-estate-glossary/activity-index">Activity Index</a> has been increasing steadily from October 2023 to October 2024, indicating a growing interest in Lakeway properties, though inventory levels remain high. This shift suggests that while the market is experiencing high levels of inventory, buyer activity is gradually improving. Price reductions in Lakeway are not limited to one type of property or price range, but the most common cuts range between 5% and 15%, making up over 42% of listings with price drops. Properties with reductions exceeding 25% are rare but do exist, particularly in higher-priced homes where the dollar value of reductions can reach significant figures. As Lakeway’s market adjusts, it’s clear that sellers are becoming more competitive with pricing to attract buyers. With these substantial markdowns, prospective buyers have an opportunity to purchase homes at prices that reflect current market realities. However, the extended days on market and substantial months of inventory suggest that the Lakeway market remains highly favorable to buyers, with a diverse range of options available. Sellers might need to continue adjusting prices and expectations as the market evolves, especially with the current level of inventory and buyer interest in mind​

Latest trends in Lakeway’s real estate market with a detailed analysis of price drops, inventory levels, and buyer activity. Learn why 68% of Lakeway’s active listings have reduced prices and what this means for buyers and sellers as of October 2024

Lakeway Real Estate Market Update: Price Drops and Inventory Trends for October 2024

Why Austin Home Prices Fell 21.3%: A Decade of Real Estate Data September 26, 2024 : The City of Austin real estate market has experienced significant changes over the past decade, with a notable rise and subsequent correction in the <a href="https://teamprice.com/residential-price">average sold price per square foot</a>. From 2014 to 2024, the price of homes in Austin has shown both steady growth and moments of rapid appreciation, followed by a marked decline in recent years. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240926044501.png" alt="" width="" height="" style=""></figure></div> In 2014, the <a href="https://teamprice.com/residential-price">average sold price per square foot in Austin</a> was $172. Over the next several years, prices increased gradually, reflecting healthy market growth. By 2019, the average price had risen to $239 per square foot, signaling strong demand in the Austin area. However, it was the period from 2020 to 2022 when the market saw a dramatic surge, driven by factors such as historically low interest rates and increased housing demand. The most significant rise occurred in 2021 and 2022. In May 2022, the <a href="https://teamprice.com/residential-price">average sold price per square foot</a> peaked at $442, marking the highest point in Austin's real estate history. This sharp increase represented a surge of over 85% in just a few short years, as prices climbed from $239 per square foot in 2019 to $442 per square foot in May 2022. Many buyers were priced out of the market during this period, as the rapid appreciation made homes less affordable. However, as is often the case in overheated markets, a correction followed. After reaching its peak in May 2022, Austin’s real estate prices began to decline. By September 2024, the average sold price per square foot dropped to $348, representing a 21.3% decrease from the market peak. This decline is indicative of the natural market cycle, where prices begin to correct after a period of unsustainable growth. This correction can also be seen when comparing prices across specific months. For instance, the average price in January 2024 was $337 per square foot, a noticeable drop from $385 per square foot in January 2022. Similarly, in March 2024, the price was $361 per square foot, compared to $416 per square foot in March 2022. These numbers clearly reflect the downward trend as the market stabilizes after the extreme price hikes seen during the pandemic boom. While the recent drop in prices may seem concerning to some, it is important to consider the overall long-term growth of Austin’s real estate market. Even with the recent decline, the average sold price per square foot is still significantly higher than it was in the mid-2010s. In September 2014, the average price was $190 per square foot, meaning the current price of $348 represents an increase of over 83% over the last decade. This pattern of rising prices followed by a correction aligns with the concept of mean regression in real estate. As prices skyrocketed in 2021 and 2022, they moved far above the historical trend line. The current price adjustments reflect a reversion to the mean, where the market returns to more sustainable levels in line with long-term growth trends. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240926044531.png" alt="" width="" height="" style=""></figure></div> As Austin continues to grow, its real estate market remains robust, despite the recent corrections. Buyers and sellers in the Austin area should understand these trends and the historical context when considering current pricing. The market is adjusting after a period of unprecedented growth, and while prices are down from their peak, the long-term outlook remains positive for those who are considering entering or exiting the market.​

The Austin real estate market has experienced a significant correction, with the average sold price per square foot dropping 21.3% from its May 2022 peak. This detailed analysis tracks the market's trends from 2014 to 2024, providing insights into the factors behind the price surge and subsequent decline. Learn how the market is stabilizing and what it means for buyers and sellers in the Austin area

Austin Real Estate Market: Average Price Per Square Foot Drops 21.3% Since Peak

Austin Real Estate Market Trends: A Deep Dive into Sold Properties and Realtor Performance September 23, 2024 : The Austin real estate market has been experiencing a significant transformation, as evidenced by recent <a href="https://teamprice.com/sales-density-population-and-realtors">data on sold properties</a> and Realtor performance in the area. From January through September 2024, the number of sold properties in the six-county area was projected to reach 23,423, reflecting a 14.4% drop year-over-year. This decline highlights the continued downward trend in sold properties, marking a 10.1% decrease below the average and a stark comparison to previous years. In particular, the month of September is expected to show a drop of 14.4% compared to the same period in 2023, contributing to an overall challenging year for 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/20240923062352.png" alt="" width="" height="" style=""></figure></div> The <a href="https://teamprice.com/sales-density-population-and-realtors">detailed analysis of sold properties</a> per 100,000 residents paints a clearer picture of the market’s current state. As of September 2024, the figure stands at 82.36, down from 105.46 the previous month. This decline underscores the cooling of the market as fewer properties are changing hands relative to the local population. Comparatively, the market is performing better than in 2010, with sold properties per 100,000 residents at that time hovering at lower levels. However, the drop is significant enough to impact market dynamics and decision-making for both buyers and sellers. While the overall sales figures are declining, the number of active Realtors in the Austin-area MLS continues to grow, albeit with some fluctuations. As of September 2024, there are 19,979 Realtors registered in the Austin-area MLS. This is a 6.1% decrease from the September 2022 peak, indicating that some Realtors may be exiting the profession in response to the current market conditions. However, the market remains saturated, which can be seen in the ratio of sold properties per 1,000 Realtors. This metric has dropped to 104.4, down from 133.7 in August 2024 and marking the lowest level for September on record. This indicates that fewer properties are being sold per Realtor, increasing competition among agents for available listings. Year-to-date performance shows that <a href="https://teamprice.com/sales-density-population-and-realtors">cumulative sold properties</a> are 27.9% below the long-term average. Between January and September, the sold properties per 1,000 Realtors totaled 1,199, reflecting a year-over-year decrease of 0.8%. This suggests that despite the high number of Realtors in the market, overall productivity has decreased, and agents are selling fewer properties compared to previous years. The 39.4% drop below the average sold properties per 1,000 Realtors for September further confirms that this month will be among the slowest in recent history. Despite these market challenges, there is some optimism within certain real estate circles. Some brokerages, such as Team Price Real Estate, have seen positive year-over-year growth, with a nearly 10% increase in transactions while maintaining a steady agent count. This performance is notable given the broader market slowdown and speaks to the importance of strategic market positioning and strong agent performance in navigating difficult market conditions. The data-driven approach used to project future sales in the Austin real estate market is also worth noting. By analyzing 20 years of historical data, adjustments for population growth, and accounting for seasonal sales trends (such as the surge in sales during the last seven days of the year), real estate professionals can create highly accurate projections. With an average error margin of just 1% to 3%, these projections provide valuable insights into future market trends, helping buyers, sellers, and agents make informed decisions. As the Austin real estate market continues to evolve, it remains crucial for industry professionals to closely monitor data on sales density, Realtor performance, and population trends. While the overall market may be experiencing a downturn, opportunities still exist for those who can adapt to the current conditions and leverage the available data to their advantage. <div class="se-component se-video-container __se__float-center" style="width: 100%; min-width: 100%;"><figure style="width: 100%; height: 56.25%; padding-bottom: 56.25%;"><iframe src="https://www.youtube.com/embed/Y-0CDuFdRKI" width="100%" height="56.25%" style="width: 100%; height: 100%;"></iframe></figure></div> ​

Discover detailed insights into the Austin real estate market trends in 2024. Explore the data on sold properties, Realtor performance, and market density, with a deep dive into key statistics that shape the Austin-area MLS. Learn how these trends impact buyers, sellers, and Realtors in a competitive market

Austin Real Estate Market in 2024: A Data-Driven Analysis of Sold Properties

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 Market: Analyzing the New Listing to Pending Ratio September 16, 2024 : The Austin real estate market has seen significant fluctuations throughout 2024, and one of the key indicators to track its health is the <a href="https://teamprice.com/new-listing-to-pending-ratio">New Listing to Pending Ratio</a>. This ratio provides a snapshot of market activity by comparing the number of new listings that enter the market to those that move into a pending status, representing homes that are under contract but not yet closed. As of September 16, 2024, the current New Listing to Pending Ratio sits at 0.54, reflecting an ongoing trend of more homes being listed than moving into a pending status, a pattern we've seen consistently throughout the year. <div class="se-component se-video-container __se__float-center" style="width: 100%; min-width: 100%;"><figure style="width: 100%; height: 56.25%; padding-bottom: 56.25%;"><iframe src="https://www.youtube.com/embed/Th1UBoV2UZY" width="100%" height="56.25%" style="width: 100%; height: 100%;"></iframe></figure></div>​ Year-Over-Year ComparisonA closer look at the year-over-year comparison reveals that the ratio in September 2024 (0.54) is notably lower than the ratio during the same period in 2023, which stood at 0.81. This marks a decline in the pace at which homes are going under contract compared to the number of new listings coming to the market. While the number of homes entering the market has not changed drastically, the slowing pending sales suggest either a cooling buyer demand or possibly longer negotiation periods.&nbsp;Weekly data offers further insights. For example, from September 9 to September 16, 2024, 1,003 new listings were added to the market, while only 649 properties moved to pending status. This imbalance has contributed to the declining ratio, signaling a potential shift toward a buyer's market as inventory begins to outpace demand. In comparison, the same week in 2023 showed a healthier balance, with 952 new listings and 817 pending properties.​Mortgage Rates and Market Impact<a href="https://teamprice.com/30-year-fixed-mortgage-rate">Mortgage rates</a> have played a substantial role in shaping market activity. The current average mortgage rate stands at 6.20%, up slightly from last month but down from earlier highs of over 7%. These higher borrowing costs have been a barrier for many potential buyers, suppressing demand and contributing to the growing inventory. However, as mortgage rates show signs of stabilization, we may see an uptick in pending contracts as buyers adjust to the new norm.​Price Drops Versus IncreasesAnother key factor influencing the market is the price drop to price increase ratio, which currently sits at 92%. This means that for every price increase in a listing, there are significantly more price drops, reflecting sellers' willingness to make concessions in order to attract buyers. A high percentage of price drops is often a signal that sellers are facing a more competitive environment where buyers are becoming more selective, and pricing strategies are more crucial than ever.​Market Shifts and Open House ActivityOne of the most telling signs of market sentiment is the level of open house activity. As of mid-September, there were around 3,000 open house offerings each week, indicating strong seller engagement in showcasing properties. However, despite these efforts, the shift in the New Listing to Pending Ratio suggests that buyers are either holding off on making decisions or encountering affordability challenges that prevent them from moving forward.​Residential Market PerformanceA breakdown of monthly residential data supports the narrative of a cooling market. From August to September 2024, the number of new listings dropped from 3,933 to 1,897, a steep decline of over 50%. Despite this, the number of pending properties also saw a significant reduction, from 3,500 in August to just 1,426 in September. The sharp reduction in pending contracts highlights the hesitancy among buyers, possibly due to the combination of higher interest rates and home prices.&nbsp;Additionally, the gap between new and pending listings is growing. In September 2024, there were 853 more new listings than pending properties, a stark contrast to earlier in the year when the difference was less pronounced. The growing inventory provides buyers with more options but also forces sellers to be more competitive, as reflected in the price drops across the market. What’s Next for the Austin Market?&nbsp;The Austin real estate market remains in a period of transition. With the New Listing to Pending Ratio below 1.0, it's clear that supply is outpacing demand, at least for the time being. However, with interest rates showing signs of stabilizing and sellers adjusting their pricing strategies, there is potential for the market to regain its equilibrium. If mortgage rates decrease slightly or if buyers become more accustomed to current conditions, we could see an increase in pending contracts and a tighter ratio in the months ahead. For now, the market presents opportunities for both buyers and sellers. Buyers benefit from more choices and negotiating power, while sellers who are willing to be flexible with pricing may still be able to secure deals. As always, monitoring key indicators like the New Listing to Pending Ratio will be essential for understanding market dynamics as we move into the final months of 2024.

Discover the latest insights into the Austin real estate market with a focus on the New Listing to Pending Ratio. Learn how current trends, mortgage rates, and price shifts are shaping the Austin housing landscape in 2024.

Austin Real Estate Market Update: Monday Touch Point – September 16, 2024

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

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

Price Points Matter: Analyzing Demand in Blanco Vista's Real Estate Market August 17 2024 : In the world of real estate, price points matter more than anything else. Nowhere is this more evident than in <a href="https://teamprice.com/subdivisions/blanco-vista">Blanco Vista, a vibrant community in San Marcos, Texas</a>. The latest data from this market underscores how dramatically demand shifts depending on where a property is priced, revealing crucial insights for anyone looking to buy or sell a home in this area. For homes priced between $300,000 and $350,000, the market is thriving. These properties are in high demand, as reflected by the strong activity index—a key metric that shows how many homes are pending sale relative to the total number of active and pending listings. When the activity index is high, it indicates a hot market where buyers are competing for available properties. Additionally, the months of inventory, which measures how long it would take to sell all current listings at the current sales pace, is low in this price range. This means homes are selling quickly, reinforcing that this price bracket is where most buyers are focusing their attention. However, as soon as the price exceeds $350,000, demand starts to cool off. Homes priced between $350,000 and $450,000 face a much different reality. The activity index drops significantly, signaling a lower level of buyer interest. The months of inventory rise, indicating that these homes are spending more time on the market. This stark difference in demand between price points is a clear reminder that pricing a home correctly is crucial for a successful sale. For sellers, understanding this dynamic is essential. If your property is priced between $300,000 and $350,000, you can expect strong interest and a quicker sale. But if you’re in the $350,000 to $450,000 range, be prepared for a more challenging market. Pricing strategy becomes even more critical in this segment, where a slight adjustment could be the key to attracting buyers. For buyers, these insights are just as valuable. In the $300,000 to $350,000 range, competition is fierce, and you may need to act quickly to secure a property. Conversely, if you’re looking at homes priced above $350,000, you might find more opportunities to negotiate, as sellers may be more motivated due to the slower pace of sales. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240817080745.png" alt="" width="" height="" style=""></figure></div> In <a href="https://teamprice.com/subdivisions/blanco-vista">Blanco Vista</a>, price points are not just numbers—they are the defining factor in how the market responds. Whether you’re buying or selling, recognizing the importance of these price ranges can make all the difference in your real estate journey.

August 17 2024 : Explore how price points dramatically impact real estate demand in Blanco Vista, San Marcos, TX. Learn why pricing strategy is key to navigating this dynamic market. 

Price Points Matter: Analyzing Demand in Blanco Vista's Real Estate Market

June 14, 2024 : Austin-Area MLS Active Listings Cross 15,000 for the First Time The Austin-Area real estate market is witnessing a significant change as the number of <a href="https://teamprice.com/active-residential-listings">active residential listings</a> has crossed the 15,000 mark for the first time. This milestone, reached in mid-June 2024, reflects a substantial increase in available properties compared to previous years. In 2022, the active listings began modestly at 2,031 in early April and saw a steady rise, peaking at 10,874 by early September. This year-over-year growth continued in 2023, where listings started at 9,134 in early January and climbed to 12,188 by late August. However, 2024 has seen even more dramatic growth. Listings began at 9,707 in early January and soared to 15,035 by mid-June, marking a significant 30% increase compared to the same period in 2023. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240615034506.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="active history.png" data-file-size="85974" data-origin="," style=""></figure></div> The monthly growth trends over these years illustrate the dynamic nature of the <a href="https://teamprice.com/">Austin-Area real estate</a> market. In 2022, active listings grew rapidly from 2,031 in early April to 6,551 by mid-June. In 2023, the market saw a steadier increase, with listings rising from approximately 9,700 in early April to around 11,500 by mid-June. This year, the growth has been even more pronounced, with listings increasing from 11,880 in early April to over 15,000 by mid-June. Daily changes in active listings for 2024 further highlight the market's dynamism. For example, on May 10, there was a notable increase of 423 listings. Similar spikes were observed on May 24, with an increase of 159 listings, and on June 14, with a jump of 256 listings, which helped the market reach the 15,000 milestone. This rise in listings is complemented by changes in other key metrics. The months of inventory, which indicates how long it would take to sell the current inventory at the existing sales pace if no new listings were added, has increased to 5.26 months by mid-June 2024. This is a significant rise from previous years, suggesting a shift towards a more balanced or buyer-friendly market. Pending listings, which represent properties under contract but not yet sold, have shown a decrease compared to the previous year. By June 14, 2024, pending listings were down by 9.3% year-over-year. This decline indicates a slower pace of transactions, likely due to the increased inventory and more choices available to buyers. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240615034534.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="active vs pending.png" data-file-size="94465" data-origin="," style=""></figure></div> Comparing data from previous years provides additional insights. In 2022, the market experienced rapid growth from April to June, with active listings nearly tripling from 2,031 to 6,551. The trend continued in 2023, albeit at a steadier pace, with listings growing from 9,134 in January to 11,760 by mid-June. In 2024, the growth has been much sharper, with listings starting at 9,707 in January and reaching 15,035 by mid-June. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240615034550.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="active 2024 vs 2023.png" data-file-size="88214" data-origin="," style=""></figure></div> The current market dynamics indicate that the <a href="https://teamprice.com/">Austin-Area real estate market</a> is evolving. Buyers now have more options, which could lead to longer selling times and potentially more competitive pricing strategies from sellers. Real estate agents need to stay informed about these trends to provide accurate advice and adjust their marketing strategies accordingly. In conclusion, the crossing of the 15,000 active listings mark in the Austin-Area MLS is a significant milestone. This growth reflects broader market trends and suggests a shift towards a more balanced market. Understanding these changes is crucial for all stakeholders in the real estate industry, from buyers and sellers to agents and brokers.&nbsp; This article is based on data published on June 14, 2024. <a href="https://teamprice.com/insight-and-statistics">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 14, 2024 : Explore the significant growth in the Austin-Area real estate market as active MLS listings surpass 15,000 for the first time. Discover detailed data insights and market trends from 2022 to 2024, highlighting the dynamic changes and implications for buyers, sellers, and real estate professionals.

Austin-Area Real Estate: Active Listings Surpass 15,000

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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