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

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

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

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’s 2-Bedroom Apartment Market: Vacancy Rates, Rental Trends, and Construction Data October 29, 2024 : In recent years, the rental market in the Austin-Round Rock-Georgetown area has seen dynamic changes shaped by shifts in vacancy rates, rental prices, and the <a href="https://teamprice.com/building-permits">volume of permits issued for new apartments</a>. These trends reflect broader market forces at work, such as population growth, supply and demand fluctuations, and economic conditions. This analysis takes a closer look at the data from January 2017 to October 2024, exploring how each variable—vacancy rates, rental prices, and permit numbers—impacts the local rental market. Beginning in 2017, Austin’s rental market was marked by steady demand for two-bedroom apartments, with vacancy rates starting at 8.43% in January of that year. This demand kept the rental prices increasing, with <a href="https://teamprice.com/market-cycle-lease">average monthly rents</a> rising from $1,231 in early 2017 to $1,342 by the end of 2019. During this period, permits for 5+ unit buildings averaged around 869 per month, indicating steady construction to meet tenant demand. This additional supply was readily absorbed by the market, which kept <a href="https://teamprice.com/market-cycle-lease">rental prices stable</a> or slightly increasing each year. By the end of 2019, vacancy rates had declined to 6.61%, showing that demand was healthy and that the market was still tight despite new inventory entering the market. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241029051624.png" alt="" width="" height="" style=""></figure></div> The impact of the COVID-19 pandemic in 2020 introduced new challenges. From January to July 2020, vacancy rates rose from 6.84% to a peak of 8.03%, reflecting the pandemic's disruption of economic stability and population mobility. <a href="https://teamprice.com/market-cycle-lease">Rental prices stabilized</a> during this time, remaining around the $1,300 range as landlords aimed to retain tenants in a more uncertain environment. Despite these challenges, construction activity remained strong, with monthly permits averaging around 1,567 in 2020. The high rate of new permits suggested that developers remained optimistic about the Austin area’s long-term growth, even amid short-term setbacks. As the pandemic restrictions eased, 2021 marked a surge in demand for <a href="https://teamprice.com/market-cycle-lease">rental properties, with vacancy rates</a> rapidly declining from 7.63% in January to a low of 3.95% by September. This decrease in vacancies was accompanied by a sharp rise in rental prices, which climbed from $1,299 in January 2021 to a peak of $1,725 by August 2022. The market was bolstered by an influx of residents moving to the Austin area, combined with economic recovery efforts that fueled job growth and household formation. During this period, monthly permits for new multi-unit buildings were high, averaging over 2,137 per month. Yet, despite this increased construction, tenant demand continued to push vacancy rates lower, driving rental prices to record highs. By late 2022, the landscape began to shift. Vacancy rates started to edge upward again, reaching 6.12% by September 2022 and climbing steadily into 2024. This rise in vacancies can be attributed to the high volume of new units completed in response to the intense demand in 2021 and 2022. The increase in housing stock outpaced the current demand, pushing vacancy rates to 9.45% by October 2024. As a result, rental prices started to soften, declining from the 2022 peak of $1,725 to around $1,476 by October 2024. This adjustment suggests that the Austin rental market may have reached a saturation point, where new supply outpaces tenant demand, leading landlords to adjust prices downward to fill vacant units. <a href="https://teamprice.com/building-permits">Permit data for 2023 and 2024</a> shows that construction activity remained robust, with monthly averages of 1,757 in 2023 and 1,702 through the first ten months of 2024. Although slightly lower than the 2021 peak, these figures still represent a high level of new construction, which has contributed to the current inventory surplus and rising vacancy rates. The increased housing availability is a positive development for renters, who may benefit from greater choice and more competitive pricing. However, for landlords, the shift in supply-demand dynamics means adjusting expectations and pricing strategies in a market that has evolved from intense competition for limited rentals to a more balanced or even tenant-favorable environment. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241029051610.png" alt="" width="" height="" style=""></figure></div> The rental market in Austin-Round Rock-Georgetown has undergone a notable transformation over the past seven years. The combination of sustained population growth, fluctuating demand influenced by economic conditions, and a steady influx of new construction has created distinct market phases. As vacancy rates continue to rise, and with rental prices adjusting to new levels, the data suggests that the Austin rental market is entering a new era, one where supply and demand are more aligned. For potential renters, this translates to a broader selection of housing options, while landlords may need to adapt to a more competitive market. This analysis of vacancy rates, rental trends, and construction permits provides a comprehensive look at how the Austin rental market has evolved. With current trends continuing, the coming months may reveal further shifts in this dynamic and fast-growing region​​

Explore the latest trends in Austin's rental market from 2017 to 2024. This in-depth analysis covers vacancy rates, rental price fluctuations, and permit data for new apartments, providing insights into the impact of supply and demand in the Austin-Round Rock area

Austin Rental Market Analysis 2017-2024: Vacancy Rates, Rent Prices, and Construction Trends

Austin’s 78701 Zip Code Sees Record Lease Price Drop in 2024: A 25-Year Market Analysis October 29, 2024 : The downtown Austin real estate market, centered in the <a href="https://teamprice.com/zip-codes/78701">78701 zip code</a>, has seen substantial changes over the past 25 years. Known for its vibrant culture, proximity to major employers, and mix of high-rise apartments and luxury condos, downtown Austin has traditionally been a high-demand rental market. However, the latest data for 2024 reveals a surprising downturn in leasing prices, indicating a potential shift in the market. Understanding these trends provides valuable insights for both investors and renters. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241029121012.png" alt="" width="" height="" style=""></figure></div>​ Since 1999, leasing prices in the <a href="https://teamprice.com/zip-codes/78701">78701 zip code</a> have steadily increased, with the median leased price rising from $1,100 to $2,995 in 2024. The average leased price has also grown significantly, starting at $1,270 in 1999 and reaching $3,567 in 2024. This consistent increase translates to an annual compound growth rate of 3.72%, reflecting the appeal and economic strength of the downtown Austin area. Over the years, the area has attracted a steady influx of residents who are drawn to its unique amenities and vibrant lifestyle. Yet, despite this long-term growth, the market is now experiencing a notable drop in leasing prices. From 2023 to 2024, the average leased price declined by 10%, marking the largest year-over-year decrease in 25 years. The median leased price similarly dropped by 6% over the past year. This decrease is significant, considering the historical trend of steady price increases. Such a substantial decline in both average and median prices points to changing demand dynamics within downtown Austin. The year-over-year variations in the data also reveal how the 78701 leasing market has responded to economic shifts over time. For example, in 2000, the median leased price surged by 36%, and in 2011, it increased by 18%. These spikes coincide with periods of economic growth, when high demand for downtown living pushed prices upward. Conversely, the financial crisis in 2009 brought a downturn, with the average leased price dropping by 6%. This pattern demonstrates how closely tied the downtown Austin rental market is to the broader economy. More recently, the downtown market experienced a period of rapid growth following the COVID-19 pandemic. As urban areas reopened and people returned to city life, demand for <a href="https://teamprice.com/zip-codes/78701">rentals in 78701</a> surged. In 2022, the average leased price increased by 19%, reflecting this demand spike as renters sought the convenience and lifestyle that downtown Austin offers. However, the recent price drop in 2024 suggests a correction in the market, possibly influenced by rising living costs, increased rental supply, or shifting renter priorities. Affordability is likely playing a key role in the latest price shift. <a href="https://teamprice.com/zip-codes/78701">Downtown Austin</a> has traditionally been one of the most expensive rental markets in the city, making it sensitive to economic pressures that affect renter budgets. As rental prices climbed, other parts of Austin became more attractive to renters seeking affordability. Additionally, rising interest rates have created affordability challenges for both renters and prospective homebuyers, further impacting demand in the downtown market. The <a href="https://teamprice.com/zip-codes/78701">78701 area’s leasing market</a> also faces increased competition from newly developed properties across Austin. As more rental units become available, renters have more options, potentially easing demand in the core downtown area. This influx of supply could explain part of the recent decline in leased prices as property owners adjust rates to remain competitive. The leasing trends in <a href="https://teamprice.com/zip-codes/78701">Austin’s 78701 zip code</a> provide a clear picture of the area’s market cycles and economic responsiveness. While the long-term growth trend underscores downtown Austin’s sustained appeal, the recent downturn highlights the impact of affordability and supply dynamics. Investors and renters alike should keep an eye on these changes, as they reflect the ongoing evolution of Austin’s housing landscape. With Austin’s rapid growth and development, downtown remains a dynamic and influential part of the city’s real estate market.&nbsp;

Latest 2024 data on leasing trends in Austin’s 78701 zip code. This in-depth analysis covers a 25-year span, revealing the largest year-over-year price drop downtown Austin has seen. Discover how economic shifts, affordability challenges, and increased supply are impacting rental prices in Austin’s prime downtown area

Downtown Austin’s 78701 Zip Code Sees Largest Lease Price Drop in 25 Years: 2024 Analysis

Austin Home Prices Up Year-Over-Year: October 2024 Market Insights In October 2024, the Austin real estate market has demonstrated notable resilience, achieving an average sold price of $579,330, a 5.5% increase from September 2024, and a 3.5% rise compared to October 2023. Although the current October price does not surpass the record high of October 2022, when the average sold price reached $593,970, this recent gain indicates a market rebound year-over-year and month-over-month. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241028061847.png" alt="" width="" height="" style=""></figure></div> Historically, Austin’s real estate market has exhibited distinct cyclical patterns. The peak in October 2022 marked the highest recorded October average sold price. Since then, prices have moderated, with fluctuations reflecting adjustments to the shifting economic climate and changing buyer demand. However, the data from October 2024 suggests a renewed interest in the Austin market, with current prices recovering from prior declines and showing sustained month-over-month growth, despite remaining below the 2022 high. The market's trajectory over the past two years highlights these cyclical shifts. For instance, the average sold price decreased to $559,879 in October 2023, representing a year-over-year decline of approximately 5.7% from 2022. This decline mirrored broader market adjustments across Texas and other regions as buyers recalibrated in response to economic conditions. The 2024 data, however, reflects a return of positive momentum, as prices rise above 2023 levels, though they remain about 2.5% below the October 2022 peak. This year-over-year increase indicates a stabilizing market with steady buyer demand. Median sold prices add another layer of insight into Austin’s real estate dynamics. In October 2024, the median sold price was $435,000, a 2.4% increase from September’s $425,000, although it reflects a slight year-over-year decline from October 2023’s $438,520. This decrease contrasts with the rise in average prices, signaling that high-value properties are driving the market’s upward trend while the central portion of the market remains relatively stable. This pattern suggests that while buyers continue to pursue premium properties, options in more affordable ranges remain accessible. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241028061933.png" alt="" width="" height="" style=""></figure></div> The data underscores Austin’s balanced appeal to a range of buyers. The simultaneous rise in average sold prices and stabilization of median prices suggests that the market offers both high-end and accessible options for buyers. Although prices remain below the October 2022 high, the current month-over-month and year-over-year gains in 2024 indicate a strengthened market with potential for future growth as economic conditions evolve. In summary, October 2024 represents a significant milestone in Austin’s real estate market recovery, with the average sold price reaching $579,330. This figure, while below the October 2022 record high of $593,970, reflects a positive upward shift from October 2023, with a month-over-month increase of 5.5%. As Austin continues to attract buyers across different price points, its real estate market remains robust, with both average and median prices providing a comprehensive view of market health.&nbsp;

October 2024 marked a resurgence in Austin’s real estate market with an average sold price of $579,330, up 5.5% month-over-month and 3.5% year-over-year. Explore data insights on the Austin market’s growth trajectory and its current position below 2022’s record high

Austin Home Prices Rebound in October 2024: A Year-Over-Year and Month-Over-Month Growth Analysis

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

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

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

Austin’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

Austin Zoning Changes Lead to Spike in 2-4 Unit Housing Permits In September 2024, Austin witnessed a remarkable <a href="https://teamprice.com/building-permits">surge in permits</a> for the construction of 2-4 unit housing developments. According to recent data, 314 permits were issued in that month alone. This is a substantial increase compared to previous months, reflecting a clear shift in Austin's housing market and development patterns. This surge is a result of recent zoning reforms that have reshaped how residential lots are used in the city, encouraging higher-density housing solutions. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241024030408.png" alt="" width="" height="" style=""></figure></div> Historically, Austin’s zoning laws favored single-family homes, limiting the potential for diverse housing options in many neighborhoods. However, in response to the city's growing population and affordability challenges, the Austin City Council introduced significant changes aimed at boosting housing density. One key reform, implemented in December 2023, allowed developers to build up to three units—such as duplexes and triplexes—on lots previously zoned for single-family homes. This change was a bold move to encourage more efficient use of space in Austin's urban core and increase the availability of affordable housing options. Further enhancing these efforts, in May 2024, the City Council reduced the minimum lot size requirement for single-family homes. The previous minimum of 5,750 square feet was reduced to 1,800 square feet, which opened the door for smaller, more affordable homes to be built on the same land footprint. This reduction in lot size also allowed for the development of 2-4 unit homes on lots that would have previously only accommodated a single-family residence. The data clearly shows that developers are taking advantage of these changes. The spike to 314 permits in September 2024 is a striking increase when compared to the year’s previous average. In August 2024, only 30 permits for 2-4 unit developments were issued, and in July 2024, there were just 25 permits. These lower numbers reflect a typical trend from earlier years, when fewer multi-unit developments were feasible due to Austin’s restrictive zoning laws. This recent spike marks a significant shift in how the city is addressing its housing needs. The multi-unit housing developments not only provide more affordable housing options but also help accommodate the influx of new residents to Austin. By allowing duplexes, triplexes, and fourplexes to be built in neighborhoods that previously only allowed single-family homes, the city is working to alleviate its housing shortage and offer more diverse living arrangements for its residents. While some local residents have voiced concerns about the potential changes to neighborhood character and increased density, the city’s leadership is focused on addressing Austin’s housing crisis through smart, calculated reforms. The dramatic rise in permits for 2-4 unit homes is evidence that these zoning changes are having a tangible impact on Austin’s housing market. Developers are responding quickly to the opportunities created by these reforms, and the result is a more diverse and dynamic housing landscape in the city. Austin’s recent zoning reforms aim to strike a balance between preserving neighborhood integrity and meeting the growing demand for housing. As developers continue to take advantage of these changes, Austin’s housing market will likely see further shifts, with increased density playing a crucial role in the city’s efforts to provide affordable housing options to its expanding population​

In September 2024, Austin issued 314 permits for 2-4 unit housing developments, marking a significant increase driven by recent zoning reforms. Discover how these changes are reshaping Austin’s housing market and addressing the city’s affordability challenges

Austin Real Estate: 2-4 Unit Permits Surge in September 2024

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

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

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

October 2024 Sets Austin Real Estate Market on Track for Record-Breaking Performance As of mid-October 2024, the Austin real estate market, spanning the six-county region of Travis, Williamson, Bastrop, Hays, Caldwell, and Burnet, is showing signs of a remarkable month. The <a href="https://teamprice.com/market-cycle">average sold price has increased</a> by an impressive 7.1% from September to October. This is a significant gain, especially considering the 3.8% decline experienced just last month. The current data suggests that if this upward momentum continues through October, it could result in the best October performance for the Austin area since data collection began in 2000. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241017055925.png" alt="" width="" height="" style=""></figure></div> Historically, October has been a mixed month for the Austin area market. Over the past 24 years, October has experienced more negative <a href="https://teamprice.com/market-cycle">monthly price changes</a> than positive, with 11 out of those years seeing declines. The most substantial decline occurred in October 2004, with a drop of 8.9%, while the highest gain was in October 2010, at 11.8%. This October’s growth puts it among the top-performing years for this month, rivaling the high points of 2010 and surpassing the October gains seen in recent years, such as the slight decrease of 3.7% in 2023 and the minor 0.3% drop in 2022. The average sold price trends for October across two decades reveal that this month has generally seen fluctuations, with an average month-over-month price change of just 1.0%. October’s median month-over-month change stands at 0.0%, highlighting its reputation as an unpredictable month in the Austin real estate market. Despite these typical patterns, October 2024 appears to be breaking the mold with one of the highest month-over-month increases on record, indicating robust market activity and a potential tightening of inventory levels across the region. As of October 17, 2024, the Austin market remains poised for an exceptional month. However, it is worth noting that with two weeks remaining, the possibility of less expensive homes closing could affect the <a href="https://teamprice.com/market-cycle">current average sold price</a>. If more affordable properties sell in the coming days, the average sold price could potentially decrease. Therefore, this October’s record-setting potential will largely depend on the market dynamics in these final weeks. For those tracking the Austin real estate market closely, Team Price Real Estate offers the most up-to-date insights on trends and data for the area. This six-county region, including Travis, Williamson, Bastrop, Hays, Caldwell, and Burnet, has a diverse market that can shift significantly based on buyer behavior and economic factors. By monitoring the latest <a href="https://teamprice.com/market-cycle">austin area real estate market cycle data</a> on <a href="https://teamprice.com/">TeamPrice.com</a>, buyers and sellers can stay informed and make strategic decisions in a fluctuating market environment. Whether this month closes as a record-breaker or simply as a strong October, the Austin real estate market continues to demonstrate its resilience and growth potential. Visit TeamPrice.com regularly for the latest updates and insights on the Austin area’s real estate trends, average prices, and market cycle information​

<h1>Austin Area Market Cycle : Updated Daily</h1> 
<iframe src="https://drive.google.com/file/d/14Svbl3FbEntRHDSw_VcQm6oJVUI6IWCs/preview" width="100%" height="700px" margin="auto" title="Market Cycle"></iframe>

Explore Austin's real estate market performance in October 2024, with average sold prices up 7.1% from last month. Could this be the best October on record? Find out more about the market trends across Travis, Williamson, Bastrop, Hays, Caldwell, and Burnet counties. Stay updated with Team Price Real Estate

Austin Real Estate Market October 2024: Poised for Record Gains

Historic Decline:&nbsp;<a href="https://teamprice.com/appreciation-year-over-year-lease-city">Austin’s Median Rental Price Drops</a> in 2024 After Two Decades of Growth In 2024, the Austin rental market has witnessed its most significant shift in over two decades. According to recent data, the city’s <a href="https://teamprice.com/appreciation-year-over-year-lease-city">median leased price has dropped</a> by 2% year-over-year, the largest annual decline since 2002. This is a noteworthy development for a city that has been experiencing rapid growth and soaring rental prices in recent years. The median leased price in Austin for 2024 is $2,300, a decrease from $2,350 in 2023. This 2% drop is particularly striking when compared to the substantial gains seen in 2022, when the median price surged by 18%, reaching an all-time high. The trend reversal suggests that the Austin rental market may be cooling down, perhaps due to a combination of increasing rental supply and evolving economic conditions impacting demand. In terms of <a href="https://teamprice.com/appreciation-year-over-year-lease-city">average rental prices</a>, Austin also saw a decrease. The average leased price for 2024 stands at $2,608, down 1% from $2,647 in 2023. While the reduction in the average price is not as significant as the median, it reflects a consistent downward movement. This aligns with the broader trend in the median price, showing that both metrics are indicating a softer rental market. The number of units leased in 2024 has decreased to 12,850, down from 14,874 in the previous year. This drop in leasing activity could be linked to various factors, such as affordability issues, potential renters shifting to homeownership, or the increase in remote work opportunities allowing people to seek housing options outside of the city. The lowered demand is likely putting downward pressure on prices, contributing to the observed declines in both median and average leased prices. Historically, Austin has experienced fluctuations in its rental prices, but this year’s decline is unique due to its magnitude. The last time Austin saw a drop of this scale was in 2002, when the median leased price fell by 13%. Since then, the market has generally trended upwards, with only occasional dips, such as a 1% decrease in the average leased price during 2009 and 2010, and more recently, the 1% dip in 2023. The 2024 decline, therefore, stands out as a considerable shift, signaling possible changes in the long-term rental landscape for Austin. Despite these declines, the rental prices remain high compared to a decade ago. In 2013, the median leased price was just $1,450, which is significantly lower than today’s $2,300. This increase reflects Austin’s growth and its transformation into a sought-after urban area, attracting professionals, families, and students alike. However, the current dip may suggest that the market is stabilizing, possibly offering renters a brief respite from the upward pressure on prices. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241017053458.png" alt="" width="" height="" style=""></figure></div> As we look forward, it remains to be seen whether this cooling trend will continue, or if Austin’s rental market will rebound. Factors such as interest rates, employment levels, and broader economic conditions will likely play a role in determining the direction of rental prices. However, for now, renters in Austin may find some relief as the market appears to be adjusting after years of sustained growth.&nbsp;

Discover how Austin’s rental market is changing in 2024, with a 2% drop in median leased prices marking the largest decline since 2002. Learn about the factors contributing to this shift in one of the nation’s hottest housing markets

Austin’s Median Rental Prices Drop by 2% in 2024: Largest Decline in Over 20 Years

Navigating <a href="https://teamprice.com/short-sale">Austin's Short Sale Market</a>: Key Data and Trends for Buyers and Sellers October 16, 2024 : <a href="https://teamprice.com/short-sale">Short sales</a> are becoming increasingly relevant in the Austin real estate market, especially given the recent data that indicates a total of 29 active short sale listings as of October 16, 2024. These listings are spread across various cities in the Austin area, including Austin, Kyle, and Killeen, with a range of price reductions that reflect the market’s current challenges. This report provides a comprehensive breakdown of the price reductions and other details for these listings, illustrating the unique aspects of short sales and their significance in today’s housing market. In Austin, there are six <a href="https://teamprice.com/short-sale">short sale listings</a> with an average price of $470,000, which have experienced a notable average price drop of approximately 12.6%, or $67,758 per property. These price adjustments reflect the homeowners' need to sell their properties for less than what they owe on their mortgages. Meanwhile, Kyle has two listings, with average price reductions of 11.4%, and Cedar Creek has a single property marked down by 4.1%. Other cities like Georgetown and Pflugerville show price drops of 7.1% and 3.1%, respectively. The most substantial price drop can be found in West Lake Hills, where a high-value property listed at $3,149,000 has been reduced by $200,000, translating to a 6% decrease. This mix of price reductions across different cities highlights the challenges faced by sellers in today’s market, particularly those navigating short 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/20241016063326.png" alt="" width="" height="" style=""></figure></div> The data also highlights specific zip codes where these short sale properties are concentrated. In zip code 78640, representing Kyle, properties have seen price reductions of $49,656, or 11.4%, on average. Meanwhile, zip code 78155 in San Antonio shows a property with a significant 24.1% reduction, totaling $69,998 off the original listing price. Such sizable adjustments suggest that these areas might be facing higher rates of financial distress among homeowners, leading to a greater prevalence of short sales. A short sale occurs when a homeowner sells their property for less than the remaining mortgage balance due to financial hardship. This process is often chosen as an alternative to foreclosure, as it allows the seller to avoid the damaging consequences associated with foreclosure. The short sale process starts with the homeowner listing their property as a short sale, often working with a real estate agent. Once an offer is received, the lender must approve it, which can be a lengthy process due to the potential for multiple layers of approval. Sellers are generally required to submit a hardship letter and financial documents to justify the sale. If the lender agrees, the sale proceeds, allowing the homeowner to avoid foreclosure, which typically has more severe credit implications and may result in the homeowner owing additional funds to cover the lender’s losses. Lenders may agree to a <a href="https://teamprice.com/short-sale">short sale</a> to avoid the expenses associated with foreclosure, which include legal fees, maintenance, and the hassle of reselling the property. However, the presence of mortgage insurance (PMI or MPI) can influence the lender’s decision to approve a short sale. Mortgage insurance protects lenders from losses when borrowers default, but it also adds a layer of complexity. If the property has PMI or MPI, the insurer may need to approve the short sale as well, as they may be responsible for covering part of the lender's loss. In some cases, the mortgage insurer may prefer to foreclose rather than approve a short sale if they believe they can minimize their payout this way. Therefore, while PMI or MPI does not necessarily prevent a short sale, it can affect the decision-making process and extend the time required to gain approval from all involved parties. Considering the detailed information provided here, potential buyers and sellers in the Austin area should approach short sales with a thorough understanding of the process and the market dynamics. The trend in price reductions across these cities and zip codes provides valuable insights into where opportunities and challenges might arise within the local real estate market.&nbsp; The historical data on short sale transactions in the Austin area reveals distinct trends over the years. The graph below shows total <a href="https://teamprice.com/short-sale">short sale transactions in the Austin-area MLS</a>, peaking at 489 transactions in 2012, then steadily decreasing each year afterward. By 2017, short sales had significantly declined to 38 transactions, with only 26 recorded so far in 2024. Similarly, in the City of Austin, short sales reached a high of 143 transactions in 2012 but dropped sharply to single digits from 2016 onward. As of 2024, there have been just two short sales, indicating a stabilization in the market. These trends reflect the broader economic recovery and rising property values in recent years, which have reduced the number of distressed sales like short sales.&nbsp; <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241016063512.png" alt="" width="" height="" style=""></figure></div>

Explore the latest data on short sales in the Austin area as of October 2024. Learn about price reductions, the short sale process, and how mortgage insurance can impact lender decisions. This comprehensive guide offers valuable insights into current market conditions for buyers and sellers

Austin Short Sale Market Analysis: October 2024 Trends and Insights

<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

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

Austin Lease Market Shows Listing Growth with a 147% Increase Since 2021 The Austin Area MLS has seen a remarkable growth in active lease listings over the past decade, with a particularly significant surge from 2021 to 2024. In October 2024, the <a href="https://teamprice.com/lease-inventory">number of active lease listings</a> reached 6,858, a considerable increase from the 2,771 listings recorded in October 2021. This represents a 147% increase over three years, illustrating the growing rental market in Austin. This substantial growth reflects the area’s evolving real estate dynamics and highlights a shift toward leasing, as rising mortgage rates and affordability challenges impact the purchase market. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241011122937.png" alt="" width="" height="" style=""></figure></div>​In recent years, the summer months have consistently experienced the highest volume of lease listings. July 2024 saw a peak with 7,093 <a href="https://teamprice.com/lease-inventory">active lease listings</a>, the highest number recorded in the last decade. This increase aligns with typical seasonal patterns where the demand for rental properties is often at its highest. During this period, renters tend to relocate, and new leases are frequently signed, driving up the number of listings. The winter months, however, traditionally see lower volumes. For instance, January 2024 recorded 5,061 active listings, which, while still higher than in previous years, falls short of the summer peak.​This pattern of seasonal fluctuation has been consistent over the years, with listings traditionally increasing during the warmer months and tapering off slightly as the year progresses. The October data for each year shows a clear upward trend, with 2,456 active listings in October 2014 growing steadily to the current figure of 6,858. This represents a 179% increase over the decade, indicating long-term growth in the rental market.​Examining the year-over-year changes provides insight into the Austin leasing market’s volatility and growth. From 2023 to 2024, <a href="https://teamprice.com/lease-inventory">active lease listings</a> for October rose by 19.4%. This increase reflects a robust and growing demand for rental properties in Austin, which can be attributed to factors such as population growth and increasing interest in urban living. Moreover, the 2021-2024 period saw particularly steep growth, with year-over-year increases frequently reaching double-digit percentages. These shifts indicate strong market dynamics, as the region attracts more renters and responds to evolving housing demands.&nbsp;The substantial rise in lease listings since 2021 highlights broader trends affecting the Austin real estate market. A number of factors may be contributing to this, including the region’s economic growth and the influx of new residents.&nbsp; <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241011122948.png" alt="" width="" height="" style=""></figure></div>​In addition to the year-over-year analysis, monthly data also paints a vivid picture of the market. In the span of just three years, Austin’s rental market experienced a 147% increase in listings, underscoring a significant shift toward renting in a city traditionally known for its active housing market. The data suggests that both <a href="https://teamprice.com/lease-inventory">supply and demand for leases</a> are rising, with owners increasingly opting to lease properties rather than sell them, potentially due to high mortgage rates or an uncertain sales market. As Austin continues to grow and develop, the leasing market’s expansion reflects its appeal as a place to live and work. The real estate trends of the past three years highlight the importance of rental properties in meeting the needs of a changing population. This continued growth in lease listings not only provides opportunities for prospective renters but also signals a dynamic market that adapts to economic and demographic shifts. The Austin lease market’s upward trajectory is a testament to the city’s vibrant and evolving real estate landscape.&nbsp;

Austin's active lease listings surged by 147% from 2021 to 2024. Explore key data, trends, and insights that highlight the vibrant growth of Austin’s rental market over the past three years.

Austin Lease Listings Increase by 147% from 2021 to 2024

How <a href="https://teamprice.com/residential-price">Austin Real Estate Prices</a> Have Changed Since Their Peaks – October 2024 Report As of October 10, 2024, the Austin real estate market is showing noticeable changes in property values compared to past peak periods. This analysis dives into the shifts in average and median list prices, sold prices, and price per square foot across the Austin-area MLS and the city of Austin specifically. Understanding these trends is essential for both buyers and sellers as they navigate a market that has seen significant adjustments over the past two years. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241010010610.png" alt="" width="" height="" style=""></figure></div> Starting with the Austin-area MLS, the average list price reached its highest point in March 2023, with properties listed at an average of $708,959. Since then, there has been a slight decrease of 3.3%, bringing the current average list price down to $685,908. Meanwhile, the median list price peaked earlier, in May 2022, at $539,900. Today, it stands at $465,000, which is a substantial drop of 13.9% from the peak. This decline reflects a broader cooling in list prices as sellers adjust to changing market dynamics. In terms of actual selling prices, the Austin-area MLS recorded its highest average sold price in May 2022, when properties sold for an average of $664,515. As of now, the average sold price is $587,771, marking an 11.5% decrease. Similarly, the median sold price also reached its peak in May 2022 at $538,000, but it has since fallen 19.1%, to $435,000. These numbers indicate that the market has shifted from its height, with sellers achieving lower prices than they were a year or two ago. The price per square foot, a key metric for buyers comparing different properties, also highlights the market’s changes. For the Austin-area MLS, the average sold price per square foot hit a peak of $324 in April 2022. Today, it has dropped to $259, representing a 20.1% decrease. The median sold price per square foot also peaked in April 2022 at $280 and has since fallen to $224, a 20% decrease. These declines suggest that not only are homes selling for less overall, but they also offer more space per dollar than they did at the peak. Within the city of Austin itself, there are similar trends, although the specifics differ. The average list price as of October 2024 stands at $991,906, which remains the peak value for this metric. In contrast, the median list price peaked in May 2022 at $658,589 and has since declined by 8.9% to $599,950. This shows that while some high-value listings are holding their price, the typical property is being listed for less than it was during peak market conditions. The city’s average sold price reached its highest point in May 2022, at $847,583, but has since dropped by 5.4% to $801,856. Additionally, the median sold price also peaked in May 2022 at $680,000, now standing at $602,500 after an 11.4% decrease. These numbers indicate that, like the broader Austin-area MLS, the city of Austin has also seen a cooling in terms of what sellers can achieve at closing. Price per square foot trends in the city of Austin highlight even more significant shifts. The average sold price per square foot was at $442 in May 2022 but is now down to $358, a 19% decrease. The median sold price per square foot has seen an even steeper decline from $393 to $224, marking a 20.9% reduction. These figures are crucial for buyers who are looking for value and are comparing properties on a per-square-foot basis. In summary, Austin’s real estate market has shifted considerably from its peak values, with prices adjusting across various metrics. This trend is evident both in the Austin-area MLS and in the city itself. As buyers and sellers continue to adjust to these new market conditions, these insights provide valuable context for understanding the current real estate landscape in Austin​

Discover the latest trends in Austin real estate as of October 10, 2024. This detailed report examines the changes in average and median list prices, sold prices, and price per square foot, offering valuable insights into how the market has shifted from its peak values

Austin Real Estate Price Trends: October 10, 2024 Analysis of Peak Value Declines

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

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

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

Austin 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

U.S. Challenger Job Cuts Spike 53.4% in September: Implications for Real Estate and the Economy October 03, 2024 : The latest Challenger Job Cuts report for September 2024 revealed a significant increase in job cuts, with employers announcing 72,821 layoffs. This marked a 53.4% year-over-year rise, a sharp contrast to the 1.0% recorded in August. This spike in job cuts reflects growing economic challenges that may impact various industries, including the real estate sector. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241003020425.png" alt="" width="" height="" style=""></figure></div> The Challenger Job Cuts report measures the number of layoffs announced by employers and provides key insight into the health of the U.S. labor market. A 53.4% increase represents a substantial jump, suggesting potential ripple effects across different sectors of the economy. For real estate, job cuts can lead to lower consumer confidence, reduced spending, and a potential slowdown in home buying as individuals face job uncertainty. Layoffs often reduce the number of qualified buyers, as unemployment or financial instability make it harder for people to secure loans or make large purchases like homes. Adding context to this data, Andrew Challenger, Senior Vice President of Challenger, Gray &amp; Christmas, Inc., noted, “We’re at an inflection point now, where the labor market could stall or tighten. It will take a few months for the drop in interest rates to impact employer costs, as well as consumer savings accounts. Consumer spending is projected to increase, which may lead to more demand for workers in consumer-facing sectors. Layoff announcements have risen over last year, and job openings are flat. Seasonal employers seem optimistic about the holiday shopping season. That said, many of those who found themselves laid off this year from high-wage, high-skill roles, will not likely fill seasonal positions.” This perspective highlights both the short-term challenges and longer-term opportunities in the labor market. In addition to the Challenger report, the labor market data further complicates the economic outlook. The latest figures on Initial Jobless Claims came in at 225,000 for the week ending October 3, 2024, slightly higher than the forecasted 222,000 and an increase from the previous week’s 219,000. While the rise is modest, it indicates a slight uptick in unemployment claims. However, the four-week moving average, which smooths out volatility, stood at 224,250, slightly lower than the forecast of 225,000. This signals that, while layoffs are increasing, the labor market has remained relatively resilient. Moreover, Continuing Jobless Claims, which reflect the number of individuals still receiving unemployment benefits, were recorded at 1.826 million. This was lower than the expected 1.827 million, indicating that despite the rising job cuts, many people are finding employment or transitioning out of unemployment benefits. Beyond the labor market data, the S&amp;P Global Composite and Services PMI data for September paint a more cautious picture of the overall economy. The Composite PMI came in at 54.0, slightly below the previous month’s 54.6, while the Services PMI registered 55.2, down from 55.7 in August. These numbers indicate continued growth in the services sector but at a slower pace than before. A slowing services sector, combined with rising job cuts, could signal weaker economic conditions ahead, which may affect the housing market. For real estate professionals, the impact of rising job cuts on the housing market can be substantial. When job losses increase, fewer individuals may qualify for home loans, and buyer demand could weaken as economic uncertainty weighs on consumer confidence. Additionally, <a href="https://teamprice.com/30-year-fixed-mortgage-rate">mortgage rates</a> have been trending upwards. The 10-year Treasury yield is now at 3.817%, the highest level since early September, and this upward trend is likely to drive mortgage rates higher as we approach a repricing of mortgage-backed securities. Higher mortgage rates reduce <a href="https://teamprice.com/affordability">affordability</a> for potential homebuyers and could further slow the housing market, especially in regions where prices have remained elevated. The year-over-year Challenger Job Cuts data also offers insight into the broader trend of layoffs. Over the past 12 months, job cuts have fluctuated dramatically. For example, in July 2024, layoffs rose by 19.8%, while June saw a reduction of 20.3%. Earlier in the year, in January, job cuts were down by 40.8%, showing the volatility in employment trends. The September data is one of the highest year-over-year increases in 2024, underscoring the current pressures in the labor market. For the real estate market, these economic shifts emphasize the importance of closely monitoring employment trends. Rising layoffs and higher mortgage rates could create a perfect storm, reducing demand for housing and slowing the overall market. Buyers may face higher barriers to homeownership, while sellers could see longer listing times and pressure to lower prices. Real estate agents and brokers must be prepared to guide their clients through these uncertain times by staying informed about labor market data and how it may influence the housing market. As we look ahead, keeping a close eye on upcoming employment reports and mortgage rate trends will be crucial for understanding the direction of the U.S. real estate market. The Challenger Job Cuts report is just one of several indicators signaling potential shifts in economic conditions, and its impact on housing cannot be ignored.​

Discover how the 53.4% rise in U.S. job cuts reported in September 2024 could impact the real estate market, including mortgage rates, homebuyer demand, and housing affordability

September 2024 Job Cuts Spike 53.4%: Impact on Real Estate and Mortgage Rates

Tracking Median Leased Prices in Austin: A Detailed Look at Market Trends Over 36 Months The real estate market in Austin, Texas, has been in the spotlight for several years due to rapid growth in both home sales and lease prices. One important metric that highlights the evolving nature of the market is the comparison of median leased prices over a 36-month period. By looking at these numbers, we can better understand how <a href="https://teamprice.com/market-cycle-lease">rental rates</a> have changed and what this means for the future of Austin’s leasing market.​The data shows that in recent years, Austin has experienced significant fluctuations in <a href="https://teamprice.com/market-cycle-lease">rental prices</a>. For instance, in May 2008, the median leased price was 24% higher than it was in May 2005. This period of growth reflected the broader housing boom before the 2008 financial crisis. On the flip side, in August 2005, prices dropped by 2.33% compared to August 2002, marking a brief cooling period for the rental market.​Fast forward to 2022, and the Austin rental market saw one of its largest surges. <a href="https://teamprice.com/market-cycle-lease">Median lease prices</a> in September 2022 were 35.4% higher than those in September 2019. This rise in rent prices was fueled by increased demand for housing, as many people moved to Austin during the COVID-19 pandemic. With a growing population and limited housing supply, landlords were able to raise rents to unprecedented levels. However, as we move into 2024, the market is showing signs of stabilization. The most recent data indicates that the <a href="https://teamprice.com/market-cycle-lease">median leased price</a> is now at 0% growth when compared to three years prior. This flatlining suggests that the rapid increases we saw during the pandemic are beginning to slow. One potential reason for this could be rising interest rates, inflation, and broader economic uncertainty, all of which are impacting tenants’ ability to afford higher rents. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241001053234.png" alt="" width="" height="" style=""></figure></div>​ The detailed year-over-year numbers further illustrate the evolution of the leasing market. In 2000, the average rent in Austin was around $1,106 per month. By 2019, this had increased to $1,703 per month. But it was in the years following the pandemic that we saw the most significant increases. In 2022, the average monthly rent surged to $2,229, an increase of 24.2% compared to 2020. This spike in rent prices was particularly notable as it reflected the high demand for rental properties and the limited availability of housing during this period. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241001053115.png" alt="" width="" height="" style=""></figure></div>​As of 2024, while the market appears to be stabilizing, the <a href="https://teamprice.com/market-cycle-lease">average rent</a> remains high. In September 2024, the average monthly rent was $2,100, slightly down from the highs of $2,250 earlier in the year. This minor decrease indicates that while the leasing market is no longer experiencing the rapid growth seen in recent years, it still remains elevated compared to pre-pandemic levels.​Looking at historical data, we can see how Austin’s leasing market has gone through cycles of growth and contraction. The early 2000s saw relatively modest growth in rental prices, with only minor fluctuations. But starting in the mid-2000s, <a href="https://teamprice.com/market-cycle-lease">rental prices</a> began to rise steadily. After the financial crisis in 2008, there was a temporary cooling period, followed by more consistent growth into the 2010s.​The most significant period of growth occurred between 2020 and 2022. As demand for housing in Austin soared, rental prices followed suit, reaching record highs. The plateau we are now seeing in 2024 may signal a return to more sustainable growth rates in the future, as the market adjusts to higher costs and evolving economic conditions. In conclusion, the Austin leasing market has experienced rapid growth over the past few years, driven by high demand and limited supply. While 2022 saw some of the highest rent increases in recent history, the market in 2024 is showing signs of stabilizing. Renters can expect the market to remain competitive, but the days of rapid price hikes may be behind us for now​

Changes in Austin’s leasing market over the past 36 months. Discover detailed data on how median leased prices have fluctuated, the rapid growth from 2020 to 2022, and why the market is stabilizing in 2024. This data-driven article provides key insights into Austin’s rental trends

Tracking Austin’s Median Leased Prices: Market Trends from 2020 to 2024

Austin’s Housing Market Shows Signs of National Shift: Freddie Mac House Price Index for July and August 2024 September 30, 2024 : The&nbsp;<a href="https://teamprice.com/freddie-mac-house-price-index">Freddie Mac House Price Index (FMHPI)</a> is an important tool that tracks the trends in home prices across cities in the United States. For real estate professionals, homeowners, and potential buyers, understanding these trends is crucial in making informed decisions about the market. The latest data from July and August 2024 provides valuable insights into the shifts occurring in the housing market, particularly in Austin, Texas, as well as other major cities across the country. In July 2024, the national housing market experienced a slight decrease in home prices. The <a href="https://teamprice.com/freddie-mac-house-price-index">Freddie Mac House Price Index</a> for that month revealed an average month-over-month (MoM) decline of 0.1% across major cities. However, the year-over-year (YoY) price changes indicated that many markets were still growing compared to the previous year, with an average increase of 3.5%. Cities like Miami and Charlotte saw higher growth rates, driven by strong demand, while cities like Austin showed more modest or even negative trends. By August 2024, the national housing market displayed more noticeable changes. The MoM increase across cities averaged 4.02%, suggesting that while there was some softening, many markets were still experiencing upward momentum. The YoY price increase also slowed slightly to an average of 3.5%, down from the 3.5% seen in July. This indicates that while prices are still higher than they were a year ago, the rate of growth is stabilizing. For Austin, this change was less positive. The city’s MoM increase was a modest 1.74% in August, showing a slower pace of growth compared to the national average. Year-over-year, Austin’s housing prices fell by 5.1% in August, compared to a 5.1% decline in July. This trend points to a market correction in the city, as home prices cool after years of rapid increases. Austin, known for its strong housing market in recent years, has faced new challenges in 2024. The tech-driven city had seen a surge in demand for homes during the pandemic, as more people moved to the area for remote work opportunities and quality of life. However, in 2024, rising mortgage rates and concerns about affordability have dampened demand. Buyers are now more hesitant to enter the market, leading to a cooling in prices. For homeowners and sellers in Austin, this means adjusting expectations, while for buyers, it could represent an opportunity to enter a market that is stabilizing. Other cities in the Freddie Mac House Price Index for July and August show varied results. In Miami, housing prices continue to rise, driven by a combination of migration from other states and strong local demand. Miami saw a YoY increase of 13.6% in August 2024, making it one of the strongest-performing markets in the country. By comparison, cities like San Francisco and Denver have experienced declines similar to Austin’s, with both cities showing year-over-year price decreases. San Francisco, in particular, has been grappling with affordability issues and a shift in the workforce that has reduced demand for high-priced homes in the city. Looking at the data for the top 40 cities by population, several patterns emerge. Cities in the Southeastern United States, such as Miami, Tampa, and Charlotte, continue to experience price growth, though at a slightly slower pace than in previous years. These cities have been beneficiaries of a migration trend from more expensive regions, as people seek more affordable housing and warmer climates. On the other hand, cities in the Western United States, including Austin, San Francisco, and Denver, have seen prices decline as market conditions shift. In these cities, affordability and the end of pandemic-driven demand have contributed to the cooling market. The <a href="https://teamprice.com/freddie-mac-house-price-index">Freddie Mac House Price Index</a> also provides insight into the broader national trends for all 384 cities included in the data. While the overall MoM price changes indicate that many markets still see positive growth, YoY growth remains positive but slower than in previous years. The national average YoY price increase of 3.5% in August 2024 reflects a still-growing market, while Austin showed a YoY decrease of 5.1%. The national average MoM increase was 4.02%, with Austin’s increase standing at 1.74%. Additionally, Austin is down 15.5% from its peak in May 2022, while the national average drop from the peak across all cities is 1.4%. One of the most important insights from the Freddie Mac House Price Index is the "Down from Peak" data. Last month, 76 out of the 384 cities tracked by the FMHPI had experienced a decline from their peak home values. However, in just one month, that number surged to 335 cities—a staggering 87.2% of the tracked markets. This dramatic increase suggests a widespread correction in home prices across the United States. Austin, which saw a significant drop of 15.5% from its peak, may very well be the "canary in the coal mine" for this broader market downturn. As one of the first major cities to experience a sharp price decline, Austin could be signaling what’s to come for other cities. With more markets now following suit, this data reflects a cooling housing market that could become a national trend in the coming months. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241001123131.png" alt="" width="" height="" style=""></figure></div>​ Austin’s housing market, in particular, stands out in the latest Freddie Mac data. While the national average increase in home prices from January 2020 to August 2024 is 51.6%, Austin's growth in the same period is 40.8%. From January 2021, the national average increase is 35.6%, while Austin saw only an 18.3% rise. Since August 2022, the national market has grown by 7.8%, but Austin’s prices have dropped by 11.9% in that same period. This marks a significant shift from the city’s rapid price increases in previous years. The decline in Austin’s market can be attributed to a combination of rising mortgage rates, affordability concerns, and a reduction in out-of-state buyers who had previously fueled demand. For buyers and sellers in Austin, understanding these trends is crucial. For buyers, the price declines may present an opportunity to enter the market at a more favorable time, particularly as inventory levels rise and competition decreases. Sellers, on the other hand, may need to adjust pricing expectations as the market corrects itself. Real estate professionals in Austin should keep a close eye on these trends, as the market continues to shift in response to broader economic factors. In conclusion, the <a href="https://teamprice.com/freddie-mac-house-price-index">Freddie Mac House Price Index</a> for July and August 2024 highlights the varied performance of housing markets across the United States. While some cities continue to see price growth, others, like Austin, are undergoing a market correction. For those in the Austin real estate market, understanding these data points and adjusting strategies accordingly will be key to navigating the changes in the months ahead.&nbsp;

Freddie Mac House Price Index for July and August 2024, with a focus on Austin’s housing market trends. Learn how Austin’s home prices have dropped by 15.5% from their peak, signaling a potential national housing market correction. Stay informed on the latest shifts in the real estate market

Austin Leads National Housing Market Shift: Freddie Mac House Price Index for July and August 2024

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

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

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

Austin Housing Market Trends: Sales Data Reveals Sharp Decline in 2024 The real estate market in Austin, Texas, has experienced significant shifts over the past decade. As one of the fastest-growing cities in the United States, Austin's housing market has seen periods of rapid growth followed by sharp declines, particularly in the last few years. By analyzing the data from January 2014 through September 2024, it becomes clear that the number of home sales in Austin has fluctuated, with noticeable drops in the most recent years. This article dives into these trends, offering an in-depth look at how the market has evolved and what the current state of sales looks like. In September 2024, the <a href="https://teamprice.com/residential-inventory">City of Austin recorded 629 home sales</a>. This number represents a substantial decline from previous years. In fact, comparing September 2024 to September 2020, when 1,533 sales were recorded, shows a dramatic reduction of nearly 60%. Even when compared to September 2023, which saw 840 sales, this represents a decrease of 25.1%. The trend is not unique to September. Months like August and July have also seen reduced activity, with August 2024 recording 870 sales, down from 1,485 in August 2018. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240930115127.png" alt="" width="" height="" style=""></figure></div>​ If we look further back, the sales numbers tell an even more complex story. Between 2014 and 2019, sales were relatively stable. For example, in September 2014, 1,146 <a href="https://teamprice.com/residential-inventory">homes were sold</a>, and in 2019, that number was slightly higher at 1,234. However, by 2022, sales dropped to 948 in September, and the numbers have continued to decline since then. The COVID-19 pandemic brought significant changes to the housing market, as seen by the surge in sales in 2020 and 2021. July 2020 was particularly strong, with 1,815 sales recorded, but by July 2024, sales had fallen to just 900. Year-over-year changes highlight the extent of this decline. In September 2024, sales were down 49% compared to September 2020 and 45.1% compared to September 2015. This downward trend has been consistent across most months, with only occasional upticks. For example, April 2024 showed a 13.6% increase from April 2023, but the overall trend has been a steady reduction in sales since the highs of 2020. The seasonal nature of real estate activity is also evident in the data. Summer months, such as June, July, and August, tend to have more <a href="https://teamprice.com/residential-inventory">home sales</a> compared to the winter months. For example, June 2024 saw 865 home sales, which is notably lower than June 2020's 1,505 sales, but still higher than the early months of the year, such as January 2024, when only 551 homes were sold. This pattern of higher summer activity followed by lower sales in the fall and winter is typical in the housing market, but the recent decline in sales is more than just seasonal. It reflects broader market conditions that have shifted over time. The five-year and ten-year comparisons further emphasize how much the market has changed. Between 2020 and 2024, there has been a 43.7% <a href="https://teamprice.com/residential-inventory">decline in sales</a> in June alone. Similarly, comparing the years 2015 to 2024 shows a 45.1% decrease in September sales. These declines point to a challenging real estate environment, where fewer homes are being sold despite the rapid growth Austin experienced earlier in the decade. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240930115143.png" alt="" width="" height="" style=""></figure></div>​ Overall, the data shows that while Austin's real estate market was thriving in the mid-2010s, it has faced significant challenges in recent years. The rapid <a href="https://teamprice.com/residential-inventory">increase in sales</a> during 2020 and 2021 has been followed by a period of contraction, with fewer homes being sold each month. This trend is likely influenced by a combination of factors, including rising home prices, higher interest rates, and changing buyer behavior. As Austin continues to grow, these trends will be important to watch for anyone looking to buy or sell property in the area​

Discover the latest trends in Austin's real estate market with an in-depth analysis of sales data from 2014 to 2024. This detailed article explores the steady decline in home sales over the last decade, the factors driving these changes, and what it means for buyers and sellers in the Austin area. Stay informed on the current state of Austin real estate with this comprehensive report

Austin Real Estate Sales Decline: A Detailed Look at Trends from 2014 to 2024

Austin Lease Market Analysis 2023-2024Key Insights into the Best and Worst Performing Zip Codes The Austin real estate market is known for its dynamic changes, especially in rental prices across various zip codes. Between 2023 and 2024, Austin saw both significant appreciation in some areas and declines in others, painting a detailed picture of the city's evolving lease market. Using the most recent data, we explore two Austin zip codes: one with the highest appreciation and another that experienced the most significant decline. These insights can help prospective tenants and investors better understand the current leasing landscape in Austin. In 2023, the average <a href="https://teamprice.com/appreciation-year-over-year-lease-zip-code">lease price for properties in the 78733 zip code</a> was $4,255. By 2024, this had increased to $4,842, marking an impressive 13.8% year-over-year appreciation. Located in the western part of Austin, in Travis County, the 78733 zip code encompasses areas near Lake Austin and the scenic Hill Country. The allure of this area lies in its proximity to luxury waterfront properties, expansive homes, and top-rated schools. The neighborhood offers a peaceful lifestyle with easy access to downtown Austin and the natural beauty of the surrounding area, including hiking trails and open spaces. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240927112506.png" alt="" width="" height="" style=""></figure></div> The significant increase in rental prices in 78733 is indicative of strong demand for luxury housing, particularly in areas with limited inventory and access to natural amenities. This part of Austin has long been favored by those seeking large estates and upscale living. The increase in average lease price also suggests that many are willing to pay a premium to live in this exclusive area, close to the water and surrounded by the Hill Country's stunning landscape. Conversely, the 78726 zip code, also located in Travis County, experienced a notable decline in rental prices. In 2023, the <a href="https://teamprice.com/appreciation-year-over-year-lease-zip-code">average lease price in this zip code</a> was $3,140, but by 2024, it had fallen to $2,881, reflecting an 8.3% decrease. This area, which includes parts of the Northwest Hills region and Anderson Mill, is known for its suburban feel, with family-friendly neighborhoods and access to nature preserves like the Balcones Canyonlands. Despite its suburban charm and convenient access to outdoor recreational areas, this part of Austin saw a cooling demand for leases, leading to the decline in average rental 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/20240927112554.png" alt="" width="" height="" style=""></figure></div> Several factors could explain this decline. The 78726 area, while desirable for families and those seeking a quieter suburban environment, may face increased competition from other parts of Austin where development and urbanization are accelerating. As more people opt for areas with closer proximity to downtown or regions with newer developments, 78726 may be experiencing lower demand for leases, contributing to the drop in rental prices. Additionally, as some of Austin's more suburban zip codes begin to feel the effects of this shifting demand, lease prices may continue to stabilize or decrease in certain areas. Looking at the broader trends in Austin's lease market, the 78733 zip code exemplifies the upper-tier market's strength, with its luxury offerings and high demand continuing to drive rental price appreciation. Meanwhile, the decline in 78726 shows how some suburban areas, despite their family-friendly appeal, may be less attractive as renters shift their focus to areas with newer amenities and closer city access. These contrasting trends underscore the importance of location and proximity to amenities in determining lease prices across Austin. Overall, understanding these key zip codes—one experiencing strong growth and the other facing challenges—provides valuable insights into Austin's lease market. As rental prices continue to fluctuate across the city, tenants and investors should carefully consider not only current prices but also long-term trends and the underlying factors driving market shifts. The data from 2023 to 2024 offers a detailed view of where Austin’s lease market is heading and what to expect in the near future.​

Discover the best and worst performing zip codes in Austin’s lease market from 2023 to 2024. Explore detailed data insights on rental price appreciation and declines in key Austin neighborhoods, including 78733 and 78726, to stay ahead of real estate trends

Austin Lease Market 2024: Best and Worst Performing Zip Codes

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

Overview of 2024 Building Permit Activity As of August 2024, the total number of <a href="https://teamprice.com/building-permits">building permits</a> issued across all units in the Austin area was above historical averages, reflecting continued robust construction activity in the region. Through August, the cumulative total of building permits was 39.2% higher than the long-term average, suggesting sustained demand for residential development. However, there were month-to-month fluctuations, with certain months performing below expectations, such as April and May. This pattern mirrors some volatility in the Austin real estate market, where both demand and economic conditions influence building activities. Breakdown by Units Single-Unit Permits: The demand for single-family homes in Austin has continued to drive a significant portion of <a href="https://teamprice.com/building-permits">building permit applications</a>. The data shows a steady issuance of permits for single-unit properties, with the year-to-date figures remaining stable compared to previous years. Although not dramatically above historical averages, the issuance of permits for single-unit properties reflects a steady housing market. 2-4 Unit Permits: Permits for 2-4 unit developments have shown a modest increase compared to the previous year but still represent a smaller share of total building permits. This category typically reflects smaller multifamily developments, such as duplexes or triplexes, which are often favored in urban areas for their affordability and density. 5+ Unit Permits: Larger multifamily developments (5 or more units) have shown significant growth in 2024, particularly during the summer months. August, in particular, saw a marked increase in permits issued for 5+ unit buildings, reflecting the ongoing demand for apartments and condominium developments in the Austin area. This trend aligns with the growing population and the need for higher-density housing solutions in the metropolitan area. Month-by-Month Trends in 2024 The report provides a monthly breakdown of building permit issuance, allowing for a closer examination of construction trends. Some key observations include: January: The year began with a relatively strong issuance of building permits, with over 3,000 permits issued, reflecting a continuation of momentum from 2023. April-May Decline: In contrast, April and May saw a drop in permit issuance compared to the early months of the year. These months registered permit counts closer to the historical averages, suggesting a temporary cooling of the market. Summer Surge: The summer months of July and August saw a resurgence in building activity, with permit numbers spiking, particularly in the multifamily housing sector. August was notable for being 41.4% above the long-term average for that month, emphasizing the strong seasonal demand for housing in the Austin area. Population-Adjusted Trends One significant feature of the report is its adjustment of building <a href="https://teamprice.com/building-permits">permit data relative to the population size</a> of the Austin area. This adjustment is crucial in understanding whether the level of building activity is proportional to the city's growth.&nbsp;The report notes that permits issued per 100,000 people for the month of August 2024 were 7.1% above the historical average, indicating that, on a per capita basis, construction activity is outpacing population growth.&nbsp;Cumulatively, from January through August 2024, the number of permits per 100,000 people was 4.3% above average, further underscoring that Austin is experiencing an above-average rate of construction relative to its population growth. Historical ContextLooking at the historical data, several long-term trends emerge:Early 2000s Boom: The Austin area saw a sharp increase in building permit issuance during the early 2000s, peaking in 2006. This period was characterized by rapid population growth and economic expansion, leading to heightened demand for housing.2008 Recession Impact: The global financial crisis in 2008 significantly impacted the housing market in Austin, as reflected in the sharp decline in building permits during 2009 and 2010. The report shows that the issuance of permits during this period fell dramatically, with some months seeing as few as 200-300 permits issued.Post-Recession Recovery: After bottoming out in 2010, building permit activity slowly recovered. The recovery gained pace after 2012, with 2020 being a particularly strong year for permits issued. This period of growth coincides with Austin’s rise as a major tech hub, drawing an influx of new residents and spurring housing demand.Pandemic Surge: 2020 and 2021 were exceptional years for building permit issuance, reflecting the strong demand for housing during the pandemic. The report highlights that these years were well above the long-term average, with certain months in 2021 seeing record-breaking numbers of permits issued. Current Economic FactorsThe surge in <a href="https://teamprice.com/building-permits">building permit activity in 2024</a> must also be understood in the context of broader economic conditions. Several factors are likely influencing the continued high demand for residential construction in Austin:Population Growth: Austin remains one of the fastest-growing metropolitan areas in the United States, attracting both domestic and international migrants. The influx of new residents has put pressure on the housing market, driving both prices and the need for new construction.Job Market Strength: Austin’s economy continues to perform strongly, particularly in the tech sector, where companies such as Tesla, Apple, and Oracle have expanded operations. The strength of the local job market is a key driver of housing demand, as new workers relocate to the area.Interest Rates: While rising interest rates have cooled some housing markets across the U.S., Austin’s demand for housing remains resilient. However, the report notes some fluctuations in building permit issuance, which may reflect the uncertainty caused by changing interest rates. Higher borrowing costs can dampen demand for new housing construction, especially in more expensive markets. Conclusion :&nbsp;The <a href="https://teamprice.com/building-permits" class="on">Austin-area building permit data</a> for 2024 indicates that the region is experiencing robust construction activity, with the issuance of permits well above historical averages. Both single-family homes and larger multifamily developments are contributing to the growth, reflecting the diverse housing needs of the region’s expanding population. While there have been some monthly fluctuations, the overall trend points to a resilient market, bolstered by strong economic fundamentals. As Austin continues to grow, the demand for new housing is likely to remain strong, with building permits serving as a key indicator of future development and real estate trends in the region. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240927120734.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 building permit 1.png" data-file-size="361223" data-origin="," style=""></figure></div>​ <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240927120745.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" width="" height="" data-size="," data-percentage="auto,auto" data-index="1" data-file-name="austin building permit 2.png" data-file-size="130231" data-origin="," style=""></figure></div> <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240927120805.png" alt="" data-rotate="" data-proportion="true" data-rotatex="" data-rotatey="" data-align="center" width="" height="" data-size="," data-percentage="auto,auto" data-index="2" data-file-name="austin building permit 3.png" data-file-size="129337" data-origin="," style=""></figure></div>

Explore Austin's 2024 building permit data with a detailed analysis of trends in single-family, 2-4 unit, and 5+ unit developments. Learn how construction activity is responding to the city's growing housing demand, with permits issued through August showing a 39.2% increase over historical averages

Austin Building Permits Surge in 2024: New Data Shows Strong Growth

Austin Real Estate Market: Examining Months of Inventory from 2014 to 2024 The Austin real estate market has experienced significant shifts over the past decade, with the <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">months of inventory</a> serving as a key indicator of these changes. The term "months of inventory" refers to the amount of time it would take to sell all active listings in the market at the current pace of sales. When months of inventory are low, it signals a seller's market where demand exceeds supply. Conversely, higher months of inventory indicate a buyer's market, where there are more homes available than there are buyers. Understanding the fluctuation of months of inventory in Austin from 2014 to 2024 can offer insight into how the market has evolved and where it may be heading. In 2014, the Austin housing market had an average of 3.37 months of inventory. This level indicated a balanced market where neither buyers nor sellers had a significant advantage. By 2015, the months of inventory increased slightly to 3.61, maintaining the market’s balanced nature. However, a steady decline began in the years that followed, with the months of inventory dropping to 2.45 by 2018. This trend suggested that housing supply was tightening as demand increased, likely driven by Austin's booming population growth and economic expansion. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240926115222.png" alt="" width="" height="" style=""></figure></div> The onset of the pandemic in 2020 marked a dramatic shift in the real estate landscape. The months of inventory plummeted to just 1.54 in 2020, reflecting an extremely competitive seller's market. The pandemic spurred demand for homes as historically low interest rates and the rise of remote work led many to seek more spacious living environments. In 2021, the months of inventory reached an all-time low of 0.97. Buyers were facing significant challenges, with homes being sold almost as soon as they were listed, creating intense competition. However, by 2022, the months of inventory began to increase as the market started to correct itself. The average months of inventory for that year rose to 2.37, more than doubling from the previous year’s figure. This upward trend continued into 2023, with the months of inventory rising to 4.01, a sign that the market was beginning to balance after the volatility caused by the pandemic. As of 2024, the months of inventory have reached 4.89, suggesting that supply is starting to catch up with demand. Looking at individual months, the seasonal fluctuations in Austin's real estate market become apparent. For instance, January consistently sees lower months of inventory compared to the summer months, which is a common trend in real estate markets nationwide. In 2024, January had 3.27 months of inventory, while June reached 5.93, reflecting increased market activity during the warmer months when families tend to move. This pattern is consistent across the years, with inventory levels generally peaking during the summer and declining in the winter.&nbsp; Over the ten-year period from 2014 to 2024, the data reveals significant year-over-year percentage changes. For example, in January 2022, there was a 261.7% increase in inventory compared to 2021, highlighting how dramatically the market had shifted. The years immediately following the pandemic saw inventory levels steadily rise, marking a return to a more balanced market. Despite this correction, the 2024 levels are still higher than pre-pandemic figures, indicating that Austin’s housing market is likely entering a new phase of stabilization. In the long-term view, the 5-year and 10-year averages offer further perspective. From 2020 to 2024, there was a 73.6% increase in the months of inventory for January, while the 10-year comparison shows a 24.0% rise. These trends suggest that while the market is recovering from the dramatic shifts seen during the pandemic, it may not fully revert to the conditions seen in the mid-2010s when inventory levels were much lower. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240926115300.png" alt="" width="" height="" style=""></figure></div> The months of inventory is a crucial indicator of market health. For potential buyers and sellers in the Austin area, understanding these trends can help inform decisions about entering or exiting the market. With the current levels approaching 5 months of inventory in 2024, Austin is moving closer to a balanced market where neither buyers nor sellers have a distinct advantage. This return to equilibrium after years of intense competition is a promising sign for the stability of the housing market in the city.

Explore the evolution of Austin's real estate market with a detailed analysis of months of inventory from 2014 to 2024. Discover how the market has shifted from a seller’s market to a more balanced state, with data-driven insights into key trends and seasonal variations. Learn what these inventory changes mean for buyers and sellers in Austin

Months of Inventory in Austin Real Estate: A Decade of Data (2014-2024)

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

Mortgage Activity up 11.4% Week over Week&nbsp; The <a href="https://teamprice.com/mba-purchase-index">Mortgage Bankers Association (MBA) Purchase Index</a> for September 25, 2024, came in at 148.2, marking a significant development in the U.S. housing market. This weekly report, which captures mortgage loan applications for purchasing homes, represents approximately 75% of U.S. mortgage activity. As a key leading indicator, the MBA Purchase Index provides insights into the demand for home purchases across the country and serves as a reflection of broader economic conditions. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20240925124135.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="mba purchase index up.png" data-file-size="157323" data-origin="," style=""></figure></div> Over the past several years, the <a href="https://teamprice.com/mba-purchase-index">MBA Purchase Index</a> has experienced a notable decline from its historical highs. For instance, in July 2005, the index reached 497.80, a stark contrast to today's figures. The Purchase Index saw similarly strong numbers in early 2021, with a peak of 348.20 in January of that year. However, as the market evolved, the index consistently dropped through 2022 and 2023, reaching 160.20 in January 2023 and 142.30 by September 2024. The data reflects the continuing challenges in the housing market, driven by various factors, including rising mortgage rates and fluctuating demand. The significant drop from early 2021 to September 2024 suggests a shift in market dynamics, particularly as housing affordability becomes a pressing issue for many buyers. Despite these lower figures, the index provides valuable insight into the current state of the market. Historically, the MBA Purchase Index has fluctuated with major economic events, and the current trend suggests that buyers are either being priced out of the market or are waiting for more favorable conditions. A detailed examination of the index over the years reveals various market cycles. For example, between 2000 and 2005, the MBA Purchase Index steadily climbed, reflecting the housing boom of that era. By 2006, however, the index began to decline, coinciding with the prelude to the 2008 financial crisis. In January 2008, the index was at 412.45, but by the end of that year, it had fallen sharply to 288.90. The aftermath of the financial crisis saw the index stabilize somewhat, fluctuating between 200 and 300 for much of the following decade. In more recent years, the Purchase Index continued to serve as a vital tool for assessing buyer activity. From 2019 to 2021, the index hovered between 250 and 350, with fluctuations corresponding to the COVID-19 pandemic and subsequent economic recovery efforts. For example, in July 2020, during the height of the pandemic, the index reached 325.20, as lower mortgage rates spurred increased home-buying activity. However, as the market stabilized post-pandemic, the index returned to more typical levels, eventually settling around 148.2 in September 2024. It's essential to note the cyclical nature of the housing market, as reflected in the <a href="https://teamprice.com/mba-purchase-index" class="on">MBA Purchase Index</a>. The index captures the ebb and flow of buyer demand, influenced by external economic factors such as interest rates, inflation, and employment trends. While today's lower numbers may seem concerning compared to the highs of previous years, they also indicate a market that is adjusting to new economic realities. With 148.2 as the latest reading, it's clear that the housing market is still in a state of flux. However, as past trends have shown, the market is resilient, and the Purchase Index will continue to be a valuable measure of buyer intent and overall market health.​

Explore the latest data from the MBA Purchase Index, revealing key insights into U.S. mortgage applications and housing market trends in 2024. Learn how the index reflects shifts in buyer activity and what it means for the future of home purchasing

MBA Purchase Index for September 2024: Key Insights into U.S. Housing Trends

Austin Area Leased Median Price :&nbsp;6.32% Decline Over Two Years as of September 2024 As of September 2024, the Austin real estate market is witnessing a notable decline in <a href="https://teamprice.com/market-cycle-lease">median leased prices</a>. Recent data reveals that the median leased price in September 2024 stands at $2,150, representing a 6.32% decrease compared to the same month 24 months prior, in September 2022. This drop marks one of the most significant shifts in recent years, with the market moving away from its peak in July 2023, when the median leased price reached $2,300. The 6.32% drop over the past 24 months is the largest decrease since August 2004 versus August 2002, when the market experienced a 6.98% decline. This change reflects the cyclical nature of Austin’s leasing market, which has seen various periods of both rapid growth and correction. For instance, in May 2022, the market experienced a peak with a 28.57% increase in leased prices compared to May 2020, illustrating the sharp contrast in market dynamics 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/20240924021250.png" alt="" width="" height="" style=""></figure></div> Historical data further highlights the substantial growth the Austin leasing market has seen in the past decade. In January 2021, the median leased price was $1,800, while in January 2020, it was slightly lower at $1,700. These figures show how the market steadily appreciated in value over time. Going back even further, in January 2015, the median leased price was only $1,430, underscoring the strong market growth during this period. However, the recent 24-month decline points to a cooling phase in the market, with prices falling after years of rapid appreciation. The <a href="https://teamprice.com/market-cycle-lease">current median leased price</a> of $2,150, though down from its peak, still represents a higher baseline compared to pre-pandemic levels. However, the 6.32% decrease compared to two years ago signals that the market is cooling off significantly. This cooling trend could be attributed to various factors, such as increased inventory, changing demand, and broader economic conditions impacting both renters and landlords in the Austin area. While the Austin leasing market has long been characterized by high demand and rising prices, the current data suggests that these dynamics may be shifting. The last time the market saw such a significant decline was in the early 2000s, reflecting the cyclical nature of real estate markets. As both renters and investors navigate these changes, it’s essential to stay informed about current trends and how they may impact leasing decisions moving forward. With the ongoing shift in the market, the upcoming months will be critical in determining whether this downward​​

In September 2024, Austin’s median leased prices dropped 6.32% compared to 24 months prior, marking the largest decline since August 2004. The current median leased price is $2,150, down from the July 2023 peak of $2,300. Learn about the latest trends and insights into the evolving Austin leasing market.

Austin Leased Prices Fall 6.32% Over 24 Months: September 2024 Market Update

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12,242 active listings with a significant 22.44% yearly increase. Listings increased from from 9,707 in January to 12,339 by April, marking a 28.4% increase. This in-depth review provides precise data, such as a 24% year-over-year increase in April listings

Analyzing the Surge in New Listings and Active Properties : 12,242 active listings | Team Price Real Estate

As of today, April 16, 2024, the market boasts 12,242 active listings. Despite a minor daily decrease of 97 listings, the overall trends are upward, with a monthly increase of 1,325 listings (12.14%) and an even more impressive yearly escalation of 22.44%. Pending listings, totaling 5,097, gives us an <a href="https://teamprice.com/activity-index-city">activity index</a> of 29.40% (pending / active + pending) and 4.25 months of inventory. Pending Listings are down -5.0% year over year. The activity index indicates the speed at which listings are being absorbed by the market. This is also known as the absorption ratio.&nbsp; <div class="se-component se-image-container __se__float-center"><figure><img src="https://static.quicktours.net/agent_richtext/20240416112650.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="active listings.png" data-file-size="285752" data-origin="," style=""></figure></div> A deeper dive into new listings reveals significant year-over-year growth. In January 2023, the market had 9,134 active listings, but by January 2024, this number had risen to 9,707. The growth trajectory continued steeply, reaching 12,339 by April 2024. This represents a marked year-over-year increase, highlighting a 28.4% growth from April 2023’s figure of 9,875 to April 2024. Such data is crucial for predicting future market behaviors and planning investment strategies. Despite the natural ebb and flow of daily listings, the overall trend leans strongly towards a growth in inventory, with the highest peak this year reaching 12,339 listings on April 15, 2024. This peak is significant when compared to the same date in 2023, which recorded 9,988 listings, underscoring a robust 22.6% increase year-over-year. <div class="se-component se-image-container __se__float-center"><figure><img src="https://static.quicktours.net/agent_richtext/20240416112812.png" alt="" data-rotate="" data-proportion="true" data-align="center" data-size="," data-percentage="auto,auto" data-file-name="2023 vs 2024.png" data-file-size="93467" data-origin="," style=""></figure></div>​ ​This analytical look at the real estate market provides essential insights for investors, realtors, and homebuyers. Updated Data : <a href="https://teamprice.com/active-residential-listings">Active Residential Inventory</a>&nbsp;

Analyzing the Surge in New Listings and Active Properties

Published 04/16/2024 | Posted by Dan Price

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