July 02, 2024 : The real estate market has experienced significant changes over the past two decades. From 2003 to 2024, we have seen fluctuations in the average and median sold prices of properties. Understanding these changes is crucial for anyone involved in real estate, whether buying, selling, or investing.

Starting in 2003, the market showed a steady increase in property prices compared to three years prior. January 2003 saw a 7.49% rise in average sold prices and a 7.97% increase in median sold prices compared to January 2000. This growth continued into 2004, although at a more moderate pace, with January 2004 recording a slight decline of 1.18% in average prices but still a 1.75% increase in median prices compared to January 2001.

In 2005, the market began to fluctuate. For example, February 2005 compared to February 2002 showed a slight decline of 2.64% in average prices but remained relatively stable in median prices with a minimal decrease of 0.32%. By 2006, the market had picked up again, showing significant growth. January 2006 saw a remarkable 23.99% increase in average prices and a 14.47% rise in median prices compared to January 2003.

The late 2000s, particularly from 2007 to 2009, were marked by the financial crisis, which significantly impacted the real estate market. January 2009 saw a minimal decrease of 0.30% in average prices, though median prices increased by 5.76% compared to January 2006. The market began recovering in 2010, with gradual improvements seen in the subsequent years. By April 2012, there was a notable recovery, with average prices up by 15.79% and median prices by 10.22% compared to April 2009.

The mid-2010s saw consistent growth. March 2013 compared to March 2010 saw a 20.51% increase in average prices and a 21.29% rise in median prices. This growth continued steadily into 2017, although the rates began to moderate. January 2016, for instance, showed a 24.60% increase in average prices compared to January 2013.

Entering the 2020s, the real estate market experienced unprecedented growth. Factors such as low interest rates and increased demand played a significant role. February 2021 saw a staggering 37.82% increase in average prices and a 35.19% rise in median prices compared to February 2018. This upward trend peaked in 2022, with April 2022 recording a 73.51% increase in average prices and a 74.39% rise in median prices compared to April 2019.

However, the market began to cool in 2023 and 2024. June 2024 showed a slight decrease of 1.42% in average prices and a more significant decline of 5.21% in median prices compared to June 2021. This indicates a potential market correction or stabilization phase after the rapid growth experienced in the previous years.

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The data from 2003 to 2024 highlights the cyclical nature of the real estate market, influenced by economic conditions, policy changes, and consumer behavior. These trends underscore the importance of staying informed and adaptable in the ever-changing real estate landscape. 

This article is based on data published on July 02, 2024 with data for the month ending June 2024. Austin Real estate statistics are constantly evolving. For the most current data and analysis, please refer to the following resources, updated weekly: Austin-Area Market Cycle