2024 Austin Real Estate: Sold Properties per 100,000 Population Fall 20.8%

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September 16, 2024 : The Austin real estate market, spanning six counties—Travis, Williamson, Bastrop, Hays, Caldwell, and Burnet—has experienced a noticeable slowdown in 2024. From January to September, the cumulative number of sold properties per 100,000 population is down by 20.8% compared to historical averages. This significant decline points to a cooling market, with fewer transactions taking place despite the area's consistent population growth.

The data provided tracks property sales over several years, offering insight into the market’s trajectory. For instance, in 2021, the cumulative sold properties per 100,000 population reached as high as 1,572.1. In contrast, 2024 has seen this figure drop to 1,070.9—a clear sign of weakened sales activity. Even in 2022, the number of cumulative sold properties was 1,266.3, still notably higher than this year. This stark comparison demonstrates a sizable decrease in buyer demand or market activity, resulting in the 20.8% reduction.

Monthly data shows fluctuations in the real estate market, with some months performing better than others. For example, the percentage decline in sales density ranged from a modest drop of 2.3% to a significant dip of 21.4% during certain periods. These variations suggest that while some months experienced relatively better performance, the overall trend has been negative, especially when considering longer-term averages.

Looking back at past years, the trend has generally been more favorable, with cumulative sold properties per 100,000 population consistently averaging above 1,200 in most cases. Even in 2020, the number of sold properties was higher than the current year. The sharp decline in 2024 indicates that the market has faced new challenges, which have resulted in a significant drop in the number of properties sold.

The data reveals that this decline is not an isolated incident but rather part of a larger trend in the Austin real estate market. While some months in previous years saw small declines, the overall direction was still positive, with the market maintaining sales volumes above 1,200 properties per 100,000 population. However, in 2024, the cumulative number of sold properties has consistently lagged behind, signaling a notable shift in market dynamics.

Real estate agents, buyers, and sellers should take note of this shift as it may signal broader economic or market-specific factors affecting buyer demand. The Austin area, which has seen a robust real estate market in recent years, now faces a downturn that may impact future pricing trends and investment opportunities. Understanding the data behind this decline can help all parties navigate the changing landscape of the Austin real estate market.

As we approach the end of 2024, it will be crucial to monitor whether this downward trend continues or if the market stabilizes. For now, the numbers suggest that the Austin real estate market has cooled considerably, with a 20.8% decrease in cumulative sold properties per 100,000 population being the most telling indicator of this shift.