Austin Real Estate Market Update: November 2024

November 20, 2024 : The Austin-area real estate market is undergoing notable changes as November progresses. There are currently 13,740 active residential properties for sale, with 3,951 pending properties. This results in an Activity Index of 22.33%, a figure that highlights the ratio of pending properties compared to the total number of active and pending listings. This combination reflects a market with substantial inventory alongside steady buyer activity.

The months of inventory (MOI) across the Austin area averages 4.8 months, signaling a balanced market that favors neither buyers nor sellers. This is the lowest MOI since March 2024, indicating a shift toward more stable conditions. Across the 30 cities in Central Texas, months of inventory range widely—from a tight 2.35 months in high-demand areas to a substantial 11 months in markets with slower activity.

Home prices show a median sold price of $440,000 and an average sold price of $585,629. Compared to the market's peak in May 2022, the average sold price has dropped by 20%, creating improved affordability for buyers. Despite these adjustments, sellers continue to secure favorable results, with a sold-to-list price ratio of 97.10%, demonstrating that properties are generally selling close to their listed prices.

The average time on the market is currently 70 days, underscoring the importance of competitive pricing and effective marketing strategies to achieve quicker sales. Additionally, 54.39% of active listings have seen price reductions, reflecting sellers’ willingness to adjust in response to market conditions and buyers’ focus on value.

These patterns indicate that the Austin-area housing market is adjusting to evolving economic conditions, such as fluctuating interest rates and changing buyer demand. The balance reflected in the months of inventory suggests a stable environment, offering opportunities for both buyers and sellers to achieve their real estate goals. ​