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

How Austin Real Estate Prices 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.

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​