Understanding the Current State of Austin's Real Estate Market

August 08, 2024 : The Austin real estate market has seen significant changes over the past few years. The Residential Peak Value Analysis provides a detailed look at the market trends, highlighting the shifts in property values from their peak times to the present day. This analysis is essential for anyone involved in the Austin real estate market, offering a clear picture of the current state and historical performance of residential properties.

In the broader Austin-area MLS, the average list price reached its peak in April 2024, with properties listed at an average of $713,548. Today, this value has dropped to $649,723, a decline of $63,825 or 8.9%. The median list price saw its peak in May 2022 at $539,900 but has since fallen to $465,000, showing a decrease of $74,900 or 13.9%. Similarly, the average sold price peaked in May 2022 at $664,515, but the current average is now $571,741, a reduction of $92,774 or 14%. The median sold price, which was highest in May 2022 at $538,000, has decreased to $429,453, marking a significant drop of $108,547 or 20.2%.

The analysis also looks at the price per square foot, providing a granular view of the market. In April 2022, the average sold price per square foot peaked at $324. Currently, this figure stands at $265, reflecting a decrease of $59 or 18.2%. The median sold price per square foot, which was at its highest in April 2022 at $280, has dropped to $232, a reduction of $48 or 17.1%.

Focusing on the City of Austin, the trends show similar declines. The average list price reached its highest point in April 2024 at $953,196. Today, it has decreased to $898,178, a drop of $55,018 or 5.8%. The median list price peaked in May 2022 at $658,589 but has since fallen to $582,500, a decline of $76,089 or 11.6%. The average sold price in the city peaked in May 2022 at $847,583. Currently, this value is $744,397, showing a drop of $103,186 or 12.2%. The median sold price, which peaked in May 2022 at $680,000, has decreased to $550,000, a significant drop of $130,000 or 19.1%.

The price per square foot data for the City of Austin also reflects these downward trends. In May 2022, the average sold price per square foot peaked at $442. It has now decreased to $348, a reduction of $94 or 21.3%. The median sold price per square foot peaked in April 2022 at $393 but has since dropped to $232, a significant decrease of $92 or 23.4%.

These figures indicate a general cooling of the real estate market in Austin, with notable declines from peak values. The changes in list prices, sold prices, and price per square foot highlight the shifts in market dynamics over the past few years. This detailed data is crucial for buyers, sellers, and real estate professionals as they navigate the current market conditions and make informed decisions. This information is from August 08, 2024 and is updated weekly. For the weekly update, access our Residential Price resource.