Austin Real Estate Market Analysis - January 04 2024

by: Team Price Real Estate, Unmatched Agents, Unrivaled Insights
Published on: Thursday, January 04, 2024 at 1:15pm

In our latest update on the Austin real estate market as of January 2024, we uncover several shifts in the market's dynamics.

Market Overview: The Austin-Area MLS currently reports 10,002 active listings, a decrease of 1.5% from last year's 10,159. This reduction in listings is coupled with a significant 19.0% increase in the Months of Inventory, now at 4.04 months compared to 3.39 months previously, indicating a 1.2x rise in inventory levels. In Austin city proper, this increase is even more notable, with inventory levels rising by 1.5x.

Pricing Analysis: The average listing price for active homes in the Austin-Area MLS is now $565,713, a slight year-over-year decrease of 0.07%. The average sold price shows a minimal increase of 0.37% to $542,954. The median sold price has decreased slightly by 0.85% to $436,245, while the median active listing price stands at $449,740, down 1.1% from last year. The City of Austin, however, has seen a 1.2% year-over-year increase in the median sold price, now at $554,750.

City and Regional Dynamics: In Austin, total sales have risen by 7.0%, from 2,515 to 2,690. The Months of Inventory in Austin have significantly increased by 51.3%, from 2.50 to 3.78 months. The average active listing price in Austin has seen a minor decrease of 0.7% to $745,084, whereas the median active price has marginally risen by 0.1% to $575,000. The average sold price in Austin is $715,068, showing a slight decrease of 0.2%.

City and Zip Code Statistics: Among the 30 cities in Central Texas, 60% have reported month-over-month price increases, while 40% have seen decreases. Year over year, 47% of cities have experienced price increases, against 53% with decreases. In the 75 zip codes of Central Texas, 53% have seen month-over-month price increases, and 45% have experienced decreases. On a year-over-year basis, 40% of zip codes have witnessed price increases, while 57% have seen decreases. Year to date, 33 zip codes have seen median price increases, whereas 42 have decreased. None of the zip codes have reported an increase in price from the peak in the past 12 months, with 73 showing decreases.

Sales vs. List Price: In terms of sales-to-list price ratio, 72.35% of all sold properties this month sold under the list price, a rise from last month's 66.78%. Properties sold at list price make up 18.40%, and those sold over list price represent 9.25%. This marks a change from January 2023, when 9.71% of properties sold over the list price. This comprehensive update reveals the nuanced and evolving nature of the Austin real estate market, with varied trends across different regions and metrics.

Our comprehensive report, spanning over 570 pages, delves deeper into these aspects of the Austin real estate market. It focuses on market cycles, affordability, and interest rates, offering invaluable insights for informed decision-making. Team Price Real Estate, known for its expert agents and data-driven approach, remains dedicated to its motto, "Where Experience Meets Insight," ensuring top-tier service in the Austin real estate market.