Austin Real Estate Market Analysis - April 11, 2024
by: Team Price Real Estate, Unmatched Agents, Unrivaled Insights
Published on: Thursday, April 11, 2024 at 1:42 pm
Updated Market Overview: In the past year, the Austin-area MLS has seen a noteworthy uptick in active listings. Compared to 2023, where there were 11,011 active listings, the number has risen to 12,324 in 2024, marking an 11.9% increase. This surge in listings suggests a potential shift in the market landscape. Moreover, the Months of Inventory metric, indicating the supply of homes relative to demand, has expanded by 22.6%, climbing from 2.90 to 3.56 months.
Pricing Dynamics in Austin Real Estate: Analyzing pricing trends, the average active listing price in the Austin area has risen slightly to $574,245, reflecting a 0.9% increase from the previous year. Similarly, the median active listing price has experienced a modest decrease of 1.1% to $445,000. On the transaction side, the average sold price has seen a notable increase of 1.2% to $558,241, with the median sold price also showing a modest decrease of 1.5% to $430,000.
City and Regional Dynamics: Zooming into Austin's city limits, there has been a 14.7% increase in the total number of active listings, rising from 3,224 to 3,697 properties. Despite this increase, there has been a substantial surge in the Months of Inventory, climbing by 39.2% from 2.48 to 3.46 months. However, both average and median active listing prices in the city have experienced growth, with the average price rising by 2.4% to $765,132, and the median price showing no change at $575,000. On the transaction side, the average sold price has increased by 2.6% to $744,054, while the median sold price has risen by 1.9% to $567,000.
Central Texas Cities and Zip Code Analysis: Examining pricing trends across Central Texas cities and zip codes, fluctuations vary. In the month-over-month comparison, 60% of cities have seen price increases, while 40% have faced decreases. Year-over-year, 40% of cities have encountered price growth, contrasting with 57% experiencing declines. Similarly, among the 75 zip codes analyzed, 48% reported monthly price growth, while 51% observed annual increases. From the peak in the past 12 months, no cities or zip codes have seen price increases, while all have decreased.
Sales vs. List Price Analysis: The sales-to-list price ratio remains relatively stable at 97.71%. However, the distribution of properties sold at, above, or below the list price has shifted slightly. This month, 62.68% of properties sold below the asking price, compared to 65.66% in the previous month. Conversely, sales at the listed price have increased slightly to 21.90%, while those above the listed price account for 15.42% of transactions.
Peak Value Analysis: Austin-Area MLS: Analysis of peak values indicates mixed trends across the Austin-Area MLS. Comparing current figures to the peak month in April 2024, the average list price remains unchanged at $786,468. However, the median list price has experienced a slight decrease from $539,900 to $538,740, representing no change. Similarly, the average sold price has slightly decreased from $664,515 to $608,666, reflecting a decline of 0.084%. The median sold price has also seen a decrease from $538,000 to $470,000, marking a reduction of 0.126%.
Peak Value Analysis: City of Austin: Focusing on the City of Austin, the comparison to peak values reveals further insights. In April 2024, the average list price remained steady at $1,025,956, while the median list price also stayed unchanged at $675,000. However, the average sold price has experienced a decrease from $847,583 to $756,974, representing a decline of 0.106%. The median sold price has also seen a decrease from $680,000 to $580,000, marking a reduction of 0.147%. Furthermore, both the average and median sold prices per square foot have decreased by approximately 0.171% and 0.160%, respectively.
The following report, with over 600 pages, dives deep into every facet of the Austin real estate market, focusing on market cycles, affordability, and interest rates, providing essential insights for informed decision-making. Team Price Real Estate, with its expertise and data-driven approach, continues to uphold its commitment to "Where Experience Meets Insight," delivering exceptional service in the Austin real estate market.
