Austin, TX Real Estate Market Trends
Austin, Texas, is known for its vibrant culture, booming economy, and as a major tech hub. The city's real estate market has been a point of interest for both buyers and sellers due to its competitive nature and rapid growth. Here's an overview of the current state of Austin's housing market.
Current Market Conditions
As of October 2024, the Austin housing market shows signs of stabilization after a period of rapid growth:
- Active Listings: 15,262 (up 16.2% from 2023)
- Months of Inventory: 5.36 (increased 16.5% year-over-year)
- Median Sales Price: $450,000 (down 2.8% year-over-year)
Home Prices
- Average Active Price: $779,746 (up 1.2% year-over-year)
- Median Active Price: $599,000 (up 1.5% year-over-year)
- Average Sold Price: $746,111 (up 0.7% year-over-year)
- Median Sold Price: $584,500 (up 1.7% year-over-year)
Sales Volume and Market Activity
- Closed Sales: 2,652 (down 3.5% year-over-year)
- Pending Sales: 2,567 (down 5.1% year-over-year)
- Average Days on Market: 63 (up 4 days from previous year)
Price-to-List Ratio
- Average Sold to List Price Ratio: 97.21%
- 64.61% of properties sold below list price
- 22.23% sold at list price
- 13.16% sold above list price
Market Trends Analysis
- Increased Inventory: The significant rise in active listings and months of inventory suggests a shift towards a more balanced market, offering buyers more options.
- Price Stabilization: While there's been a slight decrease in the median sales price, other price metrics show small increases, indicating a stabilizing market after years of rapid appreciation.
- Slower Sales Pace: The increase in days on market and decrease in sales volume point to a less frenzied market compared to recent years.
- Negotiation Opportunities: With a higher percentage of homes selling below list price, buyers may have more room for negotiation.
- Resilient Market: Despite some cooling trends, Austin's strong economic fundamentals continue to support a relatively robust real estate market.