Austin Real Estate Market Analysis - March 21, 2024

by: Team Price Real Estate, Unmatched Agents, Unrivaled Insights
Published on: Thursday, March 21, 2024 at 09:01 am

Updated Market Overview: In the latest update on the Austin-area MLS, the total number of active listings has increased by 4.1% compared to the same period last year, rising from 10,810 to 11,248 properties. This uptick suggests a potential adjustment in the market landscape. Moreover, the Months of Inventory have expanded by 17.3%, climbing from 2.90 to 3.41 months, indicating a noteworthy increase in available inventory that could influence market trends.

Pricing Dynamics in Austin Real Estate: Analyzing the pricing dynamics, both the average and median active listing prices have experienced changes. The average active listing price has increased by 2.9% to $572,841, while the median active listing price has risen by 1.2% to $445,000. On the transaction side, the average sold price has seen a notable uptick of 3.5% to $557,185, with the median sold price also showing a modest increase of 2.2% to $434,450.

City and Regional Dynamics: Zooming into Austin's city limits, there has been a 7.9% increase in the total number of active listings, rising from 2,977 to 3,212 properties. Despite this, there has been a substantial increase in the Months of Inventory, surging by 38.5% from 2.31 to 3.19 months. However, both average and median active listing prices in the city have experienced fluctuations, with the average price rising by 3.4% to $777,355, while the median price has remained relatively stable at $569,900.

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, 40% of cities have seen price increases, while 60% have faced decreases. Year-over-year, 47% of cities have encountered price growth, contrasting with 53% experiencing declines. Similarly, among the 75 zip codes analyzed, 53% reported monthly price growth, while 45% observed annual increases.

Sales vs. List Price Analysis: The sales-to-list price ratio remains relatively stable at 97.81%. However, the distribution of properties sold at, above, or below the list price has shifted slightly. This month, 62.32% of properties sold below the asking price, compared to 65.68% in the previous month. Conversely, sales at the listed price have decreased to 21.23%, while those above the listed price account for 16.46% of transactions.

Peak Value Analysis: Austin-Area MLS: Analysis of peak values indicates a mixed trend across the Austin-Area MLS. Comparing current figures to the peak month, which was March 2024, the average list price remains relatively unchanged at $735,356. However, the median list price has experienced a slight decrease from $539,900 to $495,000, representing a 8.3% drop. Similarly, the average sold price has decreased from $664,515 to $583,969, reflecting a decline of 12.1%. The median sold price has also seen a decrease from $538,000 to $445,000, marking a 17.29% reduction. Additionally, both the average and median sold prices per square foot have declined by approximately 16.36% and 18.93%, respectively.

Peak Value Analysis: City of Austin: Focusing on the City of Austin, the comparison to peak values reveals further insights. In March 2024, the average list price reached $982,458, remaining unchanged from the peak month. Similarly, the median list price stayed steady at $650,000. However, the average sold price has experienced a decrease from $847,583 to $781,923, representing a decline of 7.7%. The median sold price has also seen a decrease from $680,000 to $582,185, marking a 14.38% reduction. Furthermore, both the average and median sold prices per square foot have decreased by approximately 15.84% and 19.34%, 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.