Eleven Oaks Realty is proud to present their April 2024 Austin Real Estate Price Report measuring activity in the single family home market.
The Austin Real Estate Market is a Seller’s Market
As we head deeper into the busy spring home buying season, we are seeing strong numbers in the Austin real estate market. Buyer activity started early this year and has remained strong. In April 2024, there was 3.98 months of inventory on the Austin real estate market, showing a 14.7% increase in month over month numbers. Sellers received, on average, 98.1% of their list prices, which is up 0.16% in month over month numbers. The median time to sell a home in Austin was 23 days, down 30.3% in month over month numbers. The median sold price in Austin in April 2024 was $625,000, up 5.49% in month over month comparisons.
What does this mean for sellers? Sellers should be happy to see prices are up, time to sell is down and we are still in inventory levels that favor sellers. Though sellers aren’t able to name every term on the contract, they are in a much better position to fight for their price and get their homes sold quickly. This should help ease some of the fears that sellers feel after hearing the media say the market is falling. Not so if you look at the numbers. Though we aren’t seeing 20% increases in median price from last year, we are still seeing a steady rise of a couple of percent, which is a much more sustainable rise. If you’re looking to sell, get your home on the market while buyers are in the market to buy.
What does that mean for buyers? Buyers should be comforted to see that though prices are up, they are still able to negotiate some off list price and they have a few weeks to make a decision on a home, generally. The peak of the market gave them hours and required 10% or more over list price just to be in consideration for a house. Many of those buyers didn’t even get the homes they wanted. They just settled for the home they won in a bidding war. Today’s buyers are able to choose the homes they love, negotiate a fair price and have a little longer than a few hours to decide. This is a much more manageable seller’s market for buyers.
3.73% Increase in Median Sold Price
The median sold price for a single family home in Austin Texas for April 2024 was $625,000 compared to $602,500 in April 2023, showing a 3.73% increase in year over year numbers. Last month the median sold price was $592,500, showing a 5.5% increase in month over month comparisons. Though the media tells us prices are down, that’s not what the numbers are showing. We are seeing a consistent increase in median price in year over year numbers. Not the 15-20% we saw at the peak, but still a few percent increase, showing a strong market.
9.6% Increase in Number of Sold Properties
In April 2024, there were 778 single family homes that sold in Austin compared to 710 in April 2023, showing a 9.6% increase in year over year numbers. Last month there were 746 homes that sold in Austin, showing a 4.3% increase in month over month comparisons. We are seeing more sales this year than last and are seeing the typical increase as we head deeper into the busy spring home buying season.
0.26% Increase in Average List Price to Sales Price
The average list price to sales price in Austin in April 2024 was 98.07% compared to 97.92% in April 2023, showing an 0.26% increase in year over year numbers. Last month, the average list price to sales price was 97.91%, showing an 0.2% increase in month over month numbers. With a little more buyer activity, buyers are having to pay a little bit more than they were last year at this time, which also makes sense when you see in the increase in median price.
26% Decrease in Median Time to Sell
In April 2024, the median time to sell a home in Austin was 23 days compared to 31 days in April 2023, showing a 26% decrease in year over year comparisons. Last month, the median time to sell was 33 days, showing a 30.3% decrease in month over month comparisons. Again, we are seeing more indications of a stronger sellers market. Buyers are afraid they’re going to miss out and are making decisions to make offers sooner than they had to last year.
No Change in Median Price Per Square Foot
In April 2024, the median price per square foot was $315 compared to $315 in April 2023 showing no change in year over year comparisons. Last month, the median price per square foot was $310, showing a 1.6% increase in month over month comparisons.
11.2% Decrease in Total Sales Volume
In April 2024, the total sales volume was $662,568,219 compared to $588.45MM in April 2023, showing an 11.2% decrease in year over year numbers. Last month the total sales volume was $598.58MM, showing a 10.7% increase in month over month numbers.
2.3% Increase in Months Supply of Inventory
In April 2024, there was 3.98 months of inventory on the market compared to 3.89 months in April 2023, showing a 2.3% increase in year over year numbers. Last month, there was 3.47 months of inventory showing a 14.7% increase in month over month comparisons.
0.33% Increase in Number of New Pending Listings
In April 2024, there were 916 listings that were introduced to the Austin market compared to 913 listings in April 2023, showing an 0.33% increase in year over year comparisons. Last month, there were 806 single family homes introduced to the market showing a 13.6% increase in month over month comparisons.
7.7% Increase in Median Active List Price
The median list price for active listings in April 2024 was $789,950 compared to $729,450 in April 2023, showing a 7.7% increase in year over year comparisons. Last month, the median active list price was $774,950, showing a 1.9% increase in month over month comparisons.
27.1% Increase in Number of New Listings
In April 2024, there were 1,576 homes introduced to the market compared to 1,240 in April 2023, showing a 27.1% increase in year over year comparisons. Last month there were 1,360 homes introduced to the market, showing a 16.3% increase in month over month comparisons.
17% Increase in Number of Active Listings
In April 2024, there were 2,800 homes actively listed for sale compared to 2,400 in April 2023, showing a 17% increase in year over year numbers. Last month there were 2,440 single family homes on the market, showing a 14.8% increase in month over month comparisons.
April 2024 Austin Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve included the figures for April 2024 Austin home sales below. The most expensive home that sold in April 2024 sold for $8,000,000 and the least expensive home sold for $210,000. Homes ranged in size from 560 sqft – 9,787 sqft with an average size of 2,280 sqft. The average price per square foot for a home that sold in Austin in April 2024 was $365.98 with the lowest being $134.71/sqft and the highest being $1,121.79/sqft. It took, on average, 46 days to sell a home in Austin and sellers received, on average, 95.62% of their original list prices.
Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
---|---|---|---|---|---|---|---|---|---|---|
Min | 2 | 1 | 560 | $235,000 | $137.84 | $210,000 | $134.71 | 70% | 44% | 0 |
Max | 7 | 11 | 9,787 | $8,950,000 | $1,233.40 | $8,000,000 | $1,121.79 | 130% | 130% | 507 |
Avg | 4 | 3 | 2,280 | $872,132 | $374.84 | $849,474 | $365.98 | 98.02% | 95.62% | 46 |
Median | 3 | 3 | 2,096 | $635,000 | $319.62 | $629,600 | $315.20 | 99% | 97% | 18 |
Search Criteria | |||
---|---|---|---|
Status | Sold | Sold Date | April 2024 |
Property Type | Single Family Homes | Number Sold | 817 |
Source: | ABoR Sales Data | Area | Austin |
Time to Buy? Sell?
As we always say, the best time to buy or sell a home is when you need to buy or sell. If you have a house to buy, buying when its a sellers market may hurt you on the buying end, but you’ll make it up on the selling end. If you’re trying to get into the market for the first time, the only way you’ll know that we’ve “hit bottom” is when its in the rear view mirror. Work with professionals who can help you analyze your financial and lifestyle to determine if now is the right time to buy or sell.
If we’re looking strictly at the market – it’s time to sell! Median price is up 4% from last year and buyers are not afraid to make offers. Time to sell is down 26%, so sellers are not having to live with showings as long as they were in months past. We are seeing more inventory come online, which is again keeping us from a stronger sellers market, but sellers are still in a good place. They’re getting more for the homes in less time. And not many can complain about that. If you’re looking to sell, get our home ready now so you are ready when buyers are.
If you’re looking to buy, get with a knowledgeable mortgage broker who can guide you to getting the lowest interest rate possible. We are starting to see the frenzy pause for a minute, as hesitant buyers wonder what to do. Take advantage of lower demand and get in before interest rates rise again. The best homes are still selling quickly, so you don’t want to wait too long once you see a home listed that you like. If you’re looking to buy, we can help you be successful. We have experienced several market shifts in our careers and know how to navigate them. For more info about buying a home, visit Buy a Home in Austin.
If you need to sell, remember we are still in a seller’s market. Sellers who meet the market where it’s at will be able to sell quickly and move on with their life. Prices are still up from last year and last month, so though it might take a little longer than it has in years past, sellers are being compensated for their time of ownership. If you’re a seller who needs to sell now, work with a professional Realtor who can help you position your home as the best value on the market. Check out our 88 Ways to Sell Your Home Faster and For More Money for some tips on how you can prepare your home to meet the market. For more info about our Home Selling Program and why it is the best in Austin, check out Sell My Austin Home.
Questions About the April 2024 Austin Real Estate Price Report?
Do you have questions about our April 2024 Austin Real Estate Price Report? Call us at (512) 827-8323 or email us at info@11OaksRealty.com and we’ll help you in any way we can. If you’re looking to buy or sell Austin real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.
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