Eleven Oaks Realty is proud to present their August 2024 Austin Real Estate Price Report measuring activity in the single family home market.
The Austin Real Estate Market is Still a Seller’s Market
In August 2024, the Austin real estate market is still holding on to a seller’s market classification. Inventory was down 9.62% from last months’s numbers with 4.7 months in August 2024. The average list price to sales price was 96.9%, down 0.53% in month over month comparisons. The median days on market for a single family home in Austin was 47 days, up 42.42% in month over month comparisons. The median sold price was $615,000, down 0.08% in month over month comparisons.
What does this mean for sellers? Though the market has slowed down, it is sill a seller’s market. Not the seller’s market we had in 2020-2021 with 0.5 months of inventory on the market, but a seller’s market nonetheless. It is taking longer to sell and sellers are getting, on average, less of their list prices than they were back then, but prices are still up. Condition and price are of upmost importance to buyers and if they’re not finding what they’re looking for, they’re waiting. Sellers who can adjust to this new type of sellers market are successfully selling their homes at numbers they are happy with.
What does this mean for buyers? Buyers more choices, time and can negotiate a lot better with sellers than they were able to in years past. To the buyers who experienced the extreme seller’s markets of the early 2020’s will feel like we’re in a buyer’s market. Times have definitely shifted and though buyers aren’t able to name their price, they are able to get many more favorable terms in contracts.
Median Price is Up 2.5%
In August 2024, the median price for a single family home in Austin was $615,000 compared to $600,000 in August 2023 showing a 2.5% increase in year over year numbers. Last month, the median price for a single family home in Austin was $615,520, showing an 0.1% decrease in month over month comparisons.
20.5% Decrease in Number of Sold Homes
In August 2024, there were 642 single family homes that closed escrow compared to 808 in August 2023, showing a 20.5% decrease in year over year numbers. Last month, there were 696 single family homes that closed escrow in Austin showing a 7.8% decrease in month over month comparisons.
No Change in Average List Price to Sales Price
In August 2024, the average list price to sales price was 96.91% compared to 96.94% in August 2023, showing a 0.03% decrease in year over year numbers, which is essentially no change. Last month, the average list price to sales price was 97.43%, showing an 0.5% decrease in month over month comparisons.
38% Increase in Median Time to Sell
In August 2024, the median time to sell a single family home in Austin was 47 days compared to 34 days in August 2023, showing a 38% increase in year over year comparisons. Last month the median time to sell a home in Austin was 33 days, showing a 42.4% increase in month over month comparisons.
2% Increase in Median Price Per Square Foot
In August 2024, the median price per square foot for a single family home in Austin was $310 compared to $304 in August 2023, showing a 2% increase in year over year numbers. Last month the median price per square foot for a home in Austin was $310, showing no change in month over month comparisons.
15.6% Decrease in Total Sales Volume
In August 2024, the total sales volume for single family homes in Austin was $533,225,321 compared to $632,050,000 in August 2023, showing a 15.6% decrease in year over year numbers. Last month the total sales volume was $567.17MM showing a 6% decrease in month over month comparisons.
0.2% Decrease in Months Supply of Inventory
In August 2024, there were 4.7 months of inventory on the market compared to 4.71 in August 2023, showing an 0.2% decrease in year over year numbers. Last month there was 5.2 months of inventory on the market showing a 9.6% decrease in month over month comparisons.
2.76% Decrease in Number of New Pending Listings
In August 2024, there were 670 single family homes that accepted a contract in Austin compared to 689 in August 2023, showing a 2.76% decrease in year over year numbers. Last month, there were 657 single family homes that have accepted a contract, showing a 2% increase in month over month comparisons.
1.3% Decrease in Median Active List Price
In August 2024, the median active list price for a single family home in Austin was $689,235 compared to $699,000 in August 2023, showing a 1.3% decrease in year over year numbers. Last month the median active list price was $698,000 showing a 1.2% decrease in month over month comparisons.
17.6% Decrease in Number of New Listings
In August 2024, there were 915 single family homes introduced to the Austin market compared to 1,110 homes in August 2023, showing a 17.6% decrease in year over year comparisons. Last month, there were 1,060 single family homes introduced to the market, showing a 13.4% decrease in month over month comparisons.
9.3% Increase in Number of Active Listings
In August 2024, there were 3,126 single family homes actively listed for sale compared to 2,860 in August 2023, showing a 9.3% increase in year over year numbers. Last month there were 3,470 homes actively listed for sale, showing a 9.8% decrease in month over month comparisons.
August 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 August 2024 Austin home sales below. The most expensive home that sold in August 2024 sold for $6,850,000 and the least expensive home sold for $175,000. Homes ranged in size from 501 sqft – 9,261 sqft with an average size of 2,291 sqft. The average price per square foot for a home that sold in Austin in August 2024 was $356.96 with the lowest being $124.77/sqft and the highest being $1,127.19/sqft. It took, on average, 56 days to sell a home in Austin and sellers received, on average, 92.25% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 501 | $185,000 | $134.77 | $175,000 | $124.77 | 64% | 53% | 0 |
| Max | 12 | 20 | 9,261 | $6,999,999 | $1,198.63 | $6,850,000 | $1,127.19 | 126% | 126% | 584 |
| Avg | 4 | 3 | 2,291 | $871,719 | $370.71 | $835,190 | $356.96 | 96.82% | 92.25% | 56 |
| Median | 3 | 3 | 2,088 | $639,000 | $313.95 | $617,900 | $306.43 | 97% | 94% | 41 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | August 2024 |
| Property Type | Single Family Homes | Number Sold | 678 |
| 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 buy! The number of listings are up 9% and time to sell is up 38%, which means buyers are getting more choices and are able to take advantage of a seller who needs to sell quickly and is willing to let go of some terms to make that happen. Though median price is up 2.5%, we are seeing buyers be able to negotiate more off list price and even seeing many price reductions for sellers who were too optimistic of the market when they listed. Though we are still in a sellers market, it is edging towards a balanced market, which is why we are seeing some shifts in prices and sellers willing to offer more incentives to get their homes sold.
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 August 2024 Austin Real Estate Price Report?
Do you have questions about our August 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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