Eleven Oaks Realty is proud to present their October2024 Austin Condo Price Report measuring activity in the Austin condo market. Our October 2024 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
The Austin Condo Market is a Buyer’s Market
In October 2024, there were 7.6 months of inventory on the Austin condo market, showing a 5.59% decrease in month over month numbers. The average list price to sales price was 96.6%, showing an 0.66% decrease in month over month comparisons. The median time to sell a condo in Austin was 63 days, showing a 7.35% decrease in month over month comparisons. The median sold price of a condo in Austin was $406,500, showing a 1.81% decrease in month over month comparisons.
4.23% Decrease in Median Sold Price
In October 2024, the median sold price of a condo in Austin was $406,500 compared to $390,000 in October 2023, showing a 4.23% decrease in year over year numbers. Last month, the median sold price of a condo in Austin was $414,000, showing a 1.8% decrease in month over month comparisons.
7.3% Decrease in Number of Sold Condo Listings
In October 2024, there were 114 condos that sold in Austin compared to 123 in October 2023, showing a 7.3% decrease in year over year numbers. Last month, there were 139 condos that sold showing an 18% decrease in month over month comparisons.
0.35% Decrease in Average List Price to Sales Price
In October 2023, the average list price to sales price was 96.61% compared to 96.95% in October 2023, showing an 0.35% decrease in year over year comparisons. Last month, the average list price to sales price was 97.25% showing an 0.7% decrease in month over month comparisons.
12.5% Increase in Median Time to Sell
In October 2024, the median time to sell a condo in Austin was 63 days compared to 56 days in October 2023, showing a 12.5% increase in year over year numbers. Last month the median time to sell a condo in Austin was 68 days, showing a 7.4% decrease in month over month comparisons.
3.5% Decrease in Median Price Per Square Foot
The median price per square foot for a condo in Austin in October 2024 was $330 compared to $342 in October 2024, showing a 3.5% decrease in year over year numbers. Last month, the median price per square foot was $341 showing a 3.2% decrease in month over month comparisons.
8% Increase in Total Sales Volume
In October 2024, the total sales volume for condos in Austin was $62,317,256 compared to $57.69MM in October 2023, showing an 8% decrease in year over year numbers. Last month the total sales volume was $74.43MM showing a 16.3% decrease in month over month comparisons.
13.1% Increase in Months Supply of Inventory
In October 2024, there were 7.6 months of inventory on the Austin condo market compared to 6.72 months in October 2023, showing a 13.1% increase in year over year comparisons. Last month there was 8.05 months of inventory on the Austin condo market showing a 5.6% decrease in month over month comparisons.
1.5% Increase in Number of New Pending Listings
In October 2024, there were 138 condos that accepted a contract compared to 136 in October 2023 showing a 1.5% increase in year over year numbers. Last month there were 135 condos that accepted a contract, showing a 2.2% increase in month over month comparisons. Really not a statistical difference when you consider 2-3 home differences in month over month and year over year comparisons.
9.1% Decrease in Median Active List Price
In October 2024, the median active list price for a condo in Austin was $450,000 compared to $495,000 in October 2023, showing a 9.1% decrease in year over year numbers. Last month the median active list price was $450,000 showing no change in month over month comparisons.
4.5% Increase in Number of New Condo Listings
In October 2024, there were 302 condos that were listed in Austin compared to 289 in October 2023 showing a 4.5% increase in year over year numbers. Last month there were 317 condos introduced to the Austin market, showing a 4.7% decrease in month over month comparisons.
21% Increase in Number of Active Condo Listings
In October 2024, there were 1,211 condos actively listed for sale on the Austin condo market compared to 998 in October 2023, showing a 21% increase in year over year numbers. Last month there were 1,280 condos actively listed, showing a 5.5% decrease in month over month comparisons.
October 2024 Austin Condo Numbers
In October 2024, there were 136 condos and townhomes that sold in Austin. Condos ranged in size from 350-4,025 sq ft with 0-4 bedrooms and 1-6 bathrooms. The most expensive condo that sold in Austin sold for $3,100,000 and the least expensive condo sold for $165,000. It took, on average, 87 days to sell a condo in Austin and sellers received, on average, 90.26% of their original list prices. The average price per square foot of a condo sold in Austin in October 2024 was $380.20.
| | Bed | Bath | SqFt | List $ | LP/SqFt | Sold $ | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 0 | 1 | 350 | $174,900 | $172.25 | $165,000 | $164.34 | 80% | 60% | 3 |
| Max | 4 | 6 | 4,025 | $3,500,000 | $1,880.79 | $3,100,000 | $1,707.18 | 107% | 107% | 483 |
| Avg | 2 | 2 | 1,460 | $568,878 | $394.20 | $545,618 | $380.20 | 96.68% | 90.26% | 87 |
| Med | 2 | 2 | 1,358 | $407,500 | $335.64 | $398,000 | $325.65 | 97% | 93% | 65 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | October 2024 |
| Property Type | Condos & Townhomes | Number Sold | 136 |
| Source: | ABoR Sales Data | Area | Austin |
Time to Buy? Sell?
As we always say, the time to buy or sell a condo in Austin is when it’s right for you. Trying to time your condo purchase or sale for the market is next to impossible. The only way to know we’ve hit the peak or the bottom of the market is when it’s behind us. The most important factor in the decision to purchase is are you financially and emotionally ready to own a condo? Work with professionals who can help you wade through your finances and living situation and help you make an informed decision.
If you’re looking strictly at the numbers – it’s time to buy. We are officially in a buyer’s market and have been for several months now. Median price is down 4% and inventory has gone up 13%, so buyers are getting more choices and paying less. Though we did see a 1.5% increase in the number of condos that accepted a contract, we didn’t see prices rise. To a seller, it still feels like there are fewer buyers in the market, which will make motivated sellers nervous and more willing to negotiate with a buyer. Time to sell is up 12.5%, so buyers are also taking more time to make a decision. Buyers who can scout condos as soon as they’re listed will be able to buy themselves some more time to make a decision and beat buyers who aren’t as on top of their search. As we head into the slower season during the last quarter of the year, it will be interesting to see how deep into a buyer’s market we will get. Or if we will see an increase due to the recent political and economic changes. Buyers who are looking for a good deal should position themselves to start the condo buying process now so they can be ready should the opportunity present itself. We typically see a dip in the market and even further reduction in prices during the holiday months, so buyers who start now versus waiting until spring will likely spend less. With the political changes, we are expecting the market to bounce back early next year, so buying now might be a way to save yourself some money.
If you need to sell, know you’re still able to do that if you have patience and persistence. Be prepared for buyers to change their mind and get through all the contingencies before you determine your unit is sold. That being said, buyers are still out there and they’re making strong offers for units they feel stand out. Make your condo stand out as a value compared to the competition and you will be successful at getting an offer. Remember, positioning your condo as a value doesn’t just mean pricing lower. If you’re looking to sell a condo in Austin, spend some time preparing your condo to meet the market. The best condos are still selling quickly and for more money than they were last year. With some preparation and market appropriate pricing, you’ll have no trouble finding a buyer. Check out our Condo Marketing Plan, which we know is the best in Austin for how our team will sell your home faster and for more money than any other team in Austin.
If you’re looking to buy, be clear on what you want so you can be quick to move an offer if you find something that fits. Don’t wait until the weekend to check out listings in person. If you can, set alerts and get inside properties of interest early, you might just beat out the competition. Buyers have become complacent and are waiting to see condos thinking they have time. If you can beat them to the punch and make offers, you just might be successful. Though interest rates have risen, they are expected to rise even more in the coming weeks, so this might be the lowest we’ll see for a while. Scout new listings as soon as they are listed. Buyers today are getting complacent and waiting days to see condos when it is convenient for them. The problem is the best units are gone by then. Make house hunting a priority and you’ll have some extra time to make a decision. If you’re looking to buy, our team of experienced buyer’s agents can help you find the right condo in the right complex for you and your family. Because we know the market, we’re also pretty good at negotiating good deals as well. Check out our Austin Home Buyer Representation Program for more info about how we’ll consult you to a thoughtful purchase, rather than hard sell you the first condo we see.
Questions About the October 2024 Austin Condo Price Report?
Do you have questions about our October 2024 Austin Condo Price Report? Looking to buy or sell a condo or townhome in Austin? 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 condos, don’t forget to check out our Austin Buyer Resources and Austin Seller Resources for more tips.
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