Eleven Oaks Realty is proud to present their December2024 Austin Condo Price Report measuring activity in the Austin condo market. Our December 2024 Austin Condo Price Report covers all condominiums and townhomes in the City of Austin.
The Austin Condo Market is a Balanced Market
This month the Austin condo market still remains balanced, though a little closer to a seller’s market than we saw last month. In December 2024 there were 5.83 months of inventory on the market, down 17.77% in month over month numbers. The average list price to sales price for an Austin condo was 96.7%, down 0.15% in month over month comparisons. The median time to sell a condo in Austin was 74 days, up 2.78% in month over month comparisons. The median sold price of an Austin condo was $399,990, down 4.76% in month over month comparisons.
3.76% Increase in Median Sold Price
In December 2024, the median sold price of a condo in Austin was $399,990 compared to $385,500 in December 2023, showing a 3.75% increase in year over year numbers. Last month the median sold price of an Austin condo was $420,000 showing a 4.8% decrease in month over month comparisons.
13.4% Increase in Number of Austin Condo Sales
In December 2024, there were 127 condos that closed escrow in Austin compared to 112 in December 2023, showing a 13.4% increase in year over year numbers. Last month, there were 110 condos that closed escrow, showing a 15.5% increase in month over month comparisons.
0.2% Increase in Average List Price to Sales Price
In December 2024, the average list price to sales price for condos in Austin was 96.71% compared to 96.51% in December 2023, showing an 0.2% increase in year over year comparisons. Last month the average list price to sales price for condos in Austin was 96.86% showing an 0.2% decrease in month over month numbers.
12.12% Increase in Median Time to Sell
In December 2024, the median time to sell a condo in Austin was 74 days compared to 66 days in December 2023, showing a 12.12% increase in year over year comparisons. Last month the median time to sell a condo in Austin was 72 days, showing a 2.8% increase in month over month comparisons.
3.6% Decrease in Median Price Per Square Foot
In December 2024, the median price per square foot for a condo in Austin was $322 compared to $334 in December 2023, showing a 3.6% decrease in year over year numbers. Last month the median price per square foot for a condo in Austin was $358, showing a 10.1% decrease in month over month comparisons.
5.4% Decrease in Total Sales Volume
In December 2024, the total sales volume for condos in Austin was $59,666,732 compared to $63,09MM in December 2023 showing a 5.4% decrease in total sales volume. Last month, the total sales volume for condos in Austin was $57.88MM showing a 3.1% increase in month over month comparisons.
13.6% Increase in Months Supply of Inventory
In December 2024, there were 5.83 months of inventory on the Austin condo market compared to 5.13 months of inventory in December 2023, showing a 13.6% increase in year over year comparisons. Last month there were 7.09 months of inventory on the Austin condo market showing a 17.8% decrease in month over month comparisons.
21% Increase in Number of New Pending Condo Listings
In December 2024, there were 134 condos that accepted a contract compared to 111 in December 2023, showing a 21% increase in year over year numbers. Last month, there were 129 condos that accepted a contract showing a 3.9% increase in month over month comparisons.
10% Decrease in Median Active List Price
In December 2024 the median active list price of condos in Austin was $449,000 compared to $499,000 in December 2023, showing a 10% decrease in year over year comparisons. Last month the median active list price was $449,000, showing no change in month over month comparisons.
2% Increase in Number of New Listings
In December 2024, there were 156 condos introduced to the market compared to 153 condos in December 2023, showing a 2% increase in year over year comparisons. Last month there were 205 condos listed on the Austin condo market, showing a 23.9% decrease in month over month comparisons.
16% Increase in Number of Active Condo Listings
In December 2024, there were 943 condos actively listed on the Austin condo market compared to 814 condos in December 2023, showing a 16% increase in year over year numbers. Last month there were 1,130 condos listed for sale in Austin, showing a 16.8% decrease in month over month comparisons.
December 2024 Austin Condo Numbers
In December 2024, there were 133 condos and townhomes that sold in Austin. Condos ranged in size from 378-3,791 sq ft with 1-4 bedrooms and 1-5 bathrooms. The most expensive condo that sold in Austin sold for $1,200,000 and the least expensive condo sold for $119,000. It took, on average, 88 days to sell a condo in Austin and sellers received, on average, 91.62% of their original list prices. The average price per square foot of a condo sold in Austin in December 2024 was $360.15.
| | Bed | Bath | SqFt | List $ | LP/SqFt | Sold $ | SP/SqFt | SP/LP | SP/OLP | ADOM |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 378 | $125,000 | $159.95 | $119,000 | $161.88 | 84% | 72% | 0 |
| Max | 4 | 5 | 3,791 | $1,274,990 | $1,188.89 | $1,200,000 | $1,155.56 | 113% | 104% | 418 |
| Avg | 2 | 2 | 1,439 | $494,249 | $372.73 | $475,983 | $360.15 | 96.82% | 91.62% | 88 |
| Med | 2 | 3 | 1,366 | $400,000 | $322.82 | $400,000 | $319.94 | 97% | 93% | 69 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | December 2024 |
| Property Type | Condos & Townhomes | Number Sold | 133 |
| 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. Though we are out of the buyer’s market we have been in for several months, conditions are still favorable for buyers. Median price is up 4% from last year but median active list price is down 10% from last year, so seller’s are showing some wiggle room in price. Inventory went up 14%, so buyers are getting more choices and should be to negotiate more as sellers aren’t getting as many looks. If you’re looking to buy, there might be a short window of opportunity to negotiate a great deal. We’re seeing conditions start to shift more towards sellers with a 21% increase in number of new pending listings. With only a 2% increase in number of new condo listings, we are seeing more buyer activity than seller. If that continues, inventory should start to decrease and should bump prices up a bit. Signs are pointing towards a stronger spring than we’ve seen in a few years. Buyers who buy earlier in the season will likely spend less than those who buy later in the season when activity picks up and sellers have more negotiating power. Get pre-approved now and scout condos as soon as they are listed to beat buyers who aren’t as on top of their search. Be ready when the right condo is listed and you might just get yourself a great deal.
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 condos 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 will face less competition than if you waited. 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 December 2024 Austin Condo Price Report?
Do you have questions about our December 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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