Eleven Oaks Realty is proud to present their December 2024 Austin Real Estate Price Report measuring activity in the single family home market.
The Austin Market is a Stronger Seller’s Market
In December 2024 we had a pleasant surprise with a reduction in inventory indicating a stronger seller’s market. If you’ve been following the market for years, you’ll remember most Decembers are fairly slow and inventory ticks up. This year we saw a much stronger end of year report, which should indicate a stronger spring market coming. In December 2024, there was 2.95 months of inventory on the Austin real estate market, down 22.7% in month over month numbers. The average list price to sales price was 96.3%, down 0.73% in month over month numbers. The median time to sell a single family home in Austin was 55 days, down 6.78% in month over month comparisons. The median sold price for a single family home in Austin was $605,000, up 3.02% in month over month comparisons.
What does this mean for sellers? Sellers should be delighted at the increase in activity we are seeing at the end of the year. December is usually a slow month for real estate and though we didn’t see the levels we see during spring, we had a much stronger finish to the year than we’ve seen in the last few years. Though a little early to predict, it does seem that the market is showing signs of a strong spring to come. Sellers are getting more for their properties and they are selling faster. Inventory is down nearly 23%, which means the buyers in the market will have fewer choices, causing competition to increase. If you’re considering selling, this spring might be the best time to do so.
What does this mean for buyers? Buyers should be a little more motivated to get their searches started now versus waiting. Though we saw an uptick in activity, there are still a pocket of homes that have been on the market for a while with sellers who are willing to negotiate to get a deal done. If you wait until the market gets stronger, you’ll likely pay more than you would if you secured a home now. You will see more choices as we head into spring, so if you haven’t found anything don’t be discouraged. Get pre-approved now so you can be ready to act when the right home does come on the market.
9.4% Increase in Median Sales Price
In December 2024, the median sold price of a single family home in Austin was $605,000 compared to $553,000 in December 2023, showing a 9.4% increase in year over year numbers. Last month, the median sold price was $587,260, showing a 3% increase in month over month numbers.
0.18% Increase in Average List Price to Sales Price
In December 2024, the average list price to sales price ratio was 96.26% compared to 96.09% in December 2023 showing an 0.18% increase in year over year numbers. Last month the average list price to sales price was 96.97% showing an 0.7% decrease in month over month numbers.
15% Increase in Median Time to Sell
In December 2024, the median time to sell a single family home in Austin was 55 days compared to 48 days in December 2023, showing a 15% increase in year over year numbers. Last month the median time to sell a single family home in Austin was 59 days, showing a 6.8% decrease in month over month comparisons.
3.4% Increase in Median Price Per Square Foot
In December 2024 the median price per square foot for a single family home in Austin was $301 compared to $291 in December 2023, showing a 3.4% increase in year over year numbers. Last month the median time to sell a single family home in Austin was $301 showing no change in month over month comparisons.
21% Increase in Total Sales Volume
In December 2024, the total sales volume for single family homes in Austin was $499,196,117 compared to $412.65MM in December 2023 showing a 21% increase in year over year numbers. Last month the total sales volume was $443.5MM, showing a 12.6% increase in month over month comparisons.
16% Decrease in Months Supply of Inventory
In December 2024, there was 2.95 months of inventory on the Austin real estate market compared to 3.51 months in December 2023, showing a 16% decrease in year over year numbers. Last month, there was 3.82 months of inventory on the market showing a 22.8% decrease in month over month comparisons.
10.4% Increase in Number of New Pending Listings
In December 2024, there were 550 single family homes that accepted a contract compared to 498 in December 2023 showing a 10.4% increase in year over year numbers. Last month there were 598 single family homes that accepted a contract showing an 8% decrease in month over month comparisons.
4.3% Decrease in Median Active List Price
In December 2024, the median active list price for a single family home in Austin was $650,000 compared to $679,000 in December 2023 showing a 4.3% decrease in year over year numbers. Last month the median active list price for a single family home in Austin was $650,000 showing no change in year over year numbers.
3.4% Decrease in Number of New Listings
In December 2024, there were 428 single family homes that were listed on the Austin market compared to 443 in December 2023, showing a 3.4% decrease in year over year numbers. Last month there were 617 single family homes that were listed, showing a 30.6% decrease in month over month numbers.
11% Decrease in Number of Active Listings
In December 2024, there were 2,013 single family homes actively listed on the Austin market compared to 2,260 in December 2023, showing an 11% decrease in year over year numbers. Last month there was 2,590 single family homes actively listed for sale, showing a 22.2% decrease in month over month comparisons.
December 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 December 2024 Austin home sales below. The most expensive home that sold in December 2024 sold for $5,350,000 and the least expensive home sold for $165,000. Homes ranged in size from 704 sqft – 9,851 sqft with an average size of 2,357 sqft. The average price per square foot for a home that sold in Austin in December 2024 was $346.76 with the lowest being $99.56/sqft and the highest being $2,173.91/sqft. It took, on average, 71 days to sell a home in Austin and sellers received, on average, 91.64% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 2 | 1 | 704 | $219,000 | $118.66 | $165,000 | $99.56 | 69% | 51% | 0 |
| Max | 7 | 8 | 9,851 | $5,494,000 | $2,519.22 | $5,350,000 | $2,173.91 | 118% | 124% | 402 |
| Avg | 4 | 3 | 2,357 | $874,085 | $362.34 | $835,638 | $346.76 | 96.28% | 91.64% | 71 |
| Median | 4 | 3 | 2,163 | $638,900 | $308.82 | $620,000 | $299.30 | 97% | 94% | 51 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | December 2024 |
| Property Type | Single Family Homes | Number Sold | 619 |
| 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 9%, which is the most sizable increase we’ve seen in months. Though time to sell is up 15%, I feel that’s more of a factor of homes that have been sitting for a while selling, driving the median up. Buyers aren’t really getting extra time. They’re having to pick from homes that have been on the market longer than they’ve been looking. We are seeing buyer activity increase with a 10.4% increase in number of new pending listings. The increase in buyer activity for three straight months during a historically slower time of year is indicating we might be headed for a market uptick after the first of the year when more buyers start their search. Get your homes ready to meet the market now and you’ll be ready at the perfect time for the influx of buyers to tour.
If you’re looking to buy, get with a knowledgeable mortgage broker who can guide you to getting the lowest interest rate possible. With the changes to our economic and political climate, predictions are home buying will resume in full force next spring. Take advantage of lower demand and get in before the masses come out and you’re in multiple offer situations 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 and likely heading towards a stronger sellers market. Sellers who meet the market where it’s at will be able to sell quickly and move on with their life. Though we saw a small dip in median price this month, we have generally seen an increase in previous months. And, prices aren’t plummeting. They’re stabilizing. 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 December 2024 Austin Real Estate Price Report?
Do you have questions about our December 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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