Eleven Oaks Realty is proud to present their February 2024 Austin Real Estate Price Report measuring activity in the single family home market.
The Austin Real Estate Market is Trending Towards a Strong Seller’s Market
After a strong start to 2024, February showed that was not just a fluke. We don’t typically see this increase in buyer activity until March and April but this year seems to be happening a little earlier. Of course, the beautiful spring weather rather than the winter storms we’ve had the past few February’s also helped get buyers out house hunting. In February 2024, there was 2.7 months of inventory on the Austin real estate market, down 6.25% in month over month comparisons. The average list to sold price was 97.5%, up 1.41% in month over month comparisons. The median time to sell a single family home in Austin was 61 days, down 4.69% in month over month numbers. The median sold price was $574,000, showing a 3.61% increase in month over month comparisons.
What does this mean for sellers? Sellers should be pleased to see inventory trending downwards as that is causing prices to inch up. As we head into spring, we should see more buyers enter the market. If we don’t see a huge influx of sellers, we should see inventory decrease even more which should strengthen the seller’s market. Buyers seem to have a renewed interest in buying again and sellers who are ready now can take advantage. When compared to last month, time to sell is going down, prices are going up and sellers are getting more of their list prices. We have even seen several homes with multiple offers again, something we haven’t seen a lot of since 2021 when interest rates were lower. If you’re wanting to sell, get your home ready now so you can hit the market during the prime home buying season.
What does this mean for buyers? Buyers might have a small window of opportunity to get in before the spring demand surge. Sellers are still willing to negotiate and offer concessions, but that will quickly end if we have a huge increase in demand and no supply to replenish what’s bought. Buyers who buy earlier in spring often get better deals than those that wait until the end of spring or early summer. If you’re thinking of buying this year, start the process now and save yourself some money.
0.7% Increase in Median Sold Price
The median sold price of a single family home in Austin was $574,000 in February 2024 compared to $570,000 in February 2023 showing an 0.7% increase in median sold price. Last month, in January 2024, the median sold price was $555,000 showing a 3.6% increase in month over month comparisons.
21% Decrease in Number of Sold Homes
In February 2024, there were 545 single family homes that sold compared to 690 in February 2023 showing a 21% decrease in year over year comparisons. Last month there were 408 homes that sold showing a 27.6% increase in month over month comparisons.
0.22% Decrease in Average List to Sales Price
In February 2024, the average list price to sales price was 97.48% compared to 97.27% in February 2023 showing an 0.22% decrease in year over year comparisons. Last month the average list price to sales price was 96.1% showing a 1.4% increase in month over month comparisons.
20% Increase in Median Time to Sell
In February 2024, the median time to sell a single family home in Austin was 61 days compared to 51 days in February 2023 showing a 20% increase in year over year numbers. Last month, the median time to sell was 64 days, showing a 4.7% decrease in month over month comparisons.
4% Increase in Median Price per Square Foot
In February 2024, the median price per square foot for a single family home in Austin was $311 compared to $299 in February 2023, showing a 4% increase in year over year comparisons. Last month, the median price per square foot was $289 showing an 8.4% increase in month over month comparisons.
24% Decrease in Total Sales Volume
In February 2024 the total sales volume of single family homes in Austin was $399,582,651 compared to $525.87MM in February 2023, showing a 24% decrease in year over year comparisons. Last month the total sales volume was $287,656,527 showing a 33.5% increase in month over month comparisons.
24% Decrease in Months Supply of Inventory
In February 2024, there was 2.7 months of inventory on the Austin single family home market compared to 3.64 in February 2023, showing a 24% decrease in year over year comparisons. Last month, there was 2.73 months of inventory on the market showing a 6.3% decrease in month over month comparisons.
6% Decrease in Number of New Pending Listings
In February 2024 there were 793 homes that accepted a contract in Austin compared to 844 in February 2023, showing a 6% decrease in year over year comparisons. Last month, there were 651 homes that accepted a contract showing a 31.1% increase in month over month comparisons.
7.3% Increase in Median Active List Price
In February 2024, the median list price of active homes was $751,279 compared to $699,900 in February 2023 showing a 7.3% increase in year over year comparisons. Last month, the median active list price was $719,000 showing a 7.3% increase in month over month comparisons.
13.5% Decrease in Number of New Listings
In February 2024, there were 1,142 single family homes introduced to the Austin market compared to 1,320 in February 2023 showing a 13.5% decrease in year over year comparisons. Last month, there were 798 homes introduced to the market showing a 43.3% increase in month over month comparisons.
15.75% Decrease in Number of Active Listings
In February 2024 there were 1,921 active single family home listings in Austin compared to 2,280 in February 2023 showing a 15.75% decrease in year over year numbers. Last month, there were 1,851 active listings showing an 0.9% decrease in month over month comparisons.
February 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 February 2024 Austin home sales below. The most expensive home that sold in February 2024 sold for $7,900,000 and the least expensive home sold for $206,000. Homes ranged in size from 497 sqft – 18,000 sqft with an average size of 2,131 sqft. The average price per square foot for a home that sold in Austin in February 2024 was $349.54 with the lowest being $127.46/sqft and the highest being $981.19/sqft. It took, on average, 71 days to sell a home in Austin and sellers received, on average, 93.31% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 497 | $174,900 | $132.39 | $206,000 | $127.46 | 74% | 57% | 0 |
| Max | 9 | 11 | 18,000 | $7,900,000 | $1,033.36 | $7,545,000 | $981.19 | 134% | 134% | 502 |
| Avg | 3 | 3 | 2,131 | $774,741 | $360.18 | $749,465 | $349.54 | 97.39% | 93.31% | 71 |
| Median | 3 | 3 | 1,950 | $579,500 | $315.72 | $575,000 | $307.86 | 98% | 95% | 53 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | February 2024 |
| Property Type | Single Family Homes | Number Sold | 573 |
| 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! Though the market is shifting towards a sellers’ market, we are going to see a bigger shift in the next few months that, if history repeats itself, will throw us into a much stronger sellers market. Buyers who want to buy this year can do themselves a favor and get started early. We’re already seeing multiple offers, which is driving prices up. Not on all homes, but if buyers continue to enter the market, we will see a higher percentage of multiple offers. Median price is up 0.7% in year over year numbers and time to sell is up 20%. This is helping buyers take a little more time to make a decision and keeping a few more dollars in their pocket. Active list prices are going up so sellers are hoping for a strong spring. Get your home purchase done early in the year and you can likely save yourself some money.
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, don’t be discouraged. Know it’s going to take a little more time, but also know that if you stick it out, you’ll be successful. 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 February 2024 Austin Real Estate Price Report?
Do you have questions about our February 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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