Eleven Oaks Realty is proud to present their January 2024 Austin Real Estate Price Report measuring activity in the single family home market.
Austin is Delving Deeper into a Strong Seller’s Market
January started off strong for Austin real estate. Though it is typically a slower time of year, we have really seen things pick up. In January 2024, there were 2.73 months of inventory on the market, showing an 18.02% decrease in month over month comparisons. The average list price to sold price was 96.1%, showing an 0.15% decrease in month over month comparisons. The median time to sell a single family home in Austin was 64 days, showing a 36.17% increase in month over month comparisons. The median sold price was $555,000, showing no change in month over month comparisons.
What does this mean for sellers? Sellers should be thrilled to see inventory is down under three months. This means the buyers in the market are going to have to compete a little harder than they did the last few months. Sellers who price their homes right and present them to meet their new buyer should have no trouble getting their homes sold if they have a little patience. It is taking longer to sell than it has in months past, but sellers are still getting fair deals. They’re not running away with a mint, but they are getting nearly the same as what they got last year. Preparing your home to meet the market is key. Buyers who see a house that is well kept and ready to move in, even if it’s not updated, are going to gravitate towards those houses first. So, spend the extra time getting your house ready to meet the market and you’ll be successful.
What does this mean for buyers? Buyers should not be discouraged. Though we are in a sellers market, we still aren’t anywhere near the sellers markets we have seen in years past. Sellers are still willing to negotiate, take less than their list prices and even throw in concessions like repairs, closing costs and sometimes even furniture. And, interest rates are settling back down, so you’re saving $300-$500 per month on a mortgage payment than if you would have bought a few months ago. Buyers who can get in the market before the busy spring season will likely get better deals so now is the time to get pre-approved and see what’s out there.
5.6% Decrease in Median Sold Price
In January 2024 the median sold price for a single family home in Austin was $555,000 compared to $588,000 in January 2023, showing a 5.6% decrease in year over year comparisons. Last month the median sold price was $555,000, showing no change in month over month comparisons. Though median sold price is down, it isn’t tanking and it is remaining stable in month over month comparisons.
2.6% Decrease in Number of Closed Sales
In January 2024, there were 408 single family homes that closed escrow compared to 419 in January 2023 showing a 2.6% decrease in year over year comparisons. Last month, there were 551 single family homes that closed escrow, showing a 26% decrease in month over month comparisons.
0.33% Increase in Average List to Sales Price
In January 2024, sellers received, on average, 96.1% of their list prices compared to 95.78% in January 2023, showing an 0.33% increase in year over yer comparisons. Last month, the average list price to sales price was 96.24%, showing an 0.1% decrease in month over month comparisons. The average list price to sales price ratio has remained fairly stable over the past year.
7.25% Decrease in Median Time to Sell
In January 2024, the median time to sell a single family home in Austin was 64 days compared to 69 days in January 2023, showing a 7.25% decrease in year over year comparisons. Last month, the median time to sell was 47 days showing a 36.2% increase in month over month comparisons. Though 2 months is a long time to sell when you compare our numbers in the past several years, it is still normal for this time of year when we see fewer buyers in the market.
4.3% Decrease in Median Price Per Square Foot
In January 2024, the median price per square foot for a single family home in Austin was $289 compared to $302 in January 2023, showing a 4.3% decrease in year over year comparisons. Last month, the median price per square foot was $292 showing a 1% decrease in month over month comparisons.
9.6% Decrease in Total Sales Volume
The total sales volume for single family homes sold in Austin in January 2024 was $287,656,527 compared to $318.2MM in January 2023 showing a 9.6% decrease in year over year comparisons. Last month, the total sales volume was $408.99MM showing a 29.7% decrease in month over month comparisons.
17.5% Decrease in Months Supply of Inventory
In January 2024, there were 2.73 months of inventory on the market compared to 3.31 in January 2023, showing a 17.5% decrease in year over year comparisons. Last month there was 3.33 months of inventory on the market showing an 18% decrease in month over month comparisons.
100% Increase in New Pending Listings
In January 2024, there were 651 single family homes that accepted a contract in Austin compared to 325 in January 2023, showing a 100% increase in year over year comparisons. Last month, there were 504 homes that accepted a contract in Austin, showing a 29.2% increase in month over month comparisons.
11% Increase in Median Active List Price
The median active list price of a single family home in Austin was $719,000 compared to $649,000 in January 2023, showing an 11% increase in year over year numbers. Last month, the median list price was $695,000 showing a 3.5% increase in month over month comparisons.
4% Increase in Number of New Listings
In January 2024, there were 798 homes introduced to the market compared to 768 in January 2023, showing a 4% increase in year over year numbers. Last month there were 453 homes introduced to the market, showing a 76.2% increase in month over month comparisons.
17.4% Decrease in Number of Active Listings
In January 2024, there were 1,851 single family homes active on the market compared to 2,240 in January 2023. This showed a 17.4% decrease in year over year comparisons. Last month there were 2,170 active listings, showing a 14.6% decrease in month over month comparisons.
January 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 January 2024 Austin home sales below. The most expensive home that sold in January 2024 sold for $5,150,000 and the least expensive home sold for $175,000. Homes ranged in size from 500 sqft – 7,765 sqft with an average size of 2,156 sqft. The average price per square foot for a home that sold in Austin in January 2024 was $330.19 with the lowest being $104.14/sqft and the highest being $1,270/sqft. It took, on average, 75 days to sell a home in Austin and sellers received, on average, 90.35% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 500 | $175,000 | $104.14 | $175,000 | $103.42 | 62% | 30% | 0 |
| Max | 6 | 7 | 7,765 | $5,600,000 | $1,270 | $5,150,000 | $1,111.83 | 112% | 110% | 509 |
| Avg | 3 | 3 | 2,156 | $743,635 | $345.11 | $711,276 | $330.19 | 96.11% | 90.35% | 75 |
| Median | 3 | 3 | 1,917 | $579,965 | $302.34 | $560,000 | $288.91 | 97% | 92.5% | 59 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | January 2024 |
| Property Type | Single Family Homes | Number Sold | 420 |
| 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.
Though the numbers say sellers market, it’s time to sell! Though prices are down a bit from last year, activity is up and inventory is down which means more buyers and fewer choices. Sellers who can get their homes on the market just before spring can take advantage of the buyers who want to get into new homes before the busy spring market comes. And, that will set you up to buy when inventory is at its highest. The spring market is really going to hinge on whether interest rates stay where they are or if they go up. If they stay where they are or even drop a little, we should expect a pretty busy spring. if they go up, the market will likely freeze. If you need to sell, get your home ready now so you don’t have to deal with the uncertainty.
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 January 2024 Austin Real Estate Price Report?
Do you have questions about our January 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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