Eleven Oaks Realty is proud to present their July 2024 Austin Real Estate Price Report measuring activity in the single family home market.
The Austin Real Estate Market is Still Holding on to a Seller’s Market
In July 2024, the Austin real estate market remained a seller’s market, though was at the top end of what you’d consider a seller’s market. That said, with all of the economic changes and interest rate changes, the Austin real estate market remains strong. Seller’s might not feel like it is as strong as it was a few years ago, which is true. But it’s also still a favorable market for sellers when you compare our market to others nationwide or even statewide. In July 2024, we had 5 months of inventory on the market, down 4.03% in month over month comparisons. The average list price to sales price was 97.4%, down 0.03% in month over month comparisons. The median time to sell a single family home in Austin in July 2024 was 33 days, up 13.79% in month over month comparisons. The median sold price was $621,250, showing a 2.17% decrease in month over month comparisons.
What does this mean for sellers? Sellers should have confidence in their ability to get their homes sold. Though we are seeing more inventory (which means more competition) we are seeing buyers that are willing to buy now despite economic forces that are making it a little more difficult. If you’re looking to sell, it is imperative you get your house ready to sell and leave no stone left unturned when it comes to home preparation. Buyers are going to critically compare your house with the others in the market and you want your house to stand out in terms of both condition and price, which are the two factors today’s buyers are most interested in.
What does this mean for buyers? Though we are in a sellers market, we are trending towards a balanced market. With longer time on market, sellers are getting nervous and are wiling to lower the price to get their home sold quicker. If you want to beat other buyers to the punch, make home buying a priority. Get out and look at homes when they’re listed and be clear on what you want and don’t want in your next home. This will allow you to make a decision quicker and possibly avoid a multiple offer situation.
0.2% Increase in Median Sold Price
In July 2024, the median sold price for a single family home in Austin was $621,250 compared to $620,000 in July 2023, showing an 0.2% increase in year over year numbers. Last month, the median sold price of a home in Austin was $635,000, showing a 2.2% decrease in month over month numbers. Despite talk of prices going down, we haven’t seen that come out in the numbers yet. We aren’t seeing the large increases we saw in years previous, but we aren’t seeing prices drop either.
13% Decrease in Number of Sold Homes
In July 2024, there were 662 homes that sold in Austin compared to 761 in July 2023, showing a 13% decrease in year over year numbers. Last month, there were 645 homes that sold, showing a 2.6% increase in month over month comparisons.
0.22% Decrease in Average List Price to Sales Price
In July 2024, the average list price to sales price was 97.43% compared to 97.64% in July 2023, showing an 0.22% decrease in year over year numbers. Last month, the average list price to sales price was 97.46% showing essentially no change in month over month numbers.
10% Increase in Median Time to Sell
In July 2024, the median time to sell a home in Austin was 33 days compared to 30 days in July 2023, showing a 10% increase in year over year numbers. Last month, the median time to sell a single family home in Austin was 29 days, showing a 13.8% increase in month over month comparisons.
1.3% Increase in Median Price per Square Foot
In July 2024, the median price per square foot of a home in Austin was $314 compared to $310 in July 2023, showing a 1.3% increase in year over year numbers. Last month the median price per square foot for a home in Austin was also $310 showing a 1.3% increase in month over month comparisons.
12.7% Decrease in Total Sales Volume
In July 2024, the total sales volume for a single family home in Austin was $542,468,574 compared to $621.24MM in July 2023, showing a 12.7% decrease in year over year comparisons. Last month the total sales volume was $535.37MM, showing a 1.3% increase in month over month comparisons.
8.5% Increase in Months Supply of Inventory
In July 2024, there was 5 months of inventory on the market compared to 4.61 months in July 2023, showing an 8.5% increase in year over year numbers. Last month there was 5.21 months of inventory on the market showing 4% decrease in month over month comparisons.
13.6% Increase in Number of New Pending Listings
In July 2024, there were 714 single family homes that accepted a contract in Austin compared to 826 in July 2023, showing a 13.6% increase in year over year numbers. Last month there were 692 homes that accepted a contract, showing a 3.2% increase in month over month comparisons.
No Change in Median Active List Price
In July 2024, the median list price of a home currently for sale in Austin was $699,000 compared to $699,000 in July 2023, showing no change in year over year numbers. Last month the median active list price was $718,640 showing a 2.7% decrease in month over month comparisons.
5.7% Decrease in Number of New Listings
In July 2024 there were 1,056 single family homes introduced to the Austin real estate market compared to 1,120 in July 2023, showing a 5.7% decrease in year over year numbers. Last month, there were 1,270 homes introduced to the market showing a 17.2% decrease in month over month comparisons.
18% Increase in Number of Active Listings
In July 2024, there were 3,252 single family homes on the market compared to 2,840 in July 2023, showing an 18% increase in year over year numbers. Last month there were 3,540 single family homes on the market, showing a 5.3% decrease in month over month comparisons.
July 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 July 2024 Austin home sales below. The most expensive home that sold in July 2024 sold for $5,100,000 and the least expensive home sold for $125,000. Homes ranged in size from 100 sqft – 6,637 sqft with an average size of 2,292 sqft. The average price per square foot for a home that sold in Austin in July 2024 was $364.81 with the lowest being $97.05/sqft and the highest being $8600/sqft. It took, on average, 49 days to sell a home in Austin and sellers received, on average, 93.84% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 100 | $120,000 | $93.17 | $125,000 | $97.05 | 71% | 51% | 0 |
| Max | 7 | 7 | 6,637 | $5,400,000 | $8,499 | $5,100,000 | $8600 | 120% | 120% | 482 |
| Avg | 4 | 3 | 2,292 | $851,791 | $376.03 | $822,969 | $364.81 | 97.42% | 93.84% | 49 |
| Median | 3 | 3 | 2,147 | $642,500 | $315.31 | $623,750 | $309.08 | 98% | 96% | 29 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | July 2024 |
| Property Type | Single Family Homes | Number Sold | 702 |
| 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! Median price is only up 0.2% from last year, number of listings are up 18% and time to sell is up 10%, which means buyers are getting more choices and aren’t having to pay more. If inventory continues to increase and sales don’t sharply increase, we should see prices start to come down. We haven’t seen it yet, which is still a testament to the strength of the market and how many buyers are out there. Though we are still in a sellers market, it is edging towards a balanced market, which is why we are seeing some shifts in prices and sellers willing to offer more incentives to get their homes sold.
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, remember we are still in a seller’s market. Sellers who meet the market where it’s at will be able to sell quickly and move on with their life. Prices are still up from last year and last month, so though it might take a little longer than it has in years past, sellers are being compensated for their time of ownership. 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 July 2024 Austin Real Estate Price Report?
Do you have questions about our July 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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