Eleven Oaks Realty is proud to present their June 2024 Austin Real Estate Price Report measuring activity in the single family home market.
The Austin Residential Market is a Seller’s Market – But Just Barely!
In June 2024, the Austin real estate market remained a sellers market, with 5.06 months of inventory, up 6.3% in month over month comparisons. The average list price to sold price was 97.4%, down 0.46% in month over month comparisons. It took a median 29 days to sell a single family home in Austin in June 2024, which was up 31.82% in month over month comparisons. The median sold price was $636,250, down 0.4% in month over month comparisons.
What does this mean for sellers? Though some sellers are getting a little nervous with the increase time to sell and inventory, we should still remember the numbers show we are in a seller’s market. Buyers are much more picky and price and condition are everything right now. It’s imperative you price your home competitively to get eyes on it. The better condition you can have it in, the more likely you’ll be to get a quick sale. Though we are seeing fewer sales, median price is still hovering around last year’s numbers when sales were up, so that should give sellers some confidence in the direction of the market. If you’re looking to sell, take extra time preparing your home to meet the market so it stands out from the competition.
What does this mean for buyers? Buyers are starting to see the market finally soften with price decreases, increased time on market and sellers willing to offer closing cost credits and incentives to get their homes sold. Buyers have more time to make a decision and more inventory to choose from, making it a much more enjoyable process for a buyer. Yes interest rates are still on the higher side, but most buyers have accepted that now and are simply looking for a home that will work for them long term. If you can scout properties early, you’ll have more time to make a decision and even beat out some other buyers who are taking more time to see homes. The less competition you face at offer time, the better chance you have at negotiating a favorable deal.
0.2% Increase in Median Sold Price
In June 2024 the median sold price of a single family home in Austin was $636,250, up from $635,000 in June 2023, showing an 0.2% increase in year over year numbers. Last month, the median sold price was $639,000, showing an 0.4% decrease in month over month comparisons. We are essentially seeing no statistically significant change in median price in year over year or month over month comparisons.
28% Decrease in Number of Sold Listings
In June 2024, there were 622 homes in Austin that closed escrow compared to 866 in June 2023, showing a 28% decrease in year over year numbers. Last month, there were 831 homes that closed escrow, showing a 25.2% decrease in month over month comparisons.
0.4% Decrease in Average List Price to Sales Price
In June 2024, the average list price to sales price was 97.44% compared to 97.8% in June 2023, showing an 0.4% decrease in year over year numbers. Last month, the average list price to sales price for a single family home in Austin was 97.89% showing an 0.5% decrease in month over month comparisons.
38% Increase in Median Time to Sell
In June 2024, the median time to sell a single family home in Austin was 29 days compared to 22 days in June 2023, showing a 38% increase in year over year numbers. Last month, the median time to sell a home in Austin was 22 days, showing a 31.8% increase in month over month comparisons.
2.5% Decrease in Median Price Per Square Foot
In June 2024, the median price per square foot of a home in Austin was $311 compared to $319 in June 2023, showing a 2.5% decrease in year over year numbers. Last month, the median price per square foot of a single family home in Austin was $313, showing an 0.6% decrease in month over month comparisons.
29% Decrease in Total Sales Volume
In June 2024, the total sales volume of single family homes in Austin was $517,892,151 compared to $732.25MM in June 2023, showing a 29% decrease in year over year comparisons.
5.2% Increase in Inventory
In June 2024, there was 5.06 months of inventory on the market in Austin compared to 4.81 months in June 2023, showing a 5.2% increase in year over year comparisons. Last month, there was 4.76 months of inventory on the market, showing a 6.3% increase in month over month comparisons.
1.4% Increase in Median Active List Price
The median active list price of a single family home in Austin was $725,000 in June 2024 compared to $715,000 in June 2023, showing a 1.4% increase in year over year numbers. Last month the median active list price of a single family home in Austin was $735,000 showing a 1.4% decrease in month over month numbers.
10% Decrease in Number of New Listings
In June 2024, there were 1,280 new single family homes listed for sale in Austin compared to 1,420 in June 2023, showing a 10% decrease in year over year numbers. Last month, there were 1,530 single family homes listed for sale, showing a 16.6% decrease in month over month comparisons.
18% Increase in Number of Active Listings
In June 2024, there were 3,444 homes actively listed for sale compared to 2,930 in June 2023, showing an 18% increase in year over year numbers. Last month, there were 3,300 homes actively listed for sale, showing a 4.5% increase in month over month comparisons.
June 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 June 2024 Austin home sales below. The most expensive home that sold in June 2024 sold for $6,000,000 and the least expensive home sold for $105,000. Homes ranged in size from 480 sqft – 8,512 sqft with an average size of 2,355 sqft. The average price per square foot for a home that sold in Austin in June 2024 was $350.67 with the lowest being $96.24/sqft and the highest being $1,178.99/sqft. It took, on average, 43 days to sell a home in Austin and sellers received, on average, 94.42% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 480 | $140,000 | $128.32 | $105,000 | $96.24 | 51% | 51% | 0 |
| Max | 15 | 13 | 8,512 | $6,695,000 | $1,393.35 | $6,000,000 | $1,178.99 | 128% | 128% | 767 |
| Avg | 4 | 3 | 2,355 | $864,517 | $362.30 | $835,019 | $350.67 | 97.48% | 94.42% | 43 |
| Median | 3 | 3 | 2,156 | $650,000 | $316.31 | $649,000 | $307.73 | 98% | 96% | 23 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | June 2024 |
| Property Type | Single Family Homes | Number Sold | 862 |
| 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 and time to sell is up 38%, 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 saw a 2.5% decrease in median price per square foot, and although that doesn’t always translate into a lower sales price, it is a promising sign that sellers are willing to negotiate. 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 June 2024 Austin Real Estate Price Report?
Do you have questions about our June 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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