Eleven Oaks Realty is proud to present their March 2024 Austin Real Estate Price Report measuring activity in the single family home market.
The Austin Real Estate Market is Sitting in a Strong Seller’s Market
Continuing our strong start to 2024, March only strengthened the Austin real estate market and kept the numbers in strong seller’s market territory. If you’ve been reading our previous market reports, you know buyer activity started early this year, almost right after Christmas. Even though interest rates still sit higher than we’ve seen in previous years, buyers have readjusted to this new market and are starting to buy again. In March 2024, there was 3.26 months of inventory on the Austin real estate market, showing an 11.26% increase in month over month comparisons. The list price to sales price ratio was 97.9%, up 0.43% in month over month comparisons. The median time to sell a home in Austin was 32 days, down 46.67% in month over month comparisons. The median sold price of a single family home in Austin was $600,000, showing a 6.7% increase in month over month comparisons.
What does this mean for sellers? Sellers should welcome the decrease in inventory as it has already translated into an increase in prices. With more buyers competing for the same houses, they’re having to increase their offers to get sellers to sign. It’s also taking less time to get more money, so that means less time living in a pristine home so you’re prepared for last minute showings. Keep in mind though we are in a seller’s market, we aren’t seeing the multiple offers and overbids we were seeing in stronger sellers markets. That being said, sellers are getting more than they were last year and last month, so that should be welcome news. If you’re looking to sell, work with a Realtor who can show you the realities of the market in your neighborhood, so you have a good sense of what you can expect, both in terms of price and timing.
What does this mean for buyers? Though we are in a seller’s market, we are seeing favorable terms for buyers. Buyers aren’t having to pay list price in most cases and have more than a few hours to make a decision. There isn’t as much inventory on the market, but if you’re clear on what you want and can make a decision quickly, you can beat out others who are taking their time making a decision. Buyers who make home buying a priority can have their pick of what’s on the market simply by getting over to the property when it’s first listed. If you want to buy a home in Austin this year, get started early. History has shown buyers who buy early in the home buying season will pay less than those who wait until the end.
Median Price Up 5.26%
In March 2024, the median price of a single family home in Austin was $600,000 up from $570,000 in March 2023, showing a 5.26% increase in year over year numbers. Last month, the median sales price was $562,300, showing a 6.7% increase in month over month comparisons. Though the market is slowing, we aren’t seeing prices nose dive. In fact, they’re increasing slightly from last year’s numbers, which is a testament to the strength of this market.
3% Increase in Number of Sold Listings
In March 2024, there were 711 single family homes that sold in Austin compared to 690 in March 2023, showing a 3% increase in year over year numbers. Last month, there were 584 single family homes that sold, showing a 21.7% increase in month over month comparisons. With increased buyer activity, we are seeing time to sell decrease and inventory stay in seller’s market territory.
0.6% Increase in Average List to Sales Price
In March 2024, the average list price to sales price was 97.87% compared to 92.27% in March 2023 showing an 0.6% increase in year over year numbers. Last month, the average list price to sales price was 97.45%, showing an 0.4% increase in month over month comparisons. Austin home sellers are getting more, on average, compared to their list prices, which should be a promising sign to home owners looking to sell.
37% Decrease in Median Time to Sell
In March 2024, the median time to sell a home in Austin was 32 days compared to 51 days in March 2023, showing a 37% decrease in year over year comparisons. Last month, the median time to sell was 60 days, showing a 46.7% decrease in month over month comparisons. More buyers in the market means they are seeing some additional competition and having to make decisions faster so they don’t lose the home they want.
4.3% Increase in Median Price Per Square Foot
In March 2024, the median price per square foot was $312 compared to $299 in March 2023, showing a 4.3% increase in year over year numbers. Last month, the median price per square foot was $306, showing a 2% increase in month over month comparisons.
9.3% Increase in Total Sales Volume
The total sales volume for single family homes that sold in Austin in March 2024 was $574,907,055 compared to $525.87MM in March 2023, showing a 9.3% increase in year over year numbers. Last month, the total sales volume was $432.66MM, showing a 32.9% increase in month over month numbers.
10.7% Decrease in Months Supply of Inventory
In March 2024, there was 3.26 months of inventory on the market compared to 3.65 in March 2023, showing a 10.7% decrease in year over year numbers. Last month, there was 2.93 months of inventory on the market, showing an 11.3% increase in month over month numbers. Sellers saw the uptick in buyer activity last month and got their homes listed.
4.4% Increase in Number of New Pending Listings
In March 2024, there were 883 single family homes that accepted a contract compared to 846 in March 2023, showing a 4.4% increase in year over year numbers. Last month, there were 739 homes that accepted a contract, showing a 19.5% increase in month over month comparisons.
14% Increase in Median Active List Price
In March 2024, the median active list price was $799,000 for a single family home in Austin compared to $699,900 in March 2023, showing a 14% increase in year over year numbers. Last month, the median active list price was $749,000, showing a 6.7% increase in month over month comparisons.
2.5% Increase in Number of New Listings
In March 2024 there were 1,353 single family homes introduced to the market compared to 1,320 in March 2023, showing a 2.5% increase in year over year numbers. Last month there were 1,160 homes introduced to the market showing a 16.8% increase in month over month numbers.
1.8% Increase in Number of Active Listings
In March 2024, there were 2,321 single family homes actively listed on the market compared to 2,280 in March 2023, showing a 1.8% increase in year over year numbers. Last month, there were 2,080 single family homes on the market, showing an 11.7% increase in month over month comparisons.
March 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 March 2024 Austin home sales below. The most expensive home that sold in March 2024 sold for $7,290,000 and the least expensive home sold for $150,000. Homes ranged in size from 528 sqft – 6,843 sqft with an average size of 2,227 sqft. The average price per square foot for a home that sold in Austin in March 2024 was $356.40 with the lowest being $101.69/sqft and the highest being $1,567.38/sqft. It took, on average, 57 days to sell a home in Austin and sellers received, on average, 94.72% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 528 | $150,000 | $101.69 | $150,000 | $101.69 | 74% | 59% | 0 |
| Max | 7 | 9 | 6,843 | $7,450,000 | $1,654.41 | $7,290,000 | $1,567.38 | 117% | 117% | 556 |
| Avg | 3 | 3 | 2,227 | $830,768 | $365.62 | $808,228 | $356.40 | 97.88% | 94.72% | 57 |
| Median | 3 | 3 | 2,063 | $615,000 | $311.72 | $600,000 | $307.45 | 99% | 97% | 26 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | March 2024 |
| Property Type | Single Family Homes | Number Sold | 730 |
| 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 over 5% from last year and buyers are not afraid to make offers. Time to sell is down 37%, so sellers are not having to live with showings as long as they were in months past. We did see a bit more inventory come online last month, which kept us out of stronger sellers market territory, but sellers are still getting more of their list prices, which shows buyers are having to compete. As we head deeper into spring, we should see an even stronger seller’s market (if history is any predictor). If you’re looking to sell, get our home ready now so you are ready when buyers are.
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 March 2024 Austin Real Estate Price Report?
Do you have questions about our March 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.
Leave a Reply