Eleven Oaks Realty is proud to present their May 2024 Austin Real Estate Price Report measuring activity in the single family home market.
The Austin Real Estate Market is a Seller’s Market
As we head into summer, the Austin real estate market remains a seller’s market. Though it does seem a little slower in certain neighborhoods and price points, the market as a whole remains strong. In May 2024, there were 4.57 months of inventory on the market, up 10.39% in month over month comparisons. The average list price to sales price was 97.9%, down 0.15% in month over month comparisons. The median time to sell a single family home in Austin was 22 days, down 8.33% in month over month comparisons. The median sold price for a single family home in May 2024 was $640,500, up 5% in month over month comparisons.
What does this mean for sellers? Sellers should be pleased to see despite what feels like a slower start to the busy home buying season, they’re still getting more for their homes in less time. We are in a sellers market and sellers are still able to have some power in a negotiation. Know it’s going to take a little longer to sell and build that into your timeline. Preparing your home to meet its new owner is key as homes that appear to be in move in condition sell faster. So, it’s worth the extra time spent on preparation.
What does this mean for buyers? Buyers should not be discouraged. Though prices are up some, average list price to sales price is down a little, showing motivated sellers are willing to make a deal. Buyers are also getting about 3 weeks before having to make a decision, so they aren’t feeling as rushed as they were in years past. We are seeing more inventory come online, so it’s keeping us from a stronger sellers market. They’re able to go about the home buying process in a professional manner, negotiate with a seller and feel like they’re choosing the right home for them.
3.6% Increase in Median Sold Price
In May 2024, the median sold price for a single family home in Austin was $640,500 compared to $618,500 showing a 3.6% increase in year over year comparisons. Last month, the median sold price was $610,000 showing a 5% increase in month over month comparisons. Though we do feel the market has slowed, prices are still higher than they were last year, which should be a welcome sight for sellers who want to unload their properties.
16% Decrease in Number of Sold Properties
In May 2024, there were 802 single family homes that closed in Austin compared to 959 in May 2023, showing a 16% decrease in year over year numbers. Last month there were 810 homes that closed escrow, showing a 1% decrease in month over month numbers. We have seen fewer sales this year, but prices are still up so buyers are still willing to pay a little more.
0.13% Increase in Average List Price to Sales Price
In May 2024, the average list price to sales price for a single family home in Austin was 97.92% compared to 97.79% in May 2023 showing an 0.13% increase in year over year comparisons. Last month the average list price to sales price was 98.07%, showing an 0.2% decrease in month over month comparisons.
8.3% Decrease in Median Time to Sell
In May 2024, the median time to sell a single family home in Austin was 22 days compared to 24 days in May 2023, showing an 8.3% decrease in year over year comparisons. Last month, the median time to sell was 24 days also showing an 8.3% decrease in month over month comparisons.
1% Increase in Median Price Per Square Foot
The median price per square foot for a single family home in Austin in May 2024 was $313 compared to $310 in May 2024 showing a 1% increase in year over year comparisons. Last month, the median price per square foot was $313 showing no change in month over month comparisons.
19.5% Decrease in Total Sales Volume
In May 2024, the total sales volume was $676,836,770 compared to $808.63MM in May 2023, showing a 19.5% decrease in year over year numbers. Last month the total sales volume was $678.98MM showing an 0.3% decrease in month over month comparisons.
4% Increase in Months Supply of Inventory
In May 2024 there was 4.57 months of inventory on the market compared to 4.39 months in May 2023 showing a 4% increase in year over year comparisons. Last month there was 4.14 months of inventory on the market showing a 10.4% increase in month over month comparisons.
1% Decrease in New Pending Listings
In May 2024, there were 846 single family homes that accepted a contract in Austin compared to 854 in May 2023, showing a 1% decrease in year over year comparisons. Last month, there were 844 single family homes that accepted a contract showing an 0.2% increase in month over month comparisons.
2.67% Increase in Median Active List Price
The median active list price for a single family home in May 2024 was $750,000 compared to $730,500 in May 2023 showing a 2.67% increase in year over year numbers. Last month, the median active list price was $769,000 showing a 2.5% decrease in month over month comparisons.
7.6% Increase in Number of New Listings
In May 2024, there were 1,537 single family homes introduced to the market compared to 1,420 in May 2023, showing a 7.6% increase in year over year numbers. Last month, there were 1,570 homes introduced to the market showing a 2.2% decrease in month over month comparisons.
16.7% Increase in Number of Active Listings
In May 2024, there were 3,193 single family homes actively for sale in Austin compared to 2,660 in May 2023, showing a 16.7% increase in year over year numbers. Last month, there were 2,890 single family homes actively for sale in Austin showing a 10.5% increase in month over month comparisons.
May 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 May 2024 Austin home sales below. The most expensive home that sold in May 2024 sold for $7,500,000 and the least expensive home sold for $200,000. Homes ranged in size from 640 sqft – 12,148 sqft with an average size of 2,305 sqft. The average price per square foot for a home that sold in Austin in May 2024 was $364.19 with the lowest being $123.94/sqft and the highest being $1,196.61/sqft. It took, on average, 39 days to sell a home in Austin and sellers received, on average, 95.2% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 0 | 1 | 640 | $215,000 | $152.06 | $200,000 | $123.94 | 72% | 57% | 0 |
| Max | 8 | 10 | 12,148 | $7,950,000 | $1,208.13 | $7,500,000 | $1,196.61 | 120% | 125% | 529 |
| Avg | 4 | 3 | 2,305 | $873,878 | $373.46 | $848,514 | $364.19 | 97.85% | 95.2% | 39 |
| Median | 3 | 3 | 2,118 | $674,950 | $317.76 | $654,500 | $312.34 | 98.5% | 97% | 16 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | May 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 sell! Median price is up 3.6% from last year and time to sell is down 8.3%. We are seeing more inventory come online, with a 7.6% increase in year over year numbers, which is keeping us from a stronger sellers market, but sellers are still in a good place. They’re getting more for the homes in less time. And not many can complain about that. 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 May 2024 Austin Real Estate Price Report?
Do you have questions about our May 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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