Eleven Oaks Realty is proud to present their November 2024 Austin Real Estate Price Report measuring activity in the single family home market.
Austin is Still in a Seller’s Market, Even a Little Stronger One
In November 2024 there were 3.67 months of inventory on the market in Austin indicating a seller’s market. Last month we had 4.23 months of inventory showing a 16.78% decrease in month over month numbers. Sellers received, on average, 97% of their list prices, showing an 0.51% increase in month over month numbers. The median time to sell a single family home in Austin in November 2024 was 55 days, showing a 6.78% decrease in month over month comparisons. The median sold price of a single family home in Austin in November was $588,628 showing an 0.84% increase in month over month comparisons.
What does this mean for sellers? Sellers should welcome the decrease in inventory as less supply will help keep prices stable, especially as we see more buyers come into the market. If you’re thinking of selling, all signs are indicating this market is going to pick up after the distraction of the holidays is over. Yes it is taking longer to sell, but prices are nearly the same as they were last year. Though they’re not increasing sharply like we saw in some years past, they are stabilizing and not dropping either.
What does this mean for buyers? Buyers should take advantage of the last little bit of this period where we are technically in a sellers market but are seeing conditions favorable to buyers. Prices are stabilizing, sellers are willing to negotiate and it’s taking a couple of months to get a home sold. Should we see the influx of buyers we would expect in spring, we will start to see prices go up again and conditions become less favorable for buyers. Start your search now and don’t risk a market uptick where you’ll have to spend more to get less.
0.45% Increase in Median Sold Price
In November 2024, the median sold price of a single family home in Austin was $588,628 compared to $586,000 in November 2023 showing an 0.45% increase in year over year comparisons. Last month, the median sold price of a single family home in Austin was $583,750 showing an 0.8% increase in month over month comparisons. Though not huge percentage increases, we are seeing an increase in both month over month and year over year comparisons. Given we are in a slower month, this should be a welcome sign for sellers looking to unload their properties.
9% Increase in Number of Sold Homes
In November 2024, there were 522 homes that closed escrow compared to 477 in November 2023, showing a 9% increase in year over year numbers. Last month, there were 592 homes that closed escrow showing an 11.8% decrease in month over month comparisons. This year we’ve definitely seen an uptick in sales compared to last year.
0.2% Increase in Average List Price to Sales Price
In November 2024, the average list price to sales price for a single family home in Austin was 96.97% compared to 96.79% in November 2023 showing an 0.2% increase in year over year comparisons. Last month the average list price to sales price was 96.48% showing an 0.5% increase in month over month numbers.
25% Increase in Median Time to Sell
In November 2024, the median time to sell a home in Austin was 55 days compared to 44 days in November 2023, showing a 25% increase in year over year numbers. Last month the median time to sell a home in Austin was 59 days showing an 0.5% increase in month over month comparisons.
3.4% Increase in Median Price Per Square Foot
In November 2024, the median price per square foot of a home in Austin was $301 compared to $291 in November 2023, showing a 3.4% increase in year over year numbers. Last month the median price per square foot was $$294 showing a 2.4% increase in month over month comparisons.
11.6% Increase in Total Sales Volume
In November 2024, the total sales volume of single family homes in Austin was $418,383,777 compared to $374.99MM in November 2023, showing an 11.6% increase in year over year numbers. Last month the total sales volume was $476.69MM showing a 12.2% decrease in month over month comparisons.
16.2% Decrease in Months Supply of Inventory
In November 2024, there were 3.67 months of inventory on the Austin real estate market compared to 4.38 months in November 2023 showing a 16.2% decrease in year over year numbers. Last month there were 4.41 months of inventory on the market, showing a 16.8% increase in month over month comparisons.
31.5% Increase in Number of New Pending Listings
In November 2024, there were 630 homes that accepted a contract compared to 479 in November 2023, showing a 31.5% increase in year over year numbers. Last month there were 631 homes that accepted a contract showing an 0.2% decrease in month over month comparisons.
0.89% Decrease in Median Active List Price
In November 2024, the median active list price for a single family home in Austin was $669,000 compared to $675,000 in November 2023, showing an 0.89% decrease in year over year numbers. Last month, the median active list price was $670,000 showing an 0.1% decrease in month over month comparisons.
18.6% Decrease in Number of New Listings
In November 2024, there were 614 homes introduced to the Austin real estate market compared to 759 in November 2023, showing an 18.6% decrease in year over year numbers. Last month, there were 889 single family homes introduced to the Austin market showing a 30.9% decrease in month over month comparisons.
9.4% Decrease in Number of Active Listings
In November 2024, there were 2,491 single family homes actively listed on the Austin real estate market compared to 2,750 in November 2023, showing a 9.4% decrease in year over year numbers. Last month, there were 2,940 homes listed, showing a 15.2% decrease in month over month comparisons.
November 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 November 2024 Austin home sales below. The most expensive home that sold in November 2024 sold for $9,650,000 and the least expensive home sold for $172,000. Homes ranged in size from 664 sqft – 10,396 sqft with an average size of 2,272 sqft. The average price per square foot for a home that sold in Austin in November 2024 was $352.39 with the lowest being $121.36/sqft and the highest being $2,497.40/sqft. It took, on average, 73 days to sell a home in Austin and sellers received, on average, 91.64% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 664 | $175,000 | $119.09 | $172,000 | $121.36 | 69% | 39% | 0 |
| Max | 7 | 8 | 10,396 | $9,999,000 | $2,497.40 | $9,650,000 | $2,497.40 | 124% | 124% | 498 |
| Avg | 4 | 3 | 2,272 | $852,611 | $365.25 | $815,807 | $352.39 | 96.84% | 91.64% | 73 |
| Median | 3 | 3 | 2,026 | $610,000 | $304.48 | $595,000 | $297.54 | 98% | 93% | 47 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | November 2024 |
| Property Type | Single Family Homes | Number Sold | 575 |
| 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! The median price is down 0.5%, though not a lot, it’s not up which is great news for buyers. Time to sell is up 25%, so buyers are getting a little more time to make a decision. We are seeing buyer activity increase with a 32% increase in number of new pending listings, so the end of this year is shaping up to be busier than years past. The increase in buyer activity for two straight months during a historically slower time of year is indicating we might be headed for a market uptick after the first of the year when more buyers start their search. Start your search now and take advantage of the impatience of the sellers who have had their homes on the market for months. They might be willing to make a good deal.
If you’re looking to buy, get with a knowledgeable mortgage broker who can guide you to getting the lowest interest rate possible. With the changes to our economic and political climate, predictions are home buying will resume in full force next spring. Take advantage of lower demand and get in before the masses come out and you’re in multiple offer situations 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 and likely heading towards a stronger sellers market. Sellers who meet the market where it’s at will be able to sell quickly and move on with their life. Though we saw a small dip in median price this month, we have generally seen an increase in previous months. And, prices aren’t plummeting. They’re stabilizing. 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 November 2024 Austin Real Estate Price Report?
Do you have questions about our November 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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