Eleven Oaks Realty is proud to present their October 2024 Austin Real Estate Price Report measuring activity in the single family home market.
The Austin Real Estate Market Remains a Seller’s Market
In October 2024, there were 4.23 months of inventory on the Austin real estate market indicating a seller’s market. Last month, we had 4.77 months of inventory showing a 13.32% decrease in month over month numbers. The average list price to sales price was 96.5%, showing an 0.55% decrease in month over month comparisons. The median time to sell a single family home in Austin in October 2024 was 57 days, up 5.56% in month over month numbers. The median sold price of a single family home in Austin was $590,000, showing a 4.03% decrease in month over month comparisons.
What does this mean for sellers? Sellers should remain confident that they will be able to get their homes sold. Recognize most sellers are getting less than list price and that buyers are taking their sweet time, you can adjust your expectations to the market. Homes that are priced right get buyers to act. Homes that aren’t get buyers to continue to think it over and not take action. Prepare your home to meet the market, price it right and you’ll be successful. Skip any of those steps and you might be waiting a while for a buyer.
What does this mean for buyers? Buyers should be pleased to see prices are softening just a bit and they’re getting more time to make a decision, making it a much more business like process than what we saw in years past. There is still plenty of inventory to have several choices and as you can see, sellers are willing to come off their list price to get a buyer. If you prioritize your home search, you’ll be able to beat other buyers to new listings and have a leg up in the negotiation process. Though it’s technically a seller’s market, it is a favorable market for buyers. There’s enough supply to be able to choose the right house for you and not quite as much demand, so there’s often room to negotiate a great deal.
0.8% Decrease in Median Sold Price
In October 2024, the median sold price of a single family home in Austin was $590,000 compared to $595,000 in October 2023, showing an 0.8% decrease in year over year comparisons. Last month the median sold price was $614,750, showing a 4% decrease in month over month comparisons.
6.5% Decrease in Number of Homes Sold
In October 2024, there were 545 single family homes that sold compared to 583 in October 2023, showing a 6.5% decrease in year over year numbers. Last month there were 528 single family homes that sold showing a 3.2% increase in month over month comparisons.
0.5% Decrease in Average List Price to Sales Price
In October 2024, the average list price to sales price was 96.46% for a single family home in Austin compared to 96.98% in October 2023, showing an 0.5% reduction in year over year numbers. Last month the average list price to sales price was 96.99%, showing an 0.5% decrease in month over month comparisons.
21% Increase in Median Time to Sell
In October 2024, the median time to sell a single family home in Austin was 57 days compared to 47 days in October 2023, showing a 21% increase in year over year numbers. Last month, the median time to sell a single family home in Austin was 54 days, showing a 5.6% increase in month over month comparisons.
2.3% Decrease in Median Price Per Square Foot
In October 2024, the median price per square foot for a single family home in Austin was $299 compared to $306 in October 2023, showing a 2.3% decrease in year over year numbers. Last month the median price per square foot was $298 showing an 0.3% increase in month over month comparisons.
4.2% Decrease in Total Sales Volume
In October 2024, the total sales volume for a single family home in Austin was $449,817,405 compared to $469.57MM in October 2023, showing a 4.2% decrease in year over year numbers. Last month the total sales volume was $406.71MM showing a 10.6% increase in month over month comparisons.
8.6% Decrease in Months Supply of Inventory
In October 2024, there were 4.23 months of inventory on the Austin single family home market compared to 4.63 months in October 2023, showing an 8.6% decrease in year over year numbers. Last month, there were 4.88 months of inventory on the market showing a 13.3% decrease in month over month comparisons.
26% Increase in Number of New Pending Listings
In October 2024, there were 683 homes that accepted a contract in Austin compared to 542 in October 2023, showing a 26% increase in year over year numbers. Last month, there were 588 homes that accepted a contract, showing a 16.2% increase in month over month comparisons.
2.2% Decrease in Median Active List Price
The median list price of a single family home in Austin was $675,000 in October 2024 compared to $690,000 in October 2023, showing a 2.2% decrease in year over year numbers. Last month, the median active list price was $672,000 showing an 0.4% increase in month over month comparisons.
0.78% Decrease in Number of New Listings
In October 2024, there were 893 homes introduced to the market compared to 900 in October 2023, showing an 0.78% decrease in year over year numbers. Last month, there were 971 single family homes introduced to the market showing an 8% decrease in month over month numbers.
0.5% Decrease in Number of Active Listings
In October 2024, there were 2,826 single family homes for sale in Austin compared to 2,840 in October 2023, showing an 0.5% decrease in year over year numbers. Last month, there were 3,200 homes for sale in Austin, showing an 11.8% decrease in month over month numbers.
October 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 October 2024 Austin home sales below. The most expensive home that sold in October 2024 sold for $6,500,000 and the least expensive home sold for $135,000. Homes ranged in size from 624 sqft – 8,240 sqft with an average size of 2,270 sqft. The average price per square foot for a home that sold in Austin in October 2024 was $343.80 with the lowest being $80.11/sqft and the highest being $1,460.03/sqft. It took, on average, 69 days to sell a home in Austin and sellers received, on average, 91.46% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 624 | $149,000 | $103.68 | $135,000 | $80.11 | 64% | 48% | 0 |
| Max | 8 | 9 | 8,240 | $6,990,000 | $1,495.93 | $6,500,000 | $1,460.03 | 127% | 128% | 755 |
| Avg | 4 | 3 | 2,270 | $844,897 | $358.37 | $806,558 | $343.80 | 96.39% | 91.46% | 69 |
| Median | 3 | 3 | 2,099 | $599,900 | $303.18 | $587,600 | $294.95 | 97% | 93% | 53 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | October 2024 |
| Property Type | Single Family Homes | Number Sold | 609 |
| 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 0.8% and the median price per square foot is down 2.3%. Time to sell is up 21%, so buyers are getting a little more time to make a decision. We are seeing buyer activity increase with a 26% increase in number of new pending listings, so the end of this year is shaping up to be busier than years past. We are still in a seller’s market, but it is one of the most favorable sellers market we have seen for buyers in years. Buyers who are patient, diligent in their search and willing to make competitive offers are often surprised at what they can buy a home for.
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. 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 October 2024 Austin Real Estate Price Report?
Do you have questions about our October 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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