Eleven Oaks Realty is proud to present their September 2024 Austin Real Estate Price Report measuring activity in the single family home market.
The Austin Real Estate Market is a Seller’s Market
In September 2024, the Austin real estate market remained a seller’s market. There were 4.77 months of inventory on the market, down 2.25% in month over month numbers. The average list price to sales price was 96.9%, down 0.02% in month over month comparisons. The median time to sell a single family home in Austin in September 2024 was 54 days, up 12.5% in month over month numbers. The median price of a single family home in Austin was $614,750, up 0.86% in month over month numbers.
What does this mean for sellers? Though the market is not as strong as it has been in years past, it is still a seller’s market. Yes it is taking longer to sell and yes there is more competition, but sellers are still getting a little bit more than they got last year. Sellers who spend some time preparing their homes to meet the market are seeing results. Condition and price are two factors buyers are very particular about. If either or both of those aren’t in line with the rest of the market, they are sitting on the sidelines waiting for something better to come up. When they find a home that’s priced right and in good condition, they are jumping on it.
What does this mean for buyers? The market is a seller’s market but it is one of the most favorable markets we have seen in Austin for several years. Buyers are able to negotiate with sellers, who are eager to get their homes sold and often impatient with waiting for the right buyer to come along. When they get an offer, they’re usually willing to negotiate and often times buyers end up getting their homes for less than they would have thought. Take advantage of this shift in the market to find the right house for you and your family.
3.6% Increase in Median Sold Price
In September 2024 the median sales price of a single family home in Austin was $614,750 compared to $593,500 in September 2023, showing a 3.6% increase in year over year numbers. Last month the median sales price was $609,500 showing an 0.9% increase in month over month numbers. Prices are still up despite reports of the market being down which should be encouraging for home owners looking to sell their homes in the near future.
19.1% Decrease in Number of Homes Sold
In September 2024, there were 514 single family homes to sell in Austin compared to 635 in September 2023, showing a 19.1% decrease in year over year numbers. Last month, there were 667 homes that sold in Austin, showing a 22.9% decrease in month over month comparisons.
0.14% Increase in Average List Price to Sales Price
In September 2024, the average list price to sales price for a single family home in Austin was 96.91% compared to 96.77% in September 2023, showing an 0.14% increase in year over year numbers. Last month, the average list price to sales price was 96.93%, showing essentially no change in month over month numbers.
35% Increase in Median Time to Sell
In September 2024, the median time to sell a single family home in Austin was 54 days compared to 40 days in September 2023, showing a 35% increase in year over year numbers. Last month the median time to sell was 48 days, showing a 12.5% increase in month over month comparisons.
0.33% Decrease in Median Price Per Square Foot
In September 2024, the median price per square foot of a single family home in Austin was $298 compared to $299 in September 2023, showing an 0.33% decrease in year over year numbers. Last month the median price per square foot was $307, showing a 2.9% decrease in month over month comparisons.
20.1% Decrease in Total Sales Volume
In September 2024, the total sales volume for single family homes in Austin was $396,504,821 compared to $496.16MM in September 2023 showing a 20.1% decrease in year over year comparisons. Last month the total sales volume was $548.48MM showing a 27.7% decrease in month over month comparisons.
Inventory up 0.4%
In September 2024, there were 4.77 months of inventory on the market compared to 4.75 months in September 2023, showing an 0.4% increase in year over year numbers. Last month there were 4.88 months of inventory on the market, showing a 2.3% decrease in month over month comparisons.
1.85% Decrease in Number of New Pending Listings
In September 2024, there were 638 single family homes that accepted a contract compared to 650 in September 2023, showing a 1.85% decrease in year over year comparisons. Last month there were 603 single family homes that accepted a contract showing a 5.8% increase in month over month comparisons.
2.86% Decrease in Median Active List Price
In September 2024, the median active list price of a single family home in Austin was $679,000 compared to $699,000 in September 2023, showing a 2.86% decrease in year over year numbers. Last month the median active list price was $680,000 showing an 0.1% increase in month over month comparisons.
3.17% Decrease in Number of New Listings
In September 2024, there were 978 single family homes introduced to the market compared to 1,010 in September 2023, showing a 3.17% decrease in year over year numbers. Last month, there were 907 single family homes introduced to the market showing a 7.8% increase in month over month comparisons.
9.2% Increase in Number of Active Listings
In September 2024, there were 3,145 single family homes that were actively listed on the market compared to 2,880 in September 2023, showing a 9.2% increase in year over year numbers. Last month, there were 3,230 single family homes actively listed on the market in Austin, showing a 2.5% decrease in month over month comparisons.
September 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 September 2024 Austin home sales below. The most expensive home that sold in September 2024 sold for $5,650,000 and the least expensive home sold for $175,000. Homes ranged in size from 720 sqft – 10,425 sqft with an average size of 2,297 sqft. The average price per square foot for a home that sold in Austin in September 2024 was $335.26 with the lowest being $133.33/sqft and the highest being $1,287.38/sqft. It took, on average, 62 days to sell a home in Austin and sellers received, on average, 92.16% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 720 | $230,000 | $134.37 | $175,000 | $133.33 | 61% | 53% | 0 |
| Max | 8 | 10 | 10,425 | $5,950,000 | $1,324.75 | $5,650,000 | $1,287.38 | 117% | 117% | 488 |
| Avg | 4 | 3 | 2,297 | $807,238 | $347.47 | $776,288 | $335.26 | 96.95% | 92.16% | 62 |
| Median | 3 | 3 | 2,120 | $634,900 | $305.03 | $620,000 | $295.40 | 98% | 94% | 46 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | September 2024 |
| Property Type | Single Family Homes | Number Sold | 553 |
| 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 number of listings are up 9% and time to sell is up 35%, which means buyers are getting more choices and are able to take advantage of a seller who needs to sell quickly and is willing to let go of some terms to make that happen. Though median price is up nearly 4%, we are seeing buyers be able to negotiate more off list price and even seeing many price reductions for sellers who were too optimistic of the market when they listed. 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. 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 September 2024 Austin Real Estate Price Report?
Do you have questions about our September 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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