Austin, TX Metro Area Housing Market Analysis - November 2024
The Austin, TX metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has seen a modest increase of 0.9% year-over-year, reaching $434,000. This suggests a slight upward pressure on home prices, despite a decrease in the Median List Price by 0.4% to $450,000, indicating potential adjustments in seller expectations.
Price Per Square Foot metrics reveal contrasting trends. The median Price Per Square Foot has decreased by 2.5% year-over-year to $214.52, while the Median List Price per square foot has increased by 1.6% to $237.49. This divergence may reflect a market where buyers are negotiating more aggressively, or sellers are adjusting their pricing strategies to attract interest.
Sales activity in the Austin metro area shows positive momentum. The number of Homes Sold has increased by 3.3% year-over-year, totaling 2,163 units. Pending Sales have surged by 9.1%, reaching 2,461, indicating strong buyer interest and potential future sales growth. However, New Listings have dropped significantly by 24.8%, with only 2,074 new properties entering the market, which could constrain future inventory levels.
Inventory levels have remained relatively stable, with a slight increase of 0.7% year-over-year, totaling 10,414 homes. The Months of Supply have decreased by 10.0% to 4.8 months, suggesting a tighter market compared to the previous year. This reduction in supply could contribute to upward pressure on prices if demand remains strong.
The Median Days on Market have increased by 8.0% to 76 days, indicating that homes are taking longer to sell compared to last year. This could be a result of the increased inventory or changing buyer preferences. The average sale to list ratio has remained relatively stable, with a slight increase of 0.1% to 97.2%, suggesting that homes are selling close to their asking prices.
The percentage of Homes Sold above list price has decreased by 2.2% to 9.8%, reflecting a potential cooling in competitive bidding situations. Price Drops have slightly decreased by 0.6%, affecting 32.0% of listings, which may indicate sellers are adjusting prices to meet market expectations. Additionally, the percentage of homes going off the market within two weeks has decreased by 2.2% to 14.5%, suggesting a slower pace of transactions.
Overall, the Austin, TX metro area housing market in November 2024 is characterized by stable sales prices, increased sales activity, and a tightening supply. However, the decrease in New Listings and longer time on the market may pose challenges for both buyers and sellers as they navigate this evolving landscape.
