Austin, TX Metro Area Housing Market Analysis - September 2024
The Austin, TX metro area housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 3.0% year-over-year, settling at $426,002. This decline contrasts with the Median List Price, which has risen by 6.7% to $479,990, indicating a potential gap between seller expectations and buyer willingness.
In terms of Price Per Square Foot, the Median Sales Price per square foot has decreased by 5.0% year-over-year to $218.71, while the Median List Price per square foot has seen a slight decline of 0.2%, now at $242.42. These figures suggest a downward pressure on actual sale prices compared to listing prices.
The number of Homes Sold has decreased by 6.7% year-over-year, with 2,224 Homes Sold in September 2024. However, Pending Sales have increased by 8.5%, reaching 2,746, indicating a potential uptick in future sales activity. New Listings have decreased by 10.2% year-over-year, totaling 3,000, which may contribute to the increased inventory levels, now up by 4.4% to 11,715 homes.
The Months of Supply have seen a significant increase of 60.0% year-over-year, now at 5.3 months, suggesting a shift towards a more balanced market. The Median Days on Market have increased by 9.0% to 69 days, reflecting a slower pace in the market.
The average sale to list ratio has slightly decreased by 0.1% to 97.2%, indicating that homes are selling closer to their list prices. The percentage of Homes Sold above list price has decreased by 1.0% to 11.4%, while the percentage of Price Drops has decreased by 2.9% to 37.2%. Additionally, the percentage of homes going off the market in two weeks has decreased by 6.4% to 17.3%, suggesting a slower turnover rate.
Overall, the Austin housing market in September 2024 reflects a mix of declining sales prices and increased inventory, with some indicators pointing towards a potential stabilization or shift in market dynamics. Buyers and sellers alike should remain informed and adaptable to these evolving conditions.
