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Austin Real Estate Market Update: November 2024 November 20, 2024 : The Austin-area real estate market is undergoing notable changes as November progresses. There are currently 13,740 <a href="https://teamprice.com/active-residential-listings">active residential properties for sale</a>, with 3,951 pending properties. This results in an Activity Index of 22.33%, a figure that highlights the ratio of pending properties compared to the total number of active and pending listings. This combination reflects a market with substantial inventory alongside steady buyer activity. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241120012703.png" alt="" width="" height="" style=""></figure></div> The <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">months of inventory (MOI) across the Austin</a> area averages 4.8 months, signaling a balanced market that favors neither buyers nor sellers. This is the lowest MOI since March 2024, indicating a shift toward more stable conditions. Across the 30 cities in Central Texas, months of inventory range widely—from a tight 2.35 months in high-demand areas to a substantial 11 months in markets with slower activity. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241120012601.png" alt="" width="" height="" style=""></figure></div> Home prices show a median sold price of $440,000 and an average sold price of $585,629. Compared to the market's peak in May 2022, the average sold price has dropped by 20%, creating improved affordability for buyers. Despite these adjustments, sellers continue to secure favorable results, with a sold-to-list price ratio of 97.10%, demonstrating that properties are generally selling close to their listed prices. The average time on the market is currently 70 days, underscoring the importance of competitive pricing and effective marketing strategies to achieve quicker sales. Additionally, 54.39% of active listings have seen price reductions, reflecting sellers’ willingness to adjust in response to market conditions and buyers’ focus on value. These patterns indicate that the Austin-area housing market is adjusting to evolving economic conditions, such as fluctuating interest rates and changing buyer demand. The balance reflected in the months of inventory suggests a stable environment, offering opportunities for both buyers and sellers to achieve their real estate goals.&nbsp;​

Discover the latest trends in the Austin real estate market for November 2024. Explore detailed data on inventory, pricing, days on market, and more, providing insights for buyers and sellers.

November 2024 Austin Real Estate Market Update: Key Trends and Insights

Austin's Top Appreciating Zip Code in 2024: A Closer Look at 78730 In the ever-changing Austin real estate market, the <a href="https://teamprice.com/data-analysis/78730">78730 zip code</a> has emerged as the best-performing area in terms of year-over-year appreciation. According to the latest data, the 78730 area has demonstrated remarkable growth, particularly when comparing the median sold price from last year to this year. This impressive performance highlights the continued strength of the 78730 market despite broader economic challenges faced by the Austin area. The annual compound growth rate for the <a href="https://teamprice.com/data-analysis/78730">78730 zip code</a> from 1999 to 2024 stands at 3.49%, reflecting steady and consistent long-term growth. However, what sets this area apart is the recent surge in the median sold price, making it the standout zip code in Austin for 2024. In 2023, the median sold price in 78730 was $995,000, showing a slight decline from previous highs. However, 2024 brought a strong recovery, with the median sold price jumping to $1,175,000, marking an impressive 18% increase compared to the previous year. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241111123841.png" alt="" width="" height="" style=""></figure></div> The historical data for 78730 reveals notable fluctuations and growth patterns that tell a broader story about this market's resilience. In the early 2000s, the area experienced rapid price increases, including a significant spike between 1999 and 2000, where the median sold price rose by 30%. This was followed by a period of market corrections in the mid-2000s, aligning with the nationwide housing downturn during the financial crisis. From 2007 to 2009, the area saw a sharp drop in both average and median sold prices, reflecting the broader economic recession. Despite these setbacks, the 78730 zip code rebounded strongly in the 2010s. The market showed consistent growth year after year, with a notable surge between 2013 and 2015. The average sold price climbed from $615,182 in 2013 to $657,770 in 2015, while the median sold price increased by 14% during the same period. This steady appreciation continued into the late 2010s, setting the stage for the dramatic gains seen during the COVID-19 pandemic. The impact of the pandemic on the Austin real estate market was profound, and the 78730 area was no exception. In 2020 and 2021, the zip code saw its largest gains in over a decade. The average sold price jumped by 22% in 2020, followed by a staggering 32% increase in 2021. During this time, median prices also soared, reaching a high of $975,000 in 2021. These figures underscore the surge in demand for homes in desirable, suburban areas like 78730, as buyers sought more space and quality amenities. However, 2022 brought a shift in the market. Rising interest rates and broader economic concerns led to a cooling of the real estate frenzy. The average sold price in 78730 fell by 4%, while the median sold price still managed a modest increase of 5%, showing that while demand softened, it remained relatively strong in this sought-after area. The following year, 2023, saw further declines in both average and median sold prices, reflecting the ongoing market adjustments and a return to more balanced conditions. The strong rebound in 2024 highlights the underlying demand and desirability of the 78730 area. This year, the median sold price climbed back up to $1,175,000, an 18% increase from the previous year, signaling renewed buyer confidence and likely reduced inventory levels. The growth in 2024 positions 78730 as the best-appreciating zip code in Austin, attracting both investors and homebuyers looking for long-term value in the market. Beyond the numbers, the 78730 zip code offers a lifestyle that draws residents year after year. The area includes some of Austin’s most desirable neighborhoods and subdivisions, such as <a href="https://teamprice.com/subdivisions/river-place">River Place</a>, Long Canyon, Westminster Glen, Shepherd Mountain, and Glenlake Estates. These communities feature a mix of luxury homes, spacious lots, and scenic views of the Texas Hill Country. Residents enjoy close proximity to outdoor attractions like Emma Long Metropolitan Park, which offers miles of hiking trails, waterfront activities along Lake Austin, and picnic areas perfect for family outings. Another unique aspect of the 78730 zip code is its easy access to major roadways like RM 2222 and Loop 360, providing convenient commutes to downtown Austin and the Domain. The area is also known for its top-rated schools, making it a popular choice for families. The natural beauty, combined with upscale amenities and excellent connectivity, makes 78730 one of the most sought-after and appreciated zip codes in the city. In summary, the 78730 zip code has shown remarkable resilience and consistent growth over the past two decades, with significant appreciation, particularly in 2024. This data-driven analysis highlights the market's ups and downs but ultimately shows a strong upward trend. Buyers and investors looking at the Austin real estate market would be wise to consider the 78730 area, which continues to demonstrate its strength and potential for future appreciation.&nbsp;

Explore why Austin’s 78730 zip code stands out as the top appreciating area in 2024. Detailed analysis of home prices, neighborhood amenities, and historical trends make 78730 a must-watch market for buyers and investors

78730: Austin’s Top Appreciating Zip Code in 2024

Austin Real Estate Market Update: Shifting Back to a Seller's Market November 09, 2024 : The Austin real estate market is showing significant signs of change as the latest data reveals a dip in the <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">Months of Inventory (MOI)</a> to 4.96. This shift marks a return to a seller's market, highlighting a balance tipped in favor of sellers after a period of higher inventory levels throughout much of 2023 and early 2024. The Months of Inventory is a crucial metric in real estate that measures how long it would take to sell all active listings at the current sales pace, and a figure below 5 months typically indicates strong demand, favoring sellers. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241109015305.png" alt="" width="" height="" style=""></figure></div> Over the past two decades, Austin's real estate market has experienced various cycles, from the stability of the mid-2000s to the turbulence of the financial crisis, and the booming seller's market during the pandemic years. Historically, the Austin area has seen MOI fluctuate based on broader economic trends, local housing demand, and changing interest rates. For context, during the financial crisis in 2009-2011, the MOI surged to levels as high as 8.6 months, reflecting a sharp drop in buyer demand and a significant increase in available listings. In stark contrast, the pandemic-driven market of 2020-2021 recorded some of the lowest inventory levels in history, with MOI dropping to as low as 0.7 months, driven by a surge in buyer demand and limited new listings.​The current MOI of 4.96 suggests a market dynamic where demand is rising again, possibly due to more stable interest rates and a rebound in buyer confidence. This figure signals a shift back from the neutral and buyer-leaning market conditions observed earlier this year, where MOI was often above 5 months. The recent decline below the 5-month threshold suggests a tightening market where sellers have more leverage, and properties are moving at a quicker pace.​In November 2024, the Austin area has 14,136 active residential listings, indicating a robust level of inventory compared to the peak crisis levels of 2010 but still below the highs of the past year. Despite the elevated inventory, the declining MOI points to increased absorption rates, which means that more buyers are entering the market, and properties are being sold at a faster rate. This change is significant because a higher absorption rate usually correlates with a decrease in the number of days properties spend on the market, often resulting in upward pressure on prices. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241109015449.png" alt="" width="" height="" style=""></figure></div>​The analysis of the market data from 2005 to 2024 reveals several key trends. From 2005 to 2008, the market was relatively stable, with MOI hovering around 4-5 months, which is consistent with a balanced market where supply and demand are nearly equal. However, the economic downturn in 2008 led to a sharp increase in inventory levels, peaking in mid-2010 at 8.6 months. This represented a strong buyer’s market, where the number of available homes far exceeded the demand, giving buyers considerable negotiating power.​Following the recovery period from 2012 onwards, the Austin market experienced a gradual tightening. From 2012 to 2019, the MOI consistently stayed below 5 months, marking a prolonged seller’s market as the local economy strengthened and demand outpaced supply. This trend was further exacerbated during the COVID-19 pandemic, when record-low interest rates and heightened demand led to an unprecedented reduction in inventory, with MOI figures consistently below 2 months.​In 2023 and early 2024, there was a noticeable shift, with inventory levels rising and the market moving toward a neutral stance. However, as of November 2024, the MOI’s drop to 4.96 indicates a resurgence of buyer activity. This suggests that buyers are adjusting to the current mortgage rates, and many are capitalizing on the relative affordability improvements compared to the price peaks seen during the height of the pandemic boom.​The market's current conditions align with trends seen in 2013-2014, where MOI hovered around 4-5 months, indicating a slightly seller-favored environment. Unlike that period, however, the macroeconomic landscape today includes higher interest rates, which have been a major factor affecting affordability and buyer sentiment. Despite these challenges, the sustained demand and strong absorption rates reflect a resilient housing market supported by ongoing in-migration, strong employment figures, and a robust local economy in Austin. Looking ahead, the months of November and December often see seasonal slowdowns, but if the current trend of declining MOI persists, it may point to stronger underlying demand heading into early 2025. The ongoing absorption of inventory, coupled with stable demand, could result in increased competition among buyers, especially if the Federal Reserve signals any potential adjustments to interest rates. The upcoming months will be critical to observe as these factors play out, shaping the market dynamics for the new year. Overall, the latest data shows that the Austin real estate market is making a notable shift back towards a seller’s market. The MOI at 4.96 indicates strong buyer activity and a tightening of supply, which could lead to stabilizing or even rising home prices in the near future. This change, while subtle, may signal the beginning of a new phase in the Austin housing market cycle.&nbsp;

The latest Austin real estate market update reveals a shift back to a seller’s market, with Months of Inventory (MOI) dropping to 4.96 in November 2024. Active residential listings remain steady at 14,136, while increased absorption rates highlight rising buyer demand. Discover how these trends may impact home prices and the Austin housing market moving into 2025.

Austin Real Estate Market Update: Seller’s Market Returns as Inventory Falls in November 2024

Austin Real Estate Market Analysis: Pending Listings Show November Uptick But Year-to-Date Remains Weak November 08, 2024 : The City of Austin’s real estate market has experienced a rollercoaster of changes in the past decade. Analyzing <a href="https://teamprice.com/residential-inventory">pending listings</a>, which serve as a key indicator of market activity, we observe significant fluctuations from 2014 through 2024. This data offers valuable insights into seasonal trends, economic shifts, and the broader dynamics impacting homebuyers and sellers in Austin. Let’s take a closer look at how these numbers have changed over time, focusing on the recent performance and trends for November 2024, as well as a comprehensive comparison with previous years.​From January to November 2024, the <a href="https://teamprice.com/residential-inventory">number of pending listings in the City of Austin</a> consistently lagged behind previous years. In fact, each month from January through June 2024 showed significantly lower figures than the strong market performance of 2021 and the recovery year of 2022. For example, June, a critical month for pending listings, had only 1,313 in 2024, down from 1,550 in 2023 and dramatically lower than the peak of 2,452 seen in June 2020. This decline highlights a cooling trend that became evident in late 2022 and persisted throughout 2023 and into the early months of 2024. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241108124835.png" alt="" width="" height="" style=""></figure></div>​Despite a slow start, November 2024 marked a turning point for the Austin real estate market. This month reported 905 pending listings, making it the best November performance in three years. By comparison, November 2023 had only 869 pending listings, while November 2022 recorded 887. This increase, albeit modest, suggests a slight rebound in buyer activity as we head into the end of the year. It is still far below the levels seen in November 2021, which had an impressive 1,711 pending listings, demonstrating that while there may be signs of improvement, the market has not yet returned to its pre-slowdown strength.​Looking back at the entire year-to-date (YTD) data for 2024, the overall performance remains weak. January 2024 started off with 1,155 pending listings, nearly identical to the previous year's start at 1,157, yet substantially lower than the 1,709 pending listings seen in January 2020. The months of March through June, traditionally the most active period for pending listings, failed to regain momentum. March 2024 recorded only 1,551 pending listings, significantly below the 2,370 recorded in March 2021. Similarly, April 2024 saw a decline, with 1,565 pending listings compared to 2,175 in April 2021.​Seasonality plays a critical role in the Austin real estate market. Typically, the summer months show the highest levels of pending listings due to increased buyer activity. However, the summer of 2024 saw lower-than-expected performance. For instance, July 2024 reported just 1,245 pending listings, a notable drop from 1,438 in July 2023 and far below the 2,308 seen in July 2020. This decline indicates that the heightened buyer demand observed during the pandemic years has cooled off considerably, potentially due to changing economic conditions, higher interest rates, and shifts in buyer preferences.​As we move towards the end of the year, it’s essential to highlight the ongoing trend of lower pending listings across the board. While November 2024's 905 pending listings mark an improvement from the past two years, the year-to-date figures still reflect the lowest cumulative total in a decade. The year 2024 has been marked by a cautious market, where both buyers and sellers seem to be waiting on the sidelines, perhaps due to economic uncertainties and fluctuating mortgage rates.​December typically experiences the lowest levels of pending listings, and based on the trends observed throughout 2024, it’s likely that this year will follow suit. In December 2023, there were 907 pending listings, showing a slight increase compared to 846 in December 2022, but still far from the peak of 1,506 in December 2020. If this trend continues, we may see a similar outcome for December 2024, reinforcing the broader narrative of a market that has yet to fully recover. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241108124848.png" alt="" width="" height="" style=""></figure></div> In conclusion, the <a href="https://teamprice.com/residential-inventory">City of Austin’s pending listings</a> data from 2014 to 2024 paints a picture of a market that surged during the pandemic years, experienced a strong recovery in 2021, but has since softened. November 2024 stands out as a relative bright spot, showing the highest number of pending listings for this month in three years. However, the overall year-to-date performance remains the weakest in the past decade, suggesting that the market still faces headwinds as we head into 2025. Continued monitoring of pending listings will be essential to gauge the direction of the Austin real estate market in the coming months.&nbsp;

November 2024 recorded the highest number of pending listings in three years for Austin, showing signs of recovery. However, year-to-date data reveals the weakest performance in a decade, highlighting ongoing challenges in the Austin real estate market

Austin Real Estate Market Update: November 2024 Shows Best Pending Listings in Three Years Despite Weak Year-to-Date Performance

Austin Real Estate Trends: Withdrawn and Expired Listings Shape Market Inventory in 2024 November 01, 2024 : The Austin real estate market has seen a significant shift in recent months, with inventory levels falling below 5 months for the first time since May 2024. This decrease in available housing inventory reflects dynamic changes in market behavior and supply adjustments, particularly due to a rise in withdrawn and expired listings across the six-county Austin Metropolitan Statistical Area (MSA), which includes Travis, Williamson, Bastrop, Hays, Caldwell, and Burnet counties. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241101104816.png" alt="" width="" height="" style=""></figure></div> Inventory trends have shown considerable fluctuation in 2024. The year began with a relatively low inventory of around 3.4 months, a level often associated with a balanced real estate market. As the spring months progressed, inventory levels began to increase, hitting 4.0 months in early April and climbing consistently through May, ultimately reaching 5.38 months in June. This rise signaled a cooling market, where new listings outpaced buyer demand, leading to slower absorption rates and a buildup of active properties. However, as the summer and early fall months unfolded, the Austin MSA experienced a different trend: a sharp increase in the number of listings withdrawn from the market or allowed to expire without a sale, directly impacting the months of inventory. In October 2024 alone, there were 1,036 withdrawn listings and 652 expired listings in the Austin MSA, a significant rise compared to earlier months. For comparison, January 2024 saw 585 withdrawn and 410 expired listings. This substantial growth in withdrawn and expired listings suggests that sellers are increasingly cautious about market conditions. This pattern first became prominent in the summer, with July seeing nearly 1,000 withdrawn listings and August reaching 1,085, coupled with rising expired listings that peaked in September at 679. As a result, many sellers opted to pull their homes from the market rather than leave them available without securing offers, a trend that continued through October. While the Austin area has witnessed a slight increase in pending sales year-over-year, the significant rise in withdrawn and expired listings has played a larger role in shaping the current market inventory. This combination of stable demand and decreasing active listings has brought months of inventory down to 4.97 in November, a notable change from the highs seen earlier in the year. In addition to indicating a potentially more competitive market for buyers, this decrease in months of inventory reflects a shift from the cooling conditions of the summer months, as the number of properties available for sale declines. From an annual perspective, 2024’s average months of inventory has been 16.1% higher than 2023, signaling a generally higher inventory throughout the year. However, the recent decline suggests that supply may become increasingly limited as the market heads toward the end of the year. October's rise in withdrawn and expired listings has clearly impacted the months of inventory, with sellers showing reluctance to keep listings active during uncertain conditions. The number of listings pulled from the market reflects both sellers' cautious approach and the broader seasonal cycles that typically affect real estate activity in the fall. As the Austin MSA real estate market closes the year, the trend toward lower inventory levels could have multiple implications for buyers, sellers, and the market as a whole. Fewer homes on the market can lead to increased competition among buyers, while sellers may face renewed confidence if inventory continues to decline. By tracking months of inventory, active listings, and the status of withdrawn and expired properties, both buyers and sellers in the Austin area can gain a clearer understanding of current market cycles and trends. With the months of inventory now below 5 months, the Austin real estate market stands at a pivotal moment, one marked by shifting supply and demand dynamics that will likely influence decisions moving into 2025.&nbsp;

Discover the latest trends in the Austin real estate market as inventory levels fall below 5 months for the first time since May 2024. Explore how increased withdrawn and expired listings across Travis, Williamson, Bastrop, Hays, Caldwell, and Burnet counties are impacting months of inventory, shaping a more competitive environment for buyers and sellers alike

Austin Real Estate Inventory Falls Below 5 Months as Withdrawn and Expired Listings Surge in 2024

Austin to Miami: Freddie Mac’s 2024 Home Price Insights Across U.S. Cities November 01, 2024 : The <a href="https://teamprice.com/freddie-mac-house-price-index">Freddie Mac House Price Index (FMHPI)</a> is a crucial tool for understanding housing market trends in the United States. This comprehensive report offers an in-depth look at home price changes across various metro areas, allowing both buyers and sellers to gain valuable insights into the current state of the real estate market. Using data up to September 2024, the FMHPI provides a clear view of how home prices have fluctuated from different starting points, including January 2020, January 2021, and September 2022. In analyzing these figures, trends emerge across cities that highlight both significant growth in some regions and marked declines in others. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241101110538.png" alt="" width="" height="" style=""></figure></div> One of the most notable areas featured in the FMHPI report is Austin, Texas, which saw a substantial peak-to-present decline in home values of -14.7%, with its peak in May 2022. This downturn highlights a broader trend in many cities where the overheated markets of the past few years have begun to stabilize or decline. Austin's significant decline is reflective of an overall adjustment seen in cities where housing demand surged rapidly during the pandemic, and as conditions have normalized, prices have started to correct. San Francisco, Portland, and Denver also reported declines from their peak values, with decreases of -3.5%, -4.0%, and -4.2%, respectively. These figures underscore the effects of economic normalization after rapid price surges in high-demand areas. However, not all metro areas experienced similar declines. The report highlights several regions where prices have continued to climb, reflecting strong local demand. For instance, Miami, Florida, and Tampa, Florida, experienced notable increases since January 2020, with Miami’s home prices surging by 74.5% and Tampa’s by 70.6%. These cities have benefited from steady demand due to favorable factors, including strong migration trends and comparatively affordable real estate markets. Charlotte, North Carolina, and Providence, Rhode Island, followed closely with price increases of 66.8% and 64.6% since January 2020, respectively. These cities illustrate that while some markets are cooling, others continue to attract homebuyers, contributing to significant long-term price growth. Additionally, year-over-year data from the FMHPI shows varied performance among metro areas, indicating that the real estate market is far from uniform. Cities such as Providence, New York, and Cleveland maintained positive year-over-year growth, showing increases of around 7.4%. These metro areas have continued to attract steady interest, and this demand has helped sustain price growth in these regions. Conversely, Austin experienced a slight year-over-year decline of -0.9%, reflecting the continued correction within its market. Other cities with similar patterns include San Francisco and Denver, where local conditions have tempered recent home price gains. Monthly data from the FMHPI reveals further fluctuations. Some cities demonstrated modest month-over-month increases, including Cleveland and Detroit, with growth rates nearing 0.9%. Other cities, such as Austin and Tampa, saw slight month-over-month declines, continuing their respective cooling trends. The monthly data points serve as a useful indicator for buyers and sellers interested in the latest developments, as this information can be helpful when determining optimal timing for real estate decisions. The FMHPI report also emphasizes the broader trend of metro areas experiencing a decrease from their peak values. A total of 91.41% of the 384 cities measured in the report have seen a decline from their highest price levels, with an average decrease of -1.6%. These declines, however, vary widely depending on the specific city, with each market showing its unique trajectory. Many areas reached their peak values between the second quarter of 2022 and the present day, reflecting a shift in the housing market as it moves into a phase of adjustment and potential stability. The FMHPI data highlights this trend, showing that while markets have generally cooled from their peaks, conditions differ considerably by region. The Freddie Mac House Price Index provides a reliable view of the state of housing across the United States. By examining home prices in a wide range of metro areas, from Austin to Miami, it becomes clear that the market is experiencing both growth and correction, depending on local conditions. The data reveals key insights for anyone interested in real estate, offering a valuable resource for understanding current trends and making informed decisions. With a mix of rising prices in some areas and cooling trends in others, the FMHPI is an essential tool for navigating today’s housing market​

Discover Freddie Mac’s House Price Index (FMHPI) 2024 report with detailed analysis of U.S. housing market trends. See how cities like Austin and Miami are performing, with data on home price changes since 2020. Learn about year-over-year changes and monthly fluctuations to help guide informed real estate decisions

Freddie Mac House Price Index 2024: U.S. Housing Market Trends Analyzed

Austin’s 78701 Zip Code Sees Record Lease Price Drop in 2024: A 25-Year Market Analysis October 29, 2024 : The downtown Austin real estate market, centered in the <a href="https://teamprice.com/zip-codes/78701">78701 zip code</a>, has seen substantial changes over the past 25 years. Known for its vibrant culture, proximity to major employers, and mix of high-rise apartments and luxury condos, downtown Austin has traditionally been a high-demand rental market. However, the latest data for 2024 reveals a surprising downturn in leasing prices, indicating a potential shift in the market. Understanding these trends provides valuable insights for both investors and renters. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241029121012.png" alt="" width="" height="" style=""></figure></div>​ Since 1999, leasing prices in the <a href="https://teamprice.com/zip-codes/78701">78701 zip code</a> have steadily increased, with the median leased price rising from $1,100 to $2,995 in 2024. The average leased price has also grown significantly, starting at $1,270 in 1999 and reaching $3,567 in 2024. This consistent increase translates to an annual compound growth rate of 3.72%, reflecting the appeal and economic strength of the downtown Austin area. Over the years, the area has attracted a steady influx of residents who are drawn to its unique amenities and vibrant lifestyle. Yet, despite this long-term growth, the market is now experiencing a notable drop in leasing prices. From 2023 to 2024, the average leased price declined by 10%, marking the largest year-over-year decrease in 25 years. The median leased price similarly dropped by 6% over the past year. This decrease is significant, considering the historical trend of steady price increases. Such a substantial decline in both average and median prices points to changing demand dynamics within downtown Austin. The year-over-year variations in the data also reveal how the 78701 leasing market has responded to economic shifts over time. For example, in 2000, the median leased price surged by 36%, and in 2011, it increased by 18%. These spikes coincide with periods of economic growth, when high demand for downtown living pushed prices upward. Conversely, the financial crisis in 2009 brought a downturn, with the average leased price dropping by 6%. This pattern demonstrates how closely tied the downtown Austin rental market is to the broader economy. More recently, the downtown market experienced a period of rapid growth following the COVID-19 pandemic. As urban areas reopened and people returned to city life, demand for <a href="https://teamprice.com/zip-codes/78701">rentals in 78701</a> surged. In 2022, the average leased price increased by 19%, reflecting this demand spike as renters sought the convenience and lifestyle that downtown Austin offers. However, the recent price drop in 2024 suggests a correction in the market, possibly influenced by rising living costs, increased rental supply, or shifting renter priorities. Affordability is likely playing a key role in the latest price shift. <a href="https://teamprice.com/zip-codes/78701">Downtown Austin</a> has traditionally been one of the most expensive rental markets in the city, making it sensitive to economic pressures that affect renter budgets. As rental prices climbed, other parts of Austin became more attractive to renters seeking affordability. Additionally, rising interest rates have created affordability challenges for both renters and prospective homebuyers, further impacting demand in the downtown market. The <a href="https://teamprice.com/zip-codes/78701">78701 area’s leasing market</a> also faces increased competition from newly developed properties across Austin. As more rental units become available, renters have more options, potentially easing demand in the core downtown area. This influx of supply could explain part of the recent decline in leased prices as property owners adjust rates to remain competitive. The leasing trends in <a href="https://teamprice.com/zip-codes/78701">Austin’s 78701 zip code</a> provide a clear picture of the area’s market cycles and economic responsiveness. While the long-term growth trend underscores downtown Austin’s sustained appeal, the recent downturn highlights the impact of affordability and supply dynamics. Investors and renters alike should keep an eye on these changes, as they reflect the ongoing evolution of Austin’s housing landscape. With Austin’s rapid growth and development, downtown remains a dynamic and influential part of the city’s real estate market.&nbsp;

Latest 2024 data on leasing trends in Austin’s 78701 zip code. This in-depth analysis covers a 25-year span, revealing the largest year-over-year price drop downtown Austin has seen. Discover how economic shifts, affordability challenges, and increased supply are impacting rental prices in Austin’s prime downtown area

Downtown Austin’s 78701 Zip Code Sees Largest Lease Price Drop in 25 Years: 2024 Analysis

Austin’s 2-Bedroom Apartment Market: Vacancy Rates, Rental Trends, and Construction Data October 29, 2024 : In recent years, the rental market in the Austin-Round Rock-Georgetown area has seen dynamic changes shaped by shifts in vacancy rates, rental prices, and the <a href="https://teamprice.com/building-permits">volume of permits issued for new apartments</a>. These trends reflect broader market forces at work, such as population growth, supply and demand fluctuations, and economic conditions. This analysis takes a closer look at the data from January 2017 to October 2024, exploring how each variable—vacancy rates, rental prices, and permit numbers—impacts the local rental market. Beginning in 2017, Austin’s rental market was marked by steady demand for two-bedroom apartments, with vacancy rates starting at 8.43% in January of that year. This demand kept the rental prices increasing, with <a href="https://teamprice.com/market-cycle-lease">average monthly rents</a> rising from $1,231 in early 2017 to $1,342 by the end of 2019. During this period, permits for 5+ unit buildings averaged around 869 per month, indicating steady construction to meet tenant demand. This additional supply was readily absorbed by the market, which kept <a href="https://teamprice.com/market-cycle-lease">rental prices stable</a> or slightly increasing each year. By the end of 2019, vacancy rates had declined to 6.61%, showing that demand was healthy and that the market was still tight despite new inventory entering the market. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241029051624.png" alt="" width="" height="" style=""></figure></div> The impact of the COVID-19 pandemic in 2020 introduced new challenges. From January to July 2020, vacancy rates rose from 6.84% to a peak of 8.03%, reflecting the pandemic's disruption of economic stability and population mobility. <a href="https://teamprice.com/market-cycle-lease">Rental prices stabilized</a> during this time, remaining around the $1,300 range as landlords aimed to retain tenants in a more uncertain environment. Despite these challenges, construction activity remained strong, with monthly permits averaging around 1,567 in 2020. The high rate of new permits suggested that developers remained optimistic about the Austin area’s long-term growth, even amid short-term setbacks. As the pandemic restrictions eased, 2021 marked a surge in demand for <a href="https://teamprice.com/market-cycle-lease">rental properties, with vacancy rates</a> rapidly declining from 7.63% in January to a low of 3.95% by September. This decrease in vacancies was accompanied by a sharp rise in rental prices, which climbed from $1,299 in January 2021 to a peak of $1,725 by August 2022. The market was bolstered by an influx of residents moving to the Austin area, combined with economic recovery efforts that fueled job growth and household formation. During this period, monthly permits for new multi-unit buildings were high, averaging over 2,137 per month. Yet, despite this increased construction, tenant demand continued to push vacancy rates lower, driving rental prices to record highs. By late 2022, the landscape began to shift. Vacancy rates started to edge upward again, reaching 6.12% by September 2022 and climbing steadily into 2024. This rise in vacancies can be attributed to the high volume of new units completed in response to the intense demand in 2021 and 2022. The increase in housing stock outpaced the current demand, pushing vacancy rates to 9.45% by October 2024. As a result, rental prices started to soften, declining from the 2022 peak of $1,725 to around $1,476 by October 2024. This adjustment suggests that the Austin rental market may have reached a saturation point, where new supply outpaces tenant demand, leading landlords to adjust prices downward to fill vacant units. <a href="https://teamprice.com/building-permits">Permit data for 2023 and 2024</a> shows that construction activity remained robust, with monthly averages of 1,757 in 2023 and 1,702 through the first ten months of 2024. Although slightly lower than the 2021 peak, these figures still represent a high level of new construction, which has contributed to the current inventory surplus and rising vacancy rates. The increased housing availability is a positive development for renters, who may benefit from greater choice and more competitive pricing. However, for landlords, the shift in supply-demand dynamics means adjusting expectations and pricing strategies in a market that has evolved from intense competition for limited rentals to a more balanced or even tenant-favorable environment. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241029051610.png" alt="" width="" height="" style=""></figure></div> The rental market in Austin-Round Rock-Georgetown has undergone a notable transformation over the past seven years. The combination of sustained population growth, fluctuating demand influenced by economic conditions, and a steady influx of new construction has created distinct market phases. As vacancy rates continue to rise, and with rental prices adjusting to new levels, the data suggests that the Austin rental market is entering a new era, one where supply and demand are more aligned. For potential renters, this translates to a broader selection of housing options, while landlords may need to adapt to a more competitive market. This analysis of vacancy rates, rental trends, and construction permits provides a comprehensive look at how the Austin rental market has evolved. With current trends continuing, the coming months may reveal further shifts in this dynamic and fast-growing region​​

Explore the latest trends in Austin's rental market from 2017 to 2024. This in-depth analysis covers vacancy rates, rental price fluctuations, and permit data for new apartments, providing insights into the impact of supply and demand in the Austin-Round Rock area

Austin Rental Market Analysis 2017-2024: Vacancy Rates, Rent Prices, and Construction Trends

Austin Real Estate Market October 2024: Rise in Pending Sales and Inventory The real estate market in Austin has seen significant changes as of October 2024, reflecting a combination of increased buyer activity and ample housing inventory. In the latest market update, the Austin area recorded a total of 4,130 pending listings, which marks a 6.0% increase compared to the same time last year. This rise in pending listings points to strong demand, suggesting that many buyers are finding value in the current market despite broader economic challenges. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241028060755.png" alt="" width="" height="" style=""></figure></div> Alongside this uptick in pending listings, the number of <a href="https://teamprice.com/active-residential-listings">active residential properties</a> in Austin reached 14,306, showing a notable year-over-year increase of 14.5%. This surge in available properties creates a well-supplied market for buyers, offering a wide selection of homes at competitive price points. Although inventory levels peaked in July 2024 at 15,503 active listings, the current figure still represents an ample supply, balancing demand effectively. This increase in active listings is coupled with other key market indicators that highlight the current market’s state. For instance, the Activity Index—measuring the ratio of pending to active listings—stands at 22.4%, an essential gauge for both buyers and sellers. This index level indicates a balanced market where demand is still strong but well-matched by supply, helping to maintain stability across property prices. Another valuable indicator is the Months of Inventory (MOI), which currently stands at 5.11 months. MOI measures how long it would take for the existing inventory to be sold at the current sales pace if no new listings entered the market. A MOI of over 5 typically suggests that the market leans towards a buyer's advantage, with more options for prospective homeowners to consider. However, this level is balanced enough that sellers can still anticipate steady interest in their listings. Breaking down the types of active listings reveals even more about current market trends. Of the 14,306 active listings, a significant portion represents resale properties, which make up 62.3% of the total. Resale homes average prices around $761,692, down by 7.1% from previous levels. New construction homes also form a substantial part of the inventory at 16.2%, with an average price of $742,062, reflecting an 8.1% decrease from past months. These price adjustments suggest that sellers and builders alike are aligning their pricing strategies with the market’s demand, creating opportunities for buyers. Looking at pending sales, resale properties constitute a large share, accounting for 50.4% of all pending listings, with average listing prices around $571,568. New construction follows closely, making up 17.9% of all pending listings with an average price of $599,742. The variance in pending prices indicates that while there is interest in new builds, resale properties continue to attract buyers who may be drawn to established neighborhoods or homes with existing character. For anyone tracking real estate trends in Austin, this data provides a clear view of the market's strength and balance. Higher pending listings, alongside abundant inventory and stable pricing, show a healthy market that caters to a wide range of buyers. As Austin's real estate landscape evolves, these key metrics provide valuable insights for buyers, sellers, and investors alike​

Explore Austin’s real estate market as of October 2024, with a 6% increase in pending sales and a 14.5% rise in available inventory, creating a balanced environment for buyers and sellers. Analyze key metrics like the Activity Index and Months of Inventory to understand market trends

Austin Housing Market October 2024: Increased Pending Sales and Inventory Trends

Austin Home Prices Up Year-Over-Year: October 2024 Market Insights In October 2024, the Austin real estate market has demonstrated notable resilience, achieving an average sold price of $579,330, a 5.5% increase from September 2024, and a 3.5% rise compared to October 2023. Although the current October price does not surpass the record high of October 2022, when the average sold price reached $593,970, this recent gain indicates a market rebound year-over-year and month-over-month. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241028061847.png" alt="" width="" height="" style=""></figure></div> Historically, Austin’s real estate market has exhibited distinct cyclical patterns. The peak in October 2022 marked the highest recorded October average sold price. Since then, prices have moderated, with fluctuations reflecting adjustments to the shifting economic climate and changing buyer demand. However, the data from October 2024 suggests a renewed interest in the Austin market, with current prices recovering from prior declines and showing sustained month-over-month growth, despite remaining below the 2022 high. The market's trajectory over the past two years highlights these cyclical shifts. For instance, the average sold price decreased to $559,879 in October 2023, representing a year-over-year decline of approximately 5.7% from 2022. This decline mirrored broader market adjustments across Texas and other regions as buyers recalibrated in response to economic conditions. The 2024 data, however, reflects a return of positive momentum, as prices rise above 2023 levels, though they remain about 2.5% below the October 2022 peak. This year-over-year increase indicates a stabilizing market with steady buyer demand. Median sold prices add another layer of insight into Austin’s real estate dynamics. In October 2024, the median sold price was $435,000, a 2.4% increase from September’s $425,000, although it reflects a slight year-over-year decline from October 2023’s $438,520. This decrease contrasts with the rise in average prices, signaling that high-value properties are driving the market’s upward trend while the central portion of the market remains relatively stable. This pattern suggests that while buyers continue to pursue premium properties, options in more affordable ranges remain accessible. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241028061933.png" alt="" width="" height="" style=""></figure></div> The data underscores Austin’s balanced appeal to a range of buyers. The simultaneous rise in average sold prices and stabilization of median prices suggests that the market offers both high-end and accessible options for buyers. Although prices remain below the October 2022 high, the current month-over-month and year-over-year gains in 2024 indicate a strengthened market with potential for future growth as economic conditions evolve. In summary, October 2024 represents a significant milestone in Austin’s real estate market recovery, with the average sold price reaching $579,330. This figure, while below the October 2022 record high of $593,970, reflects a positive upward shift from October 2023, with a month-over-month increase of 5.5%. As Austin continues to attract buyers across different price points, its real estate market remains robust, with both average and median prices providing a comprehensive view of market health.&nbsp;

October 2024 marked a resurgence in Austin’s real estate market with an average sold price of $579,330, up 5.5% month-over-month and 3.5% year-over-year. Explore data insights on the Austin market’s growth trajectory and its current position below 2022’s record high

Austin Home Prices Rebound in October 2024: A Year-Over-Year and Month-Over-Month Growth Analysis

Austin Zoning Changes Lead to Spike in 2-4 Unit Housing Permits In September 2024, Austin witnessed a remarkable <a href="https://teamprice.com/building-permits">surge in permits</a> for the construction of 2-4 unit housing developments. According to recent data, 314 permits were issued in that month alone. This is a substantial increase compared to previous months, reflecting a clear shift in Austin's housing market and development patterns. This surge is a result of recent zoning reforms that have reshaped how residential lots are used in the city, encouraging higher-density housing solutions. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241024030408.png" alt="" width="" height="" style=""></figure></div> Historically, Austin’s zoning laws favored single-family homes, limiting the potential for diverse housing options in many neighborhoods. However, in response to the city's growing population and affordability challenges, the Austin City Council introduced significant changes aimed at boosting housing density. One key reform, implemented in December 2023, allowed developers to build up to three units—such as duplexes and triplexes—on lots previously zoned for single-family homes. This change was a bold move to encourage more efficient use of space in Austin's urban core and increase the availability of affordable housing options. Further enhancing these efforts, in May 2024, the City Council reduced the minimum lot size requirement for single-family homes. The previous minimum of 5,750 square feet was reduced to 1,800 square feet, which opened the door for smaller, more affordable homes to be built on the same land footprint. This reduction in lot size also allowed for the development of 2-4 unit homes on lots that would have previously only accommodated a single-family residence. The data clearly shows that developers are taking advantage of these changes. The spike to 314 permits in September 2024 is a striking increase when compared to the year’s previous average. In August 2024, only 30 permits for 2-4 unit developments were issued, and in July 2024, there were just 25 permits. These lower numbers reflect a typical trend from earlier years, when fewer multi-unit developments were feasible due to Austin’s restrictive zoning laws. This recent spike marks a significant shift in how the city is addressing its housing needs. The multi-unit housing developments not only provide more affordable housing options but also help accommodate the influx of new residents to Austin. By allowing duplexes, triplexes, and fourplexes to be built in neighborhoods that previously only allowed single-family homes, the city is working to alleviate its housing shortage and offer more diverse living arrangements for its residents. While some local residents have voiced concerns about the potential changes to neighborhood character and increased density, the city’s leadership is focused on addressing Austin’s housing crisis through smart, calculated reforms. The dramatic rise in permits for 2-4 unit homes is evidence that these zoning changes are having a tangible impact on Austin’s housing market. Developers are responding quickly to the opportunities created by these reforms, and the result is a more diverse and dynamic housing landscape in the city. Austin’s recent zoning reforms aim to strike a balance between preserving neighborhood integrity and meeting the growing demand for housing. As developers continue to take advantage of these changes, Austin’s housing market will likely see further shifts, with increased density playing a crucial role in the city’s efforts to provide affordable housing options to its expanding population​

In September 2024, Austin issued 314 permits for 2-4 unit housing developments, marking a significant increase driven by recent zoning reforms. Discover how these changes are reshaping Austin’s housing market and addressing the city’s affordability challenges

Austin Real Estate: 2-4 Unit Permits Surge in September 2024

Austin’s Real Estate Market Hits Record-High Average List Price in October 2024 The City of Austin continues to demonstrate its robust real estate market growth, with the average list price reaching an all-time high of $947,796 in October 2024. This marks a significant increase from the previous October 2023 figure of $891,040, representing a 6.36% year-over-year rise. Austin’s real estate market has consistently demonstrated resilience and upward movement in property values over the past decade, contributing to its appeal for both homebuyers and investors. Looking back at historical data, the average list price in Austin has climbed steadily over the last decade. In 2014, the average price was $446,553, meaning that in 10 years, the city has seen a staggering 113.8% increase in property values. This growth is reflective of Austin’s position as one of the fastest-growing cities in the United States, driven by strong economic factors, population growth, and high demand for housing. Month-to-month data over the past year shows fluctuations in pricing, but the general trend has remained upward. In January 2024, the average list price was $887,148, slightly down by 0.5% from January 2023. However, this minor decline was quickly offset in subsequent months, with prices rebounding and ultimately peaking in October 2024. Notable increases include the February average list price, which rose to $913,186, and the March figure of $921,807. In addition to the year-over-year increase, the data shows strong growth over the past five years. From 2020 to 2024, Austin’s average list price rose by 69.6%. This five-year trend underscores the city's sustained price appreciation, making it a sought-after location for both residential and investment properties. The year 2021 was particularly noteworthy, with the market experiencing a 22.7% increase in list prices in October of that year, largely due to heightened demand and limited inventory during the pandemic. Examining the data from earlier years highlights the long-term upward trajectory of the market. In October 2015, the average list price was $480,635, and by October 2020, it had surged to $638,789, a 14.3% rise from 2019. As of October 2024, the city has maintained a steady pattern of growth, despite occasional market adjustments. This upward trend in Austin’s real estate market is not unique to October alone. Throughout 2024, other months also experienced substantial price increases. For instance, the average list price in April 2024 was $946,453, which represents a 3.0% rise compared to the previous year. In July 2024, the market held firm with an average price of $825,660, marking a 1.2% year-over-year growth. These figures emphasize the ongoing demand for housing in the Austin area. One of the most striking aspects of this data is the consistency of Austin’s real estate market growth, even during periods of economic uncertainty. The year-over-year percentage changes show that the city has experienced stable, upward trends for the better part of a decade. Whether looking at the 10-year growth of 113.8% or the five-year surge of 69.6%, it is clear that Austin remains a competitive market for both buyers and sellers. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241024043822.png" alt="" width="" height="" style=""></figure></div> As Austin’s average list price continues to rise, market analysts will closely watch whether this trend persists into 2025. For now, it’s evident that Austin's real estate market is strong, with prices reflecting both the high demand for housing and the area's rapid economic growth. The data suggests that as long as these driving factors remain in place, Austin’s market will likely continue to thrive, presenting opportunities for those looking to invest in one of the nation’s most dynamic housing markets​

In October 2024, Austin’s real estate market hit a record high, with the average list price reaching $947,796. Learn about the market's impressive 113.8% growth over the past decade and what’s driving these numbers.

Austin Real Estate Reaches Record-High List Price: October 2024 Analysis

Austin Real Estate Market Sees Growth in Pending Listings and Activity Index in 2024 The Austin real estate market in 2024 has witnessed some notable trends, particularly regarding pending listings, active listings, and months of inventory. With an increasing number of pending transactions, active listings have been on a steady decline, driving up the market's <a href="https://teamprice.com/real-estate-glossary/activity-index">activity index</a> and reducing <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">months of inventory</a>. Understanding these dynamics is crucial for buyers, sellers, and real estate professionals looking to navigate the changing market conditions. As of October 23, 2024, the number of pending listings in Austin stands at 4,179, a 5.1% increase compared to the 3,977 pending listings reported in 2023. This rise in pending listings has a direct impact on the availability of active residential properties. For instance, on the same date, there were 14,271 active listings, reflecting a 3.14% year-over-year decrease. This decline in active listings has been consistent throughout the year, with several days in September and October 2024 showing similar trends. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241023015656.png" alt="" width="" height="" style=""></figure></div> Between September 11 and October 23, 2024, the number of active listings fluctuated, reaching a high of 14,875 on September 23 before dropping to the 14,271 seen in late October. Throughout this period, the daily changes in active listings remained modest, but the cumulative effect over time is clear—a shrinking pool of available properties for buyers to choose from. This trend is especially relevant in a market where demand remains high. The <a href="https://teamprice.com/real-estate-glossary/activity-index">activity index</a>, a key measure that reflects market conditions by dividing pending listings by the sum of active and pending listings, has also been on the rise. On October 23, 2024, the activity index reached 22.7%, a substantial increase compared to previous months. This uptick in the <a href="https://teamprice.com/real-estate-glossary/activity-index">activity index</a> indicates that a larger proportion of the available housing inventory is moving toward closing. As pending sales rise and active listings decrease, the activity index becomes an essential tool for gauging the competitiveness of the market. Another important metric is <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">months of inventory</a>, which represents the time it would take for the current inventory of homes to sell given the current sales pace. On October 23, 2024, Austin’s months of inventory dropped to 5.07 months, down from 5.18 months in mid-September. This decline in months of inventory suggests that the Austin housing market is tightening, with fewer homes available relative to buyer demand. Lower months of inventory often lead to a more competitive market, where buyers must act quickly to secure a property. The data from 2024 paints a picture of a market where increased buyer activity, as shown by rising pending listings, is driving down the availability of homes, thus tightening the market further. This environment is expected to influence pricing, negotiations, and how long homes stay on the market. For buyers, it means being prepared to move quickly, while sellers may find themselves in a favorable position with more leverage in negotiations. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241023015727.png" alt="" width="" height="" style=""></figure></div> In conclusion, the Austin real estate market in 2024 is characterized by rising pending listings, decreasing active listings, and a tightening inventory. These factors contribute to a more competitive environment for buyers and sellers alike, emphasizing the importance of staying informed about current market conditions. Real estate professionals should continue to monitor these trends as they evolve throughout the year.&nbsp;

Discover how Austin’s real estate market in 2024 is shifting with rising pending listings, falling active inventory, and a tightening market. Learn how these trends are driving up the activity index and reducing months of inventory, creating a more competitive environment for buyers and sellers

2024 Austin Housing Market: Rise in Pending Listings and Falling Active Inventory

Austin Area Housing Market: October 2024 Market Conditions by Zip Code October 23 2024 : The real estate market in the Austin area, specifically across 75 zip codes, offers a diverse landscape that fluctuates between sellers, neutral, and buyers’ markets. A detailed look at the data from October 2024 reveals critical insights into months of inventory, pricing trends, and the overall real estate dynamics within key areas such as Austin, Georgetown, Round Rock, and Leander. Understanding these trends is essential for both buyers and sellers to make informed decisions. <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">Months of inventory</a>, a measure of the balance between supply and demand, plays a pivotal role in defining the market. A sellers' market is characterized by less than 4.9 months of inventory, meaning demand is higher than the available homes. Neutral markets have inventory between 5 and 6.9 months, where supply and demand are more balanced. Finally, buyers' markets feature more than 7 months of inventory, where the supply of homes exceeds demand, giving buyers more negotiating power. As of October 2024, 39% of the cities in the Austin area fall under the sellers' market category, 25% are classified as neutral markets, and 36% are buyers' markets. Each zip code reflects a different set of market conditions, and the data illustrates how these factors influence property prices and time on the market. In a sellers' market like <a href="https://teamprice.com/zip-codes/78739">78739 (Austin)</a>, there is only 1.4 months of inventory, making it highly competitive for buyers. With an average home price of $936,857 and a median price of $799,450, homes in this area are in demand. The median time on the market is 41 days, a testament to how quickly properties are moving. Similarly, <a href="https://teamprice.com/zip-codes/78747">78747 (Austin)</a> also reflects a sellers' market, though inventory is slightly higher at 5.5 months. With 143 active listings, homes have a median price of $454,990 and spend 32 days on the market. In contrast, neutral markets offer a more balanced environment for both buyers and sellers. <a href="https://teamprice.com/zip-codes/78759">78759 (Austin)</a>, with 5.3 months of inventory, fits into this category. The median home price here is $634,500, and properties take about 69 days to sell. Neutral markets like <a href="https://teamprice.com/zip-codes/78626">78626 (Georgetown)</a>, which features 4.51 months of inventory and a median price of $436,505, reflect balanced supply and demand, allowing transactions to be fairer for both sides. Buyers' markets, on the other hand, are seen in areas like <a href="https://teamprice.com/zip-codes/78746">78746 (Austin)</a>, where the inventory reaches 8.6 months. This area features a high-end market, with average home prices reaching $3,153,492 and a median price of $2,480,000. Homes in this category tend to stay on the market longer, with a median of 89 days, offering buyers more time and negotiating power. Another buyers’ market is <a href="https://teamprice.com/zip-codes/78669">78669 (Spicewood)</a>, where inventory levels stand at 11 months. The median home price is $963,000, and homes typically stay on the market for 119 days. Price trends across the region show a mix of reductions and slight increases. In high-demand areas like <a href="https://teamprice.com/zip-codes/78704">78704 (Austin)</a>, prices have dropped by 8.2%, while <a href="https://teamprice.com/zip-codes/78731">78731 (Austin)</a> saw an 8.6% price reduction, reflecting a market shift even in previously competitive zones. Meanwhile, <a href="https://teamprice.com/zip-codes/78759">78759 (Austin)</a> experienced a notable 21.8% price increase, despite being in a neutral market. This uptick indicates growing demand, even as supply remains relatively balanced. Areas with more price volatility are typically those with higher inventory. <a href="https://teamprice.com/zip-codes/78645">78645 (Leander)</a> and <a href="https://teamprice.com/zip-codes/78722">78722 (Austin)</a>, with 11 and 7.2 months of inventory respectively, have seen more fluctuations in prices as sellers adjust to the slower market. As a result, more properties in these zip codes have experienced price drops to attract buyers. For instance, <a href="https://teamprice.com/zip-codes/78701">78701 (Austin)</a> had 52.2% of its listings adjust prices, with an average reduction of 8.0%. This trend of price adjustments is common across the market as sellers respond to changing demand. Inventory levels in each zip code are crucial for understanding market conditions. <a href="https://teamprice.com/zip-codes/78739">78739 (Austin)</a>, with its low inventory, reflects a tight market where buyers must act quickly, while areas like <a href="https://teamprice.com/zip-codes/78669">78669 (Spicewood)</a> and <a href="https://teamprice.com/zip-codes/78746">78746 (Austin)</a>, with their higher inventory, provide more opportunities for buyers to negotiate better deals. For instance, in 78746 (Austin), where the inventory is at 8.6 months, the median time on the market is 89 days, giving buyers more time to consider their options. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241023021334.png" alt="" width="" height="" style=""></figure></div> As the Austin area continues to grow, market conditions are likely to shift further. Monitoring these trends and understanding the months of inventory in each zip code will be key for anyone looking to buy or sell in this diverse and competitive market. Whether you are looking to capitalize on a sellers' market or negotiate in a buyers' market, understanding these market metrics is essential for success.&nbsp;

Discover the latest real estate trends in the Austin area with insights on months of inventory, pricing, and market conditions across 75 zip codes. Learn how market dynamics favor buyers or sellers and how these factors impact home prices and time on the market in October 2024

Austin Area Real Estate Market Analysis: October 2024 Insights by Zip Code

Historic Decline:&nbsp;<a href="https://teamprice.com/appreciation-year-over-year-lease-city">Austin’s Median Rental Price Drops</a> in 2024 After Two Decades of Growth In 2024, the Austin rental market has witnessed its most significant shift in over two decades. According to recent data, the city’s <a href="https://teamprice.com/appreciation-year-over-year-lease-city">median leased price has dropped</a> by 2% year-over-year, the largest annual decline since 2002. This is a noteworthy development for a city that has been experiencing rapid growth and soaring rental prices in recent years. The median leased price in Austin for 2024 is $2,300, a decrease from $2,350 in 2023. This 2% drop is particularly striking when compared to the substantial gains seen in 2022, when the median price surged by 18%, reaching an all-time high. The trend reversal suggests that the Austin rental market may be cooling down, perhaps due to a combination of increasing rental supply and evolving economic conditions impacting demand. In terms of <a href="https://teamprice.com/appreciation-year-over-year-lease-city">average rental prices</a>, Austin also saw a decrease. The average leased price for 2024 stands at $2,608, down 1% from $2,647 in 2023. While the reduction in the average price is not as significant as the median, it reflects a consistent downward movement. This aligns with the broader trend in the median price, showing that both metrics are indicating a softer rental market. The number of units leased in 2024 has decreased to 12,850, down from 14,874 in the previous year. This drop in leasing activity could be linked to various factors, such as affordability issues, potential renters shifting to homeownership, or the increase in remote work opportunities allowing people to seek housing options outside of the city. The lowered demand is likely putting downward pressure on prices, contributing to the observed declines in both median and average leased prices. Historically, Austin has experienced fluctuations in its rental prices, but this year’s decline is unique due to its magnitude. The last time Austin saw a drop of this scale was in 2002, when the median leased price fell by 13%. Since then, the market has generally trended upwards, with only occasional dips, such as a 1% decrease in the average leased price during 2009 and 2010, and more recently, the 1% dip in 2023. The 2024 decline, therefore, stands out as a considerable shift, signaling possible changes in the long-term rental landscape for Austin. Despite these declines, the rental prices remain high compared to a decade ago. In 2013, the median leased price was just $1,450, which is significantly lower than today’s $2,300. This increase reflects Austin’s growth and its transformation into a sought-after urban area, attracting professionals, families, and students alike. However, the current dip may suggest that the market is stabilizing, possibly offering renters a brief respite from the upward pressure on prices. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241017053458.png" alt="" width="" height="" style=""></figure></div> As we look forward, it remains to be seen whether this cooling trend will continue, or if Austin’s rental market will rebound. Factors such as interest rates, employment levels, and broader economic conditions will likely play a role in determining the direction of rental prices. However, for now, renters in Austin may find some relief as the market appears to be adjusting after years of sustained growth.&nbsp;

Discover how Austin’s rental market is changing in 2024, with a 2% drop in median leased prices marking the largest decline since 2002. Learn about the factors contributing to this shift in one of the nation’s hottest housing markets

Austin’s Median Rental Prices Drop by 2% in 2024: Largest Decline in Over 20 Years

October 2024 Sets Austin Real Estate Market on Track for Record-Breaking Performance As of mid-October 2024, the Austin real estate market, spanning the six-county region of Travis, Williamson, Bastrop, Hays, Caldwell, and Burnet, is showing signs of a remarkable month. The <a href="https://teamprice.com/market-cycle">average sold price has increased</a> by an impressive 7.1% from September to October. This is a significant gain, especially considering the 3.8% decline experienced just last month. The current data suggests that if this upward momentum continues through October, it could result in the best October performance for the Austin area since data collection began in 2000. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241017055925.png" alt="" width="" height="" style=""></figure></div> Historically, October has been a mixed month for the Austin area market. Over the past 24 years, October has experienced more negative <a href="https://teamprice.com/market-cycle">monthly price changes</a> than positive, with 11 out of those years seeing declines. The most substantial decline occurred in October 2004, with a drop of 8.9%, while the highest gain was in October 2010, at 11.8%. This October’s growth puts it among the top-performing years for this month, rivaling the high points of 2010 and surpassing the October gains seen in recent years, such as the slight decrease of 3.7% in 2023 and the minor 0.3% drop in 2022. The average sold price trends for October across two decades reveal that this month has generally seen fluctuations, with an average month-over-month price change of just 1.0%. October’s median month-over-month change stands at 0.0%, highlighting its reputation as an unpredictable month in the Austin real estate market. Despite these typical patterns, October 2024 appears to be breaking the mold with one of the highest month-over-month increases on record, indicating robust market activity and a potential tightening of inventory levels across the region. As of October 17, 2024, the Austin market remains poised for an exceptional month. However, it is worth noting that with two weeks remaining, the possibility of less expensive homes closing could affect the <a href="https://teamprice.com/market-cycle">current average sold price</a>. If more affordable properties sell in the coming days, the average sold price could potentially decrease. Therefore, this October’s record-setting potential will largely depend on the market dynamics in these final weeks. For those tracking the Austin real estate market closely, Team Price Real Estate offers the most up-to-date insights on trends and data for the area. This six-county region, including Travis, Williamson, Bastrop, Hays, Caldwell, and Burnet, has a diverse market that can shift significantly based on buyer behavior and economic factors. By monitoring the latest <a href="https://teamprice.com/market-cycle">austin area real estate market cycle data</a> on <a href="https://teamprice.com/">TeamPrice.com</a>, buyers and sellers can stay informed and make strategic decisions in a fluctuating market environment. Whether this month closes as a record-breaker or simply as a strong October, the Austin real estate market continues to demonstrate its resilience and growth potential. Visit TeamPrice.com regularly for the latest updates and insights on the Austin area’s real estate trends, average prices, and market cycle information​

<h1>Austin Area Market Cycle : Updated Daily</h1> 
<iframe src="https://drive.google.com/file/d/14Svbl3FbEntRHDSw_VcQm6oJVUI6IWCs/preview" width="100%" height="700px" margin="auto" title="Market Cycle"></iframe>

Explore Austin's real estate market performance in October 2024, with average sold prices up 7.1% from last month. Could this be the best October on record? Find out more about the market trends across Travis, Williamson, Bastrop, Hays, Caldwell, and Burnet counties. Stay updated with Team Price Real Estate

Austin Real Estate Market October 2024: Poised for Record Gains

Navigating <a href="https://teamprice.com/short-sale">Austin's Short Sale Market</a>: Key Data and Trends for Buyers and Sellers October 16, 2024 : <a href="https://teamprice.com/short-sale">Short sales</a> are becoming increasingly relevant in the Austin real estate market, especially given the recent data that indicates a total of 29 active short sale listings as of October 16, 2024. These listings are spread across various cities in the Austin area, including Austin, Kyle, and Killeen, with a range of price reductions that reflect the market’s current challenges. This report provides a comprehensive breakdown of the price reductions and other details for these listings, illustrating the unique aspects of short sales and their significance in today’s housing market. In Austin, there are six <a href="https://teamprice.com/short-sale">short sale listings</a> with an average price of $470,000, which have experienced a notable average price drop of approximately 12.6%, or $67,758 per property. These price adjustments reflect the homeowners' need to sell their properties for less than what they owe on their mortgages. Meanwhile, Kyle has two listings, with average price reductions of 11.4%, and Cedar Creek has a single property marked down by 4.1%. Other cities like Georgetown and Pflugerville show price drops of 7.1% and 3.1%, respectively. The most substantial price drop can be found in West Lake Hills, where a high-value property listed at $3,149,000 has been reduced by $200,000, translating to a 6% decrease. This mix of price reductions across different cities highlights the challenges faced by sellers in today’s market, particularly those navigating short sales. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241016063326.png" alt="" width="" height="" style=""></figure></div> The data also highlights specific zip codes where these short sale properties are concentrated. In zip code 78640, representing Kyle, properties have seen price reductions of $49,656, or 11.4%, on average. Meanwhile, zip code 78155 in San Antonio shows a property with a significant 24.1% reduction, totaling $69,998 off the original listing price. Such sizable adjustments suggest that these areas might be facing higher rates of financial distress among homeowners, leading to a greater prevalence of short sales. A short sale occurs when a homeowner sells their property for less than the remaining mortgage balance due to financial hardship. This process is often chosen as an alternative to foreclosure, as it allows the seller to avoid the damaging consequences associated with foreclosure. The short sale process starts with the homeowner listing their property as a short sale, often working with a real estate agent. Once an offer is received, the lender must approve it, which can be a lengthy process due to the potential for multiple layers of approval. Sellers are generally required to submit a hardship letter and financial documents to justify the sale. If the lender agrees, the sale proceeds, allowing the homeowner to avoid foreclosure, which typically has more severe credit implications and may result in the homeowner owing additional funds to cover the lender’s losses. Lenders may agree to a <a href="https://teamprice.com/short-sale">short sale</a> to avoid the expenses associated with foreclosure, which include legal fees, maintenance, and the hassle of reselling the property. However, the presence of mortgage insurance (PMI or MPI) can influence the lender’s decision to approve a short sale. Mortgage insurance protects lenders from losses when borrowers default, but it also adds a layer of complexity. If the property has PMI or MPI, the insurer may need to approve the short sale as well, as they may be responsible for covering part of the lender's loss. In some cases, the mortgage insurer may prefer to foreclose rather than approve a short sale if they believe they can minimize their payout this way. Therefore, while PMI or MPI does not necessarily prevent a short sale, it can affect the decision-making process and extend the time required to gain approval from all involved parties. Considering the detailed information provided here, potential buyers and sellers in the Austin area should approach short sales with a thorough understanding of the process and the market dynamics. The trend in price reductions across these cities and zip codes provides valuable insights into where opportunities and challenges might arise within the local real estate market.&nbsp; The historical data on short sale transactions in the Austin area reveals distinct trends over the years. The graph below shows total <a href="https://teamprice.com/short-sale">short sale transactions in the Austin-area MLS</a>, peaking at 489 transactions in 2012, then steadily decreasing each year afterward. By 2017, short sales had significantly declined to 38 transactions, with only 26 recorded so far in 2024. Similarly, in the City of Austin, short sales reached a high of 143 transactions in 2012 but dropped sharply to single digits from 2016 onward. As of 2024, there have been just two short sales, indicating a stabilization in the market. These trends reflect the broader economic recovery and rising property values in recent years, which have reduced the number of distressed sales like short sales.&nbsp; <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241016063512.png" alt="" width="" height="" style=""></figure></div>

Explore the latest data on short sales in the Austin area as of October 2024. Learn about price reductions, the short sale process, and how mortgage insurance can impact lender decisions. This comprehensive guide offers valuable insights into current market conditions for buyers and sellers

Austin Short Sale Market Analysis: October 2024 Trends and Insights

Austin Real Estate: What Months of Inventory Reveal About Buyer and Seller Markets October 15, 2024 : In the Austin real estate market, understanding the relationship between inventory and days on market is crucial for both buyers and sellers. The recent report on the area’s zip codes provides valuable insights into these dynamics by categorizing markets as seller’s, neutral, or buyer’s markets based on the <a href="https://teamprice.com/real-estate-glossary/months-of-inventory">Months of Inventory (MOI)</a>. This analysis helps guide real estate decisions, providing a snapshot of local supply and demand. The Months of Inventory metric is a key indicator of whether a market favors sellers, is neutral, or favors buyers. A seller’s market is defined as having less than 4.9 months of inventory, suggesting limited supply relative to demand, which often leads to faster sales and higher prices. In the <a href="https://teamprice.com/cities/austin-tx">Austin area</a>, 31 zip codes, or 41% of the markets, fall into the seller’s market category. For example, in <a href="https://teamprice.com/zip-codes/78739">zip code 78739</a>, homes have an MOI of just 1.5 months, with a median price around $799,000. Here, homes are selling quickly, presenting a competitive landscape for buyers. A neutral market is characterized by an MOI between 5 and 6.9 months, where supply and demand are relatively balanced. In the Austin area, 23 zip codes, or 31% of the markets, are in a neutral state. For instance, <a href="https://teamprice.com/zip-codes/78724">zip code 78724</a> in Austin has an MOI of 6.89 months with a median price of $372,500, indicating stability in housing prices and demand. Buyers in these areas can expect moderate competition, while sellers have a fair chance of selling within a reasonable timeframe. Finally, a buyer’s market is one with an MOI of over 7 months, suggesting ample supply and less demand, which tends to favor buyers through increased bargaining power and potentially lower prices. There are 21 zip codes, or 28% of Austin markets, categorized as buyer’s markets. Notably, <a href="https://teamprice.com/zip-codes/78645">zip code 78645 in Leander</a> has a high MOI of 11 months, with a median home price of $550,000. Homes in these areas tend to remain on the market longer, offering buyers more time and choices. <div class="se-component se-image-container __se__float-center"><figure><img src="https://quicktours-static.s3.us-west-1.amazonaws.com/agent_richtext/20241015024617.png" alt="" width="" height="" style=""></figure></div>​ The relationship between Days on Market and Months of Inventory is significant, with a strong positive correlation of 0.81. This means that as inventory levels rise, the days a home spends on the market also tend to increase. For example, in the high-inventory area of <a href="https://teamprice.com/zip-codes/78612">78612 (Cedar Creek)</a>, homes stay on the market for an average of 131 days. Conversely, in low-inventory seller markets, such as <a href="https://teamprice.com/zip-codes/78717">78717</a>, where the MOI is just 2.35, homes move off the market in a relatively short period of 67 days. For buyers, this analysis provides a guide to navigating <a href="https://teamprice.com/cities/austin-tx">Austin</a>’s varied real estate markets. In buyer-heavy areas with higher MOI, there’s more room to negotiate and less urgency to act quickly. Sellers, on the other hand, may need to consider competitive pricing and timing strategies, especially in areas where higher inventory levels correlate with longer listing times. In summary, the Austin real estate market showcases a diverse range of opportunities for buyers and sellers alike. By understanding the significance of inventory and days on market, individuals can make well-informed decisions in this dynamic market landscape​

Explore the Austin real estate market with a focus on Months of Inventory by zip code. Understand buyer and seller trends, days on market, and how these factors impact home prices and competition. Discover which areas favor buyers or sellers and gain insights for making informed real estate decisions

Austin Real Estate: How Inventory Affects Days on Market by Zip Code

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