Austin has long been a coveted destination for homebuyers, solidifying its position as one of the most sought-after real estate markets in the United States. The housing landscape in the area saw dramatic price increases during the COVID-19 pandemic, reaching peak values in 2022 as available inventory shrank. In this article, we provide an overview of current trends in the Austin housing market, focusing on sales prices, time on the market, inventory levels, and home values.
How Much Are Homes Selling For?
According to the latest data from the Austin Board of Realtors (ABoR), as of September 2024, the median sale price for homes across the Austin metro area stands at $425,000. This figure reflects a 6.6% decrease year-over-year. Notably, the city of Austin features the highest median sales price at $580,000, while Caldwell County reports the lowest at $281,455.
How Long Are Homes Taking to Sell?
In terms of market speed, homes in the Austin metro area are currently spending an average of 79 days on the market. More granular data from Realtor.com reveals significant variations across specific zip codes: homes in zip code 76869 are taking the longest to sell, averaging 351 days, while homes in 78953 are selling the quickest, with an average of just 28 days.
How Many Homes Are for Sale?
As of September 2024, the Austin metro boasts 12,153 active listings, with Travis County accounting for the largest share at 6,018 listings. Monthly data indicates a typical seasonal trend where more homes are listed during summer and fewer during winter months. In September 2024, there were 3,545 new listings in the Austin metro, with Travis County leading again at 1,728 new homes.
Months of Housing Inventory
The concept of “months of housing inventory”—which indicates how long it would take to sell all current listings at the existing sales pace—provides further insight into market dynamics. The Austin metro area has 5.9 months of inventory as of September 2024. Bastrop County has the highest inventory level at 7.2 months, while Caldwell County has the lowest at 4.0 months.
Home Values Overview
Zillow’s Home Value Index offers a snapshot of typical home values across local zip codes. As of September 2024, the highest valued homes are located in zip code 78746, with a typical home value of $1,738,510.31. Conversely, homes in zip code 76877 are valued the lowest, at $157,849.25.
Conclusion
The Austin housing market continues to evolve, with prices reflecting recent adjustments after peak highs during the pandemic. The current landscape showcases a moderate level of inventory and variability in selling times across different areas. As new data is released, KXAN will keep updating these insights to assist buyers and sellers in navigating this dynamic market.
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Emerging Real Estate Investment Trends for 2024
