Austin Real Estate Market Update

As we close out 2024, the Austin real estate market continues to show resilience and adaptability in the face of shifting economic conditions. With the latest market stats from December, it’s clear that buyers and sellers are finding their footing in what remains a dynamic housing market. Let’s take a closer look at the key numbers and what they mean for you if you’re considering buying or selling in the Austin area.

Key Market Highlights for December 2024:

• Median Sales Price: $450,000 (Up 1.4%)

• Closed Sales: 2,303 (Up 2.5%)

• New Listings: 2,070 (Up 9.5%)

• Months of Inventory: 3.8 months (Up 0.8 months)

• Active Listings: 8,494 (Up 10.1%)

• Pending Sales: 2,011 (Up 3.1%)

• Average Days on Market: 80 days (No Change)

• Average Close to List Price: 92.2%

What Does This Mean for Buyers?

If you’re a buyer in the Austin market, these numbers point to some positive trends. The median sales price has increased slightly by 1.4%, but the overall inventory is growing, with active listings up over 10%. This means there are more options to choose from, which could provide more leverage for buyers in negotiations.

Additionally, the average days on market remains at 80 days, giving buyers more time to evaluate their options and make informed decisions. However, it’s important to keep in mind that the average close to list price is at 92.2%, meaning that sellers are more willing to negotiate but are still aiming for competitive offers.

What Does This Mean for Sellers?

For sellers, the increase in new listings (up 9.5%) and active listings (up 10.1%) indicates a more competitive market. However, the fact that closed sales are also up 2.5% shows that buyers are still actively purchasing homes.

While sellers may need to be patient due to longer days on market, pricing your home correctly and presenting it well are more important than ever. With buyers having more inventory to choose from, homes that are priced competitively and marketed effectively will stand out.

Months of Inventory: A Balanced Market?

The Austin market currently has 3.8 months of inventory, an increase of 0.8 months from the previous period. Months of inventory is a key metric that indicates whether the market is favoring buyers or sellers. Generally, a balanced market has 4-6 months of inventory. While Austin is still technically a seller’s market, the shift toward more inventory suggests that the market is moving toward a more balanced state.

What to Expect in Early 2025

As we move into 2025, the Austin real estate market will likely continue to see gradual shifts. With inventory levels rising and days on market remaining steady, we can expect continued opportunities for both buyers and sellers. Interest rates will also play a significant role in shaping the market dynamics.

For buyers, this could be a great time to start your home search before the busy spring season kicks off. For sellers, it’s critical to have a solid strategy in place to ensure your property stands out in a more competitive landscape.

Final Thoughts

The December 2024 Austin real estate market stats show a healthy, evolving market. Both buyers and sellers have opportunities to achieve their goals with the right approach. Whether you're looking to buy your first home, upgrade, or sell your property, it's important to stay informed and work with a knowledgeable real estate professional who understands the local market dynamics.

If you’re considering buying or selling in Austin, let’s connect! My goal is to provide you with up-to-date insights and proven strategies to help you succeed in this ever-changing market.