Greater Austin Real Estate Market Update

June 2024 Market Update

Overall Residential Market

The June market update reflects an increase in active listings, averaging over the 10,000 mark for the last 2 months. Compared to 2023, the closed prices have not seen a significant change, though May’s average sales price was slightly higher by about $1,000.

Looking at last year’s data for May, homes are sitting on the market for less time, but the number of homes sold decreased despite a rising inventory, which could indicate the average sales price really hasn’t changed all that much since we are looking at the sales numbers of less properties. To clarify, this does not mean that every home will sell close to the average price point. Sales prices depend on location and condition of the home. Since buyers do have choice, they are being more selective, which means if your home is not in the best condition, then it will not sell on the high end of the price range. 

(If you would like specific data on your county/city/neighborhood, please message me!)

Luxury Residential Market

Any data pulled from the MLS may not represent a full picture of the luxury market, since some luxury properties are privately listed. Some define luxury as anything over a million, while others think it is anything over $2 million. You can decide what luxury is for you. For my luxury market reporting, I stick with anything over $1 million at this time.

The number of homes sold in May of 2024 was around 300 homes. The average sales price for the three counties decreased from $1,688,704 (2023) to $1,636,370 (2024). We have about 9 months of inventory for the luxury market, but homes at this price point do tend to sit on the market longer. The average sale to list ratio for the luxury market for May was 82%, which means with most homes, you can still negotiate – depending on the seller’s motivation to get the home sold.

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Why study this data?

As a realtor, it is important for me to understand the market – what it’s doing, where it’s going. This knowledge helps me provide knowledgeable data for buyer and seller decisions.

For buyers, this information provides guidance on house prices in an area to help buyers understand if they are pricing their offers appropriately. Buyers also know if they are making a reasonable offer to beat out other offers in a competitive situation. However, in areas of high demand it may require a buyer to offer a higher price than what is happening in other neighborhoods.

For sellers, the data helps us price their house according to the current market to help them maximize equity but also keep the house attractive to current buyers.

Though the numbers above are a higher level view, it is an example of the kind of individualized research I do for each client in their given situation.