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Austin Housing Report
Paige DeChausse
Paige DeChausse thrives in the unique juxtaposition of her roles: a behind-the-scenes powerhouse in real estate team management and a captivating fron...
Paige DeChausse thrives in the unique juxtaposition of her roles: a behind-the-scenes powerhouse in real estate team management and a captivating fron...
A Shift Towards Balance Amid Affordability Challenges
The Austin housing market is undergoing a notable transition. In September 2024, the median home price in the Austin-Round Rock-San Marcos MSA dropped by 6.6% to $425,000, while pending sales saw a remarkable increase of 20.2%, according to Unlock MLS’ Central Texas Housing Report. Coupled with inventory levels reaching 5.9 months, these trends suggest that the market is finding a new equilibrium, though affordability remains a persistent challenge.
As Clare Knapp, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, noted, “Sellers are adjusting their expectations to reflect buyers' growing leverage in light of ongoing affordability constraints." Active listings are growing at a slower pace than earlier this year, indicating a more balanced dynamic between buyers and sellers. The surge in pending sales, likely driven by the mid-September drop in mortgage rates, points to continued activity as buyers seek to capitalize on favorable conditions this fall.
While these data points signal a more balanced market, the challenge of affordability continues to shape buyer behavior and market trends. Understanding these shifts is key for anyone looking to buy or sell in Austin’s evolving landscape.
$1.2 Billion total sales
Total Sales Dollar Volume, Down 7.8%
3,545
New Listings
12,153
Active Listings
2,569
Pending
2,326
Closed Sales
$425,000
Median Price
71
Days on Market
$252
Price Per Sqft
9
Months of Inventory
"While mortgage rates have declined and inventory has increased, affordability remains a significant barrier for many buyers across the region. “While mortgage rates have declined and inventory has increased, affordability remains a significant barrier for many buyers across the region. As election day approaches, Central Texans must support candidates who will prioritize housing affordability, pursue meaningful policy changes to reduce barriers to housing, and help communities take the necessary steps to increase the housing stock to respond to the growth in our rapidly evolving market."
-Kent Redding, Austin Board of Realtors® 2024 President
homes sold
93.2%
Sale-to-List Price
What's happening outside of austin?
As Austin continues to evolve, nearby counties like Williamson, Hays, Bastrop, and Caldwell are also experiencing dynamic shifts in their housing markets. From rising pending sales to increasing inventory levels, these areas reflect a balanced yet competitive landscape. Notable changes include a 23.9% jump in pending sales in Williamson County and a 14.1% increase in homes sold in Hays County.
For a more detailed breakdown of the market in each of these regions, take a look at the graphics below.