08/20/2024
The July Austin market stats are in! Overall, while the summer tends to cool down a bit, the steady increase in listings and stable pricing suggests that the Austin market remains resilient and contines to offer opportunities for both buyers and sellers. The full breakdown for both The City of Austin and the greater Austin- Round Rock- San Marcos MSA are below.
The City of Austin’s real estate market presented a generally positive outlook this month. Active listings rose by 6.5%, offering buyers more options than in previous months. The median sales price in Austin increased by 10.3% year-over-year to $585,000, reflecting the city’s continued desirability despite broader market fluctuations. The number of closed sales decreased by 5.4%, consistent with the regional trend of a slight slowdown in sales activity, which tends to be the case in the summertime. Homes in Austin are selling faster than in the broader metro area, with an average of 57 days on the market, up by 10.3% from the previous year. The months of inventory in Austin stood at 5.8 months, suggesting a healthy balance between supply and demand, with a slight lean towards a buyer’s market as more inventory becomes available.
The greater Austin-Round Rock-San Marcos MSA experienced steady market activity as well with a slight increase in active listings, up by 2.8% compared to the previous year and a modest rise in sale price of 3.5%, reaching $450,000. The average days on market increased to 63 days and the months of inventory remained relatively stable at 5.1 months, indicating a balanced market for both buyers and sellers.