Blog > AUSTIN Real Estate Market Report | November 2024
Your November 2024 Market Report
November saw a neutral market. Not hot, not cold – just steady....
Market Mood
November experienced a rise in sales activity, with closed sales increasing by 8% and new contracts surging by over 27% compared to last year, pointing towards heightened buyer confidence. Closed prices stayed largely consistent, while there was a slight decrease in new inventory.
Homes on Deck
Total listings dipped 3 %, bringing the count to 2,603.
November added 622 new listings to the market, a -13% decrease from last year
4.5 Months of Inventory
There’s a balance – not a clear edge for buyers or sellers.
Sales Pulse
542 homes sold in November, a slight decrease from last month,
but a slight increase year-over-year of 10%.
Buyer activity was up significantly, with 600 new contracts, a 27% increase from last year.
Price Tag Trends
Average Sales Price is up 3% to $809,671
New Contracts Written: 600, up 27%
Median List Price U/C = $640,000
Average List Price U/C = $864,181
Average List Price: From $159,900 to $8,950,000
Median List Price = $649,950
Average List Price = $1,152,631
Buyer and Seller Clues
Homes took an average of 73 days to sell, stretching out by 7.35% compared to last month.
The Average Sold Price to Original List Price Ratio is a steady 92%.
Sellers are negotiating but have held firm at 90% to 92% for the last three months.
All in all, we’re in a balanced spot. The numbers speak to normal seasonal trends, with a little more buyer activity than last year., keeping the market cruising without too much sway in either direction.
Stability Amid Market Adjustments
The Austin real estate market continues to hold steady, with YTD median sales prices showing less than 1% movement from 2023.
While the market experienced high swings between 2020 and 2022, followed by adjustments in 2023 and 2024, the long-term outlook remains strong.
On average, Austin real estate has delivered an impressive annual appreciation rate of nearly 7%.
Average Days on Market Sold Price to Original List Price %
The Average DOM shows the number of days a property was on the market before it sold.
An upward trend in DOM indicates a move toward a Buyer’s market.
The Sold Price vs. Original List Price reveals the percentage of the Original List Price properties sold for.
Monthly Supply of Inventory
Real estate economists tell us a six-month supply of For Sale Inventory represents a balanced market between sellers and buyers.
Over six months of For Sale inventory indicates a Buyer’s market. Less than six months of inventory indicates a Seller’s market.
New Listing Taken | New Under Contracts
Inventory Snapshot
Active Listings = 2,603
Median List Price = $649,000
Average List Price = $1,003,315
From $155,900 to $8,950,000
New Under Contracts Snapshot
New Under Contracts Written = 600
Median List Price UCW = $640,000
Average List Price UCW = $864,181
From $229,900 to $5,494,000
Compass Market Share By Price - Sold Single Family Property
