As of June 2024, the median home price in Austin was $565,000, down 5.8% compared to the previous year.
Homes in Austin are selling after an average of 51 days on the market, up from 42 days last year, indicating a slowdown in the frenetic pace of the housing market.
The number of homes sold in June 2024 was 773, down significantly from 1,017 homes sold during the same period in the previous year.
The median list price in Austin reached $614,967 as of June 30, 2024, showcasing a widening gap between seller expectations and buyer behavior.
Austin's median home price has declined by 4.3% from its peak of over $550,000 in April 2022, reflecting a cooling of the housing market.
Despite the recent price decline, Austin's median home price remains about 10% higher than the national median of $412,000 as of September 2024.
The typical home value in Austin was $546,619 as of February 2024, down 5.1% from the previous year.
The median price for a home in Austin as of January 2023 was $530,000, a 5.4% decrease compared to January 2022.
The Austin housing market has seen a surge in new construction, but it has yet to significantly alleviate the pressure on price levels.
Trends such as remote work and urban migration continue to play a pivotal role in shaping the housing landscape in Austin, contributing to the sustained upward pressure on median home prices.
In the Austin-Round Rock metropolitan area, the median home price reached a record high of $624,000 in March 2024.
The Austin Board of REALTORS® reports that the median listing home price per square foot in Austin was $366 as of June 2024.
The Austin housing market has experienced a notable shift, with the median list price of $534,933 (as of June 30, 2024) being significantly higher than the median sale price of $473,049 (as of May 31, 2024).
Predictions for 2025 suggest that lower-priced homes may continue to see stronger demand in the Austin housing market, as the city grapples with affordability challenges.
The housing inventory in Austin remains tight, contributing to the rising prices and intensifying the competition in the market.
The city's population growth, combined with the influx of tech workers and other professionals, has been a significant driver of the escalating housing costs in Austin.
The median home price in Austin has increased by over 30% in the past two years, making it one of the most expensive housing markets in Texas.
The Austin housing market is showing signs of stabilization, with the median home price declining from its peak, but still remaining significantly higher than the national average.
Redfin data indicates that the median home price in Austin was $455,000 in September 2024, a 4.2% decrease from the previous year.
The Austin Board of REALTORS® reports that the median listing home price in the city of Austin was $639,900 in June 2024, a 5.2% year-over-year decline.