Austin Real Estate Market Analysis: December 2024 Year-Over-Year Trends
Published | Posted by Dan Price
Year-Over-Year Real Estate Analysis: December 2024 Shows Growth in Austin MLS and City of Austin
December 16, 2024 : The Austin-area housing market continues to show significant growth as we close out 2024. A year-over-year comparison for December 2024 reveals increases across various metrics for both the broader Austin MLS region and the City of Austin itself. Key indicators such as the number of active listings, months of inventory, and property prices highlight notable shifts in the market when compared to the same period in 2023. These trends suggest a market that remains dynamic, with both buyers and sellers adjusting to changing conditions.
For the Austin MLS region, the total number of active listings increased from 11,009 in December 2023 to 12,665 in December 2024. This represents an increase of 1,656 listings, or 15.04%. The months of inventory also rose from 3.81 to 4.39, marking a 15.10% increase. This suggests a slight cooling in market demand, with more homes available for purchase. However, prices have continued to climb. The average active listing price increased by $21,141, moving from $556,348 in 2023 to $577,489 in 2024, reflecting a 3.80% rise. The median active price saw a similar trend, increasing by $16,785 to reach $446,785, a 3.90% jump.
The sold prices within the Austin MLS region also saw upward movement. The average sold price rose from $534,962 in December 2023 to $557,108 in December 2024, an increase of $22,146 or 4.14%. The median sold price increased from $419,995 to $435,000, which is a $15,005 rise or 3.57%. These increases indicate that while more properties are on the market, buyers are still willing to pay higher prices for homes, signaling sustained demand despite the increase in inventory.
Zooming in on the City of Austin specifically, the data reflects similar trends but with some variations. The total active listings grew from 3,001 in December 2023 to 3,430 in December 2024. This increase of 429 listings represents a 14.30% rise. Months of inventory increased from 3.52 to 4.07, showing a 15.82% growth. This indicates that homes are staying on the market longer than they did a year ago, providing buyers with more options.
Property prices within the City of Austin also reflect upward trends. The average active listing price climbed by $27,077, from $773,468 in 2023 to $800,545 in 2024, marking a 3.50% increase. The median active listing price increased by $19,000, reaching $599,000 in 2024, a 3.28% increase compared to the previous year. Sold prices have similarly risen, with the average sold price moving from $742,839 to $771,340, a $28,501 increase or 3.84%. The median sold price went up by $15,000, from $565,000 to $580,000, representing a 2.65% increase.
The data highlights that while there is more inventory in the market, prices are not decreasing. Both the broader Austin MLS region and the City of Austin show consistent appreciation in home values. This suggests that demand remains strong enough to support higher prices, even with a growing number of active listings and longer inventory periods. Buyers looking for homes in the Austin market are encountering more options but are still seeing price points that reflect the region's ongoing appeal.
This year-over-year analysis provides valuable insights into the Austin housing market's current state and future direction. Buyers, sellers, and real estate professionals can use this data to understand how the market is evolving and make informed decisions moving forward. As we head into 2025, these trends will be key to watching how the market adjusts to new dynamics in supply and demand.
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