October '24 Austin Real Estate Stats Review: Stability and Seasonality

Here's what you need to know.

We’re diving into the October 2024 market statistics, which show a stable market with a few noteworthy shifts. As expected, seasonality is settling in, with a slowdown in new and pending listings compared to earlier in the year. Below is a quick overview of the key trends we’re seeing. ?

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Key Highlights

Total Sales:?up 6% in the metro area compared to October 2023, showing surprising resilience as the year progresses.

Under Contract/Pending Listings: increased significantly year-over-year, rising 11.3%. This shows strength in demand and is promising.?

New Listings: saw a modest uptick, increasing 7.9% metro-wide, continuing a healthy flow of inventory into the market.

Median Sold Price: decreased by 2.1%, reflecting a slight cooling in pricing.

Average Days on Market:?increased, reaching 78.2 days in the metro, indicating buyers have more time to make decisions. This is up about 15% from this time, last year.?

Price Stabilization

Both the metro and city markets have seen minimal changes in average prices over the past year, with slight declines in median prices. Pricing continues to show stability across the board, reflecting a balanced market.

Volume Sold

In October 2024, total sales volume across the 5-county metro area reached approximately $1.38 billion, a 6.6% increase from the previous year. This rise in volume is due in part to the steady increase in both sales prices and transaction counts.

Pending Units by Month

Year-over-year, pending units have shown surprising resilience. While they were expected to decline, pending sales instead saw a slight increase, a positive sign that demand is holding steady even as we head toward the end of the year.

Withdrawn and Expired Listings

October saw a noticeable increase in withdrawn and expired listings year-over-year. This trend is typical as we enter the holiday season, when?motivated sellers often choose to withdraw until the market picks up in early spring.

Market Dynamics?

Despite the seasonal slowdown, months of inventory increased to 5.1 across the metro and 5.8 in Austin, indicating more choices for buyers. Interest rates remain a critical factor, with the Fed potentially adjusting rates in the coming months, which could influence both buyer and seller behavior in 2025.

If You’re a Buyer:

The current market offers a unique window of opportunity for buyers. With higher days on market and slightly more inventory, you have more leverage and time to make your decisions. Interest rates remain a key factor to monitor, as any decreases could spark increased competition. If you're looking to buy, now may be an excellent time to capitalize on stable pricing and a balanced market before spring activity heats up.

If You’re a Seller:

With seasonality in full swing, now may not be the optimal time to list unless necessary. Waiting until February or March can help you take advantage of increased spring demand. If selling now is essential, be prepared to price competitively and showcase your property effectively to stand out.

Our goal as your trusted real estate advisors is?to provide you with the information you?need to help you reach your investment goals.

As always, real estate is hyperlocal and extremely situational, so please reach out?to discuss your unique circumstances. We’d love to help you and strategize for your specific situation.

Cheers,

Jen