September '24 Austin Real Estate Stats: Market Seasonality Kicks In

Here's what you need to know.

Key Highlights

• Average and Median Sold Prices: Declined year-over-year (YOY) by 5.2% and 5.3%, respectively.
• Pending Contracts: Increased by 8.9%, defying expectations during an election year.
• Total Sales: Down by 8.2%, aligned with predictions for Q3.
• Average Days on Market:?Increased to 80 days, the highest in a decade.
• Months of Inventory:?Jumped to 5.2 months, reflecting a more balanced market as sales slow and listings rise.

Pricing Trends

Both average and median sold prices took a notable dip year over year, which may feel discouraging. However, this marks a continuation of the pricing stability we've seen for months, rather than a sharp drop. The 13% decline in volume?is largely driven by fewer sales transactions and the slight price softening, which is typical for the fall season.

Market Dynamics?

Despite concerns over how the election might impact buyer sentiment, pending units finished the month stronger than anticipated, with an 8.9% year-over-year increase. While we’re seeing the usual seasonal decline, this surge suggests that there is still healthy demand. Look for this to balance out in the coming months as the election and holiday season further impact buyer activity.

If You’re a Buyer:

The current market is offering more inventory and better opportunities for negotiation, especially with sellers being more motivated as properties stay on the market longer. Now is a good time to buy before interest rates decline further and competition heats up. While pricing is softening, it’s likely to stabilize again in 2025 as demand rebounds.

If You’re a Seller:

With days on market increasing and more competition, pricing strategically is key. The market is not as fast-moving as it was last year, so be prepared for longer times on the market. However, properties are still moving. Proper preparation and adjusting expectations to current market conditions will help you succeed.

Economic Indicators

Mortgage rates continue to fluctuate in response to market conditions, with the Fed's easing path likely to kick in by mid-2025. However, job postings in the Austin area remain on a downtrend, reflecting the continued challenges in the tech sector. We're hopeful that once hiring freezes thaw, especially in the tech industry, we will see the market start to recover in earnest.

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