The Austin-Round Rock-San Marcos real estate market continues to evolve in September 2024, with notable shifts in key metrics compared to August 2024.
September 2024 Austin-Round Rock-San Marcos Real Estate Market Report
The Austin-Round Rock-San Marcos real estate market continues to evolve in September 2024, with notable shifts in key metrics compared to August 2024. Here's a breakdown of the data and month-over-month comparison:
1. Median Sales Price
September 2024: $425,000 (down 6.6% year-over-year)
August 2024: $439,990 (down 4.4% year-over-year)
Change: A $14,990 decrease in the median sales price from August to September indicates further cooling in home prices, a sharper decline compared to last month’s data. This decline may signal increased buyer leverage or market adjustment to economic conditions.
2. Closed Sales
September 2024: 2,286 (down 2.6% year-over-year)
August 2024: 2,591 (down 10.4% year-over-year)
Change: Closed sales decreased by 305 homes from August to September, showing a smaller decline month-over-month compared to August’s sharper drop. This could suggest a potential stabilization in the sales volume despite the overall decline.
3. Sales Dollar Volume
September 2024: $1.26 billion (down 7.8% year-over-year)
August 2024: $1.49 billion (down 11% year-over-year)
Change: A $230 million decrease in sales volume reflects fewer and lower-priced transactions, consistent with the decrease in closed sales and home prices.
4. Months of Inventory
September 2024: 5.9 months (up 1.3 months year-over-year)
August 2024: 4.9 months (up 1.1 months year-over-year)
Change: The inventory increased by 1 month compared to August, indicating more available homes on the market, shifting further toward a buyer’s market. This growing inventory allows buyers more options and leverage in negotiations.
5. New Listings
September 2024: 3,545 (down less than 1% year-over-year)
August 2024: 3,781 (down 4.1% year-over-year)
Change: New listings decreased slightly from August to September, with 236 fewer listings, signaling that sellers might be holding off on entering the market as home prices and demand soften.
6. Active Listings
September 2024: 12,153 (up 11.6% year-over-year)
August 2024: 12,334 (up 15.4% year-over-year)
Change: Active listings decreased slightly by 181 homes from August to September, though still maintaining a high inventory level, showing an abundance of homes on the market.
7. Pending Sales
September 2024: 2,569 (up 20.2% year-over-year)
August 2024: 2,583 (up 3.1% year-over-year)
Change: Pending sales remained relatively flat with just 14 fewer pending sales in September compared to August. This stability suggests buyer interest remains consistent, even as closed sales decreased.
8. Average Days on Market
September 2024: 79 days (up 10 days year-over-year)
August 2024: 70 days (up 8 days year-over-year)
Change: Homes are now staying on the market for 9 additional days compared to August, further indicating a slower sales pace as buyer demand cools and sellers wait longer for offers.
9. Average Close-to-List Price
September 2024: 92.8% (compared to 93.2% in September 2023)
August 2024: 93.3% (compared to 94.2% in August 2023)
Change: The average close-to-list price ratio dropped slightly from 93.3% to 92.8%, reflecting that sellers are accepting slightly lower offers, further supporting the shift toward a buyer's market.
Key Takeaways:
Median Sales Price continues to decline, with a sharper drop in September compared to August, reflecting increased buyer power and price sensitivity.
Closed Sales and Sales Dollar Volume both decreased, though September's decline in closed sales was smaller than in August, indicating a potential stabilization.
Inventory levels rose to 5.9 months, providing more options for buyers and reinforcing a shift toward a more balanced or buyer-friendly market.
Pending sales remained steady, showing that while fewer homes are closing, there is still consistent buyer interest.
Longer Days on Market signals that homes are taking longer to sell, and sellers may need to adjust pricing or offer incentives to attract buyers.
Overall, the September 2024 data points to a continued cooling of the Austin-Round Rock-San Marcos real estate market, with declining prices and longer times on market, signaling that buyers may have more leverage as we move further into the year.