Year-To-Date (YTD) December 2024 Market Report - Austin - Round Rock

Year-To-Date (YTD) December 2024 Market Report

The Austin-Round Rock real estate market displayed a mix of stability and shifts throughout 2024. While certain metrics show slight declines, others reveal growth and strong demand. Below are the key highlights of the year:

Key Statistics:

1. Median Sales Price:

   • $445,000, reflecting a 1.7% decline compared to 2023.

   • This slight drop indicates a slight adjustment in pricing, potentially driven by increased inventory and shifting market dynamics.

2. Closed Sales:

   • A total of 29,872 homes were sold, a 0.5% decline year-over-year.

   • This marginal dip reflects stable demand despite fluctuating economic conditions.

3. Sales Dollar Volume:

   • Total sales volume amounted to $17.0 billion, a 1.5% decrease compared to 2023.

   • The decline in dollar volume is consistent with the slight reductions in sales and median prices.

4. New Listings:

   • 45,449 properties were listed in 2024, an 8.7% increase year-over-year.

   • This growth suggests more sellers are entering the market, responding to buyer demand or market conditions.

5. Active Listings:

   • The market saw 132,993 active listings, a significant 14.7% increase compared to 2023.

   • This sharp rise highlights improving inventory levels, creating a more balanced market.

6. Pending Sales:

   • 30,369 transactions were under contract, up 2.2% from the previous year.

   • The increase in pending sales signals strong buyer activity, even amidst economic headwinds.

7. Average Days on Market:

   • Homes spent an average of 76 days on the market, up by 6 days compared to 2023.

   • The longer market time may reflect the increased inventory, giving buyers more time to evaluate options.

Analysis:

• Balanced Market: The increase in new and active listings, combined with stable sales, indicates a more balanced market in 2024. Buyers benefited from greater inventory, while sellers adjusted to competitive pricing dynamics.

• Price Adjustments: The slight dip in the median sales price reflects a softening trend in pricing, but it remains relatively stable, showcasing the market's resilience.

• Continued Demand: Despite economic uncertainties, the Austin-Round Rock region maintained strong buyer interest, as evidenced by the rise in pending sales.

• Inventory Growth: The sharp rise in active listings suggests that supply outpaced demand in certain areas, providing opportunities for buyers and potential competition for sellers.

Conclusion:

The Austin-Round Rock housing market in 2024 exhibited a healthy blend of buyer and seller activity. While prices adjusted slightly and sales volume dipped, the market benefited from increased inventory and sustained demand. These trends position the region for a stable outlook in 2025.