November 2024 Real Estate Market Report for Austin-Round Rock-San Marcos
The Austin-Round Rock-San Marcos housing market continues to show dynamic shifts in November 2024.
Here’s a comparison to October 2024 to track month-over-month changes:
1. Median Sales Price
November 2024: $435,000 (up 2.4% year-over-year)
October 2024: $430,000 (down 1.5% year-over-year)
Change: Median sales price increased by $5,000, suggesting continued stabilization and gradual recovery in home values.
2. Closed Sales
November 2024: 2,130 (up 4.6% year-over-year)
October 2024: 2,344 (down 0.5% year-over-year)
Change: Closed sales decreased by 214 homes, likely reflecting seasonal slowdowns typical for this time of year.
3. Sales Dollar Volume
November 2024: $1.19 billion (up 8.2% year-over-year)
October 2024: $1.27 billion (down 1.0% year-over-year)
Change: Sales dollar volume fell by $80 million, consistent with fewer closed sales.
4. Months of Inventory
November 2024: 4.8 months (up 1.1 months year-over-year)
October 2024: 5.1 months
Change: Inventory decreased by 0.3 months, indicating stronger absorption of available homes as buyers remain active.
5. New Listings
November 2024: 2,570 (down 2.2% year-over-year)
October 2024: 3,333 (down 7.4% year-over-year)
Change: New listings dropped by 763 homes, reflecting seasonal trends and seller hesitancy.
6. Active Listings
November 2024: 10,845 (up 5.2% year-over-year)
October 2024: 11,599 (up 3.2% year-over-year)
Change: Active listings decreased by 754 homes, showing that inventory is being absorbed by buyers despite fewer new listings.
7. Pending Sales
November 2024: 2,255 (up 16.7% year-over-year)
October 2024: 2,569 (up 1.5% year-over-year)
Change: Pending sales decreased by 314 homes, likely indicating a seasonal cooling in activity.
8. Average Days on Market
November 2024: 75 days (up 7 days year-over-year)
October 2024: 70 days (up 1.0% year-over-year)
Change: Homes took 5 days longer to sell on average, reflecting slower market activity as the year ends.
9. Average Close-to-List Price
November 2024: 92.7% (unchanged year-over-year)
October 2024: 92.7% (down slightly year-over-year)
Change: No change in the close-to-list price ratio, suggesting stable seller-buyer negotiations.
Key Insights:
Slight Price Growth: Median sales price increased modestly, reflecting gradual stabilization in the market.
Seasonal Slowdown: Both closed and pending sales declined, typical for this time of year.
Inventory Tightens: Active listings and months of inventory dropped compared to October, indicating strong buyer activity relative to available homes.
Longer Days on Market: Homes are taking slightly longer to sell, a sign of buyer caution as the market cools into the winter months.
Conclusion:
The November 2024 market reflects seasonal adjustments with slowing sales activity but steady price growth. Buyers are still active, as shown by inventory absorption, while sellers continue to hold leverage with stable close-to-list price ratios. As the market transitions into the new year, conditions may favor buyers looking to take advantage of steady pricing and ample inventory.