October 2024 Real Estate Market Report for Austin-Round Rock-San Marcos
This report compares October 2024 market data to September 2024 and provides insights into how the local housing market is evolving.
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
October 2024: $430,000 (down 1.5% year-over-year)
September 2024: $425,000 (down 6.6% year-over-year)
Change: The median sales price increased by $5,000 compared to September, suggesting a slight stabilization in home values despite the broader cooling trend.
2. Closed Sales
October 2024: 2,344 (down 0.5% year-over-year)
September 2024: 2,286 (down 2.6% year-over-year)
Change: Closed sales increased by 58 homes, reflecting a modest recovery in transactional activity.
3. Sales Dollar Volume
October 2024: $1.27 billion (down 1.0% year-over-year)
September 2024: $1.26 billion (down 7.8% year-over-year)
Change: Sales dollar volume rose by $10 million, mirroring the slight increase in both closed sales and median prices.
4. Months of Inventory
October 2024: 5.1 months
September 2024: 5.9 months
Change: Inventory decreased by 0.8 months, indicating improved market absorption as buyers continue to engage with available inventory.
5. New Listings
October 2024: 3,333 (down 7.4% year-over-year)
September 2024: 3,545 (down <1% year-over-year)
Change: New listings decreased by 212 homes, showing a further drop in seller activity, potentially due to seasonal trends or hesitancy in the current market.
6. Active Listings
October 2024: 11,599 (up 3.2% year-over-year)
September 2024: 12,153 (up 11.6% year-over-year)
Change: Active listings decreased by 554 homes, possibly driven by increased closed sales and reduced new listings.
7. Pending Sales
October 2024: 2,569 (up 1.5% year-over-year)
September 2024: 2,569 (up 20.2% year-over-year)
Change: Pending sales remained steady, indicating consistent buyer interest month-over-month.
8. Average Days on Market
October 2024: 70 days (up 1.0% year-over-year)
September 2024: 79 days (up 10 days year-over-year)
Change: Average days on market decreased by 9 days, suggesting faster sales compared to September, potentially due to the reduction in inventory.
9. Average Close-to-List Price
October 2024: 92.7% (compared to 93.3% in October 2023)
September 2024: 92.8% (compared to 93.2% in September 2023)
Change: The close-to-list price ratio remained virtually unchanged, indicating a stable level of negotiation in buyer-seller agreements.
Key Insights:
Price Stabilization: The slight increase in the median sales price suggests some stabilization in the market, even as broader conditions remain favorable for buyers.
Improved Absorption: Reduced months of inventory and active listings highlight increased buyer activity relative to available supply.
Seller Hesitation: Fewer new listings point to sellers holding back, potentially waiting for market conditions to improve.
Faster Sales: Decreased average days on market indicates stronger market activity, even amid seasonal slowdowns.
Conclusion:
The Austin-Round Rock-San Marcos housing market showed modest recovery signs in October 2024, with small increases in sales price and volume. Buyers continue to find opportunities, while sellers are adjusting to slower price growth and longer-term stabilization trends. With inventory tightening slightly, the market could see more balance in the coming months.
Post-Election Market Note:
Historically, the housing market often experiences positive momentum following an election year. On average, home prices have seen a 6.24% increase in the year after an election, as indicated by the data. This trend may reflect renewed consumer confidence, economic adjustments, or policy stability post-election.
For potential buyers and sellers, understanding this trend can help with strategic timing in entering the market. If history holds, the post-election year could present opportunities for appreciation in home values, making it an excellent time to invest or sell with confidence.
Feel free to reach out for a market analysis tailored to your needs! 📈🏠