Austin Area Real Estate Market Analysis: October 2024 Insights by Zip Code
Published | Posted by Dan Price
Austin Area Housing Market: October 2024 Market Conditions by Zip Code
October 23 2024 : The real estate market in the Austin area, specifically across 75 zip codes, offers a diverse landscape that fluctuates between sellers, neutral, and buyers’ markets. A detailed look at the data from October 2024 reveals critical insights into months of inventory, pricing trends, and the overall real estate dynamics within key areas such as Austin, Georgetown, Round Rock, and Leander. Understanding these trends is essential for both buyers and sellers to make informed decisions.
Months of inventory, a measure of the balance between supply and demand, plays a pivotal role in defining the market. A sellers' market is characterized by less than 4.9 months of inventory, meaning demand is higher than the available homes. Neutral markets have inventory between 5 and 6.9 months, where supply and demand are more balanced. Finally, buyers' markets feature more than 7 months of inventory, where the supply of homes exceeds demand, giving buyers more negotiating power.
As of October 2024, 39% of the cities in the Austin area fall under the sellers' market category, 25% are classified as neutral markets, and 36% are buyers' markets. Each zip code reflects a different set of market conditions, and the data illustrates how these factors influence property prices and time on the market.
In a sellers' market like 78739 (Austin), there is only 1.4 months of inventory, making it highly competitive for buyers. With an average home price of $936,857 and a median price of $799,450, homes in this area are in demand. The median time on the market is 41 days, a testament to how quickly properties are moving. Similarly, 78747 (Austin) also reflects a sellers' market, though inventory is slightly higher at 5.5 months. With 143 active listings, homes have a median price of $454,990 and spend 32 days on the market.
In contrast, neutral markets offer a more balanced environment for both buyers and sellers. 78759 (Austin), with 5.3 months of inventory, fits into this category. The median home price here is $634,500, and properties take about 69 days to sell. Neutral markets like 78626 (Georgetown), which features 4.51 months of inventory and a median price of $436,505, reflect balanced supply and demand, allowing transactions to be fairer for both sides.
Buyers' markets, on the other hand, are seen in areas like 78746 (Austin), where the inventory reaches 8.6 months. This area features a high-end market, with average home prices reaching $3,153,492 and a median price of $2,480,000. Homes in this category tend to stay on the market longer, with a median of 89 days, offering buyers more time and negotiating power. Another buyers’ market is 78669 (Spicewood), where inventory levels stand at 11 months. The median home price is $963,000, and homes typically stay on the market for 119 days.
Price trends across the region show a mix of reductions and slight increases. In high-demand areas like 78704 (Austin), prices have dropped by 8.2%, while 78731 (Austin) saw an 8.6% price reduction, reflecting a market shift even in previously competitive zones. Meanwhile, 78759 (Austin) experienced a notable 21.8% price increase, despite being in a neutral market. This uptick indicates growing demand, even as supply remains relatively balanced.
Areas with more price volatility are typically those with higher inventory. 78645 (Leander) and 78722 (Austin), with 11 and 7.2 months of inventory respectively, have seen more fluctuations in prices as sellers adjust to the slower market. As a result, more properties in these zip codes have experienced price drops to attract buyers. For instance, 78701 (Austin) had 52.2% of its listings adjust prices, with an average reduction of 8.0%. This trend of price adjustments is common across the market as sellers respond to changing demand.
Inventory levels in each zip code are crucial for understanding market conditions. 78739 (Austin), with its low inventory, reflects a tight market where buyers must act quickly, while areas like 78669 (Spicewood) and 78746 (Austin), with their higher inventory, provide more opportunities for buyers to negotiate better deals. For instance, in 78746 (Austin), where the inventory is at 8.6 months, the median time on the market is 89 days, giving buyers more time to consider their options.
As the Austin area continues to grow, market conditions are likely to shift further. Monitoring these trends and understanding the months of inventory in each zip code will be key for anyone looking to buy or sell in this diverse and competitive market. Whether you are looking to capitalize on a sellers' market or negotiate in a buyers' market, understanding these market metrics is essential for success.
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