Austin Real Estate Market October 2024: Poised for Record Gains
Published | Posted by Dan Price
October 2024 Sets Austin Real Estate Market on Track for Record-Breaking Performance
As of mid-October 2024, the Austin real estate market, spanning the six-county region of Travis, Williamson, Bastrop, Hays, Caldwell, and Burnet, is showing signs of a remarkable month. The average sold price has increased by an impressive 7.1% from September to October. This is a significant gain, especially considering the 3.8% decline experienced just last month. The current data suggests that if this upward momentum continues through October, it could result in the best October performance for the Austin area since data collection began in 2000.
Historically, October has been a mixed month for the Austin area market. Over the past 24 years, October has experienced more negative monthly price changes than positive, with 11 out of those years seeing declines. The most substantial decline occurred in October 2004, with a drop of 8.9%, while the highest gain was in October 2010, at 11.8%. This October’s growth puts it among the top-performing years for this month, rivaling the high points of 2010 and surpassing the October gains seen in recent years, such as the slight decrease of 3.7% in 2023 and the minor 0.3% drop in 2022.
The average sold price trends for October across two decades reveal that this month has generally seen fluctuations, with an average month-over-month price change of just 1.0%. October’s median month-over-month change stands at 0.0%, highlighting its reputation as an unpredictable month in the Austin real estate market. Despite these typical patterns, October 2024 appears to be breaking the mold with one of the highest month-over-month increases on record, indicating robust market activity and a potential tightening of inventory levels across the region.
As of October 17, 2024, the Austin market remains poised for an exceptional month. However, it is worth noting that with two weeks remaining, the possibility of less expensive homes closing could affect the current average sold price. If more affordable properties sell in the coming days, the average sold price could potentially decrease. Therefore, this October’s record-setting potential will largely depend on the market dynamics in these final weeks.
For those tracking the Austin real estate market closely, Team Price Real Estate offers the most up-to-date insights on trends and data for the area. This six-county region, including Travis, Williamson, Bastrop, Hays, Caldwell, and Burnet, has a diverse market that can shift significantly based on buyer behavior and economic factors. By monitoring the latest austin area real estate market cycle data on TeamPrice.com, buyers and sellers can stay informed and make strategic decisions in a fluctuating market environment.
Whether this month closes as a record-breaker or simply as a strong October, the Austin real estate market continues to demonstrate its resilience and growth potential. Visit TeamPrice.com regularly for the latest updates and insights on the Austin area’s real estate trends, average prices, and market cycle information
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