Austin real estate closed listings across the Austin-Round Rock-Georgetown MSA decreased 3.5% year-over-year with 2,652 sales. That left 5.1 months of available inventory, according to the latest Central Texas Housing Report. Active listings increased 20.3% year-over-year. While inventory is high, remember markets are local. Sales increased outside of Travis County enough to keep the median sales price to $450,000, the same month-over-month.
Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, provided insight into what this data means for buyers and sellers.
“Consistently high mortgage rates continue to impact buyer’s purchasing power, but July’s increase in sales in four of the five MSA counties shows the strength of Central Texas housing demand,” Clare Knapp, Ph.D, housing economist for Unlock MLS and the Austin Board of REALTORS®, said. “With rates around 6.5%, only about half of homeowners in our market can afford a median-priced home and only about a quarter of renters can afford a starter home. Home prices across the market still need to decrease to meet market conditions and meet buyers where their purchasing power is currently. It is notable that we are seeing more first-time buyers willing to make a move this year compared to last, and that is a positive sign for our market.”
Austin real estate market: home sales for the Austin-Round Rock MSA comparing month over month between July 2024 and June 2024
✔ Overall, the median sales price was the same ($450,000) 
✔ Sold units were down (from 2,732)
✔ New listings were down (from 4,364)
✔ Active listings were down (from 13,227)
✔ Pending home sales were down (from 2,802)
✔ Months of inventory were down (from 5.0)
Number of Austin homes for sale plus real estate news market data and statistics by county for the Central Texas Housing Market July 2024: Median Austin home prices and data by county
Months of inventory are calculated by dividing the number of homes listed for sale by the average number sold per month within 12 months.
Austin Real Estate and other Central Texas Housing Market Median Sales Prices for Austin, Georgetown, Round Rock, Leander, Pflugerville, Dripping Springs, Buda, Kyle, Manor, Liberty Hill, and beyond for Single-Family Residential Home Types.
This data combines all residential home types and only lists cities with at least 50 closed sales units to make the top 14.
⚖️ In total sales were almost identical month-over-month for the cities of Central Texas with the most sold. The difference was eight homes.
⬇️ Median sales prices were down month-over-month for most of the Central Texas cities listed.
⬆️ Median sales prices increased MoM for Kyle, Bastrop, Round Rock, and Liberty Hill
➡️ I’ve added arrows to indicate month-over-month comparisons in median closed prices.
️Vacation season is coming to a close. We are migrating to the back-to-school season. ✏️I’m seeing an uptick in expired listings and a drop in new ones. This happens every year and everyone transitions into their fall schedules.
Interest rates dropped again last week, which I believe was the third week in a row.
I watch little markets of comparable homes. As soon as one goes under contract, they all start to go under contract within days of each other; even when they are all in the 60-day on-market range. You never know what day the right buyer will appear, but you can’t sell it if you don’t want to show it. Sellers leaving the market right now may very well wait until next spring to try again. Will it be a different market? I don’t have a crystal ball.
Back-to-school schedule changes don’t affect everyone except for maybe traffic patterns. Those sellers that can stay on the market might succeed with fewer homes entering the market and others leaving it. Buyers have a little boost in momentum with the drop in interest rates. People who go out shopping for homes in the heat of August in Texas have more intent to purchase than I see most other times of the year. They aren’t looking just to fill a Saturday afternoon. They are shopping. Sellers have to be in it, to win it.
Top 15 Central Texas cities with the most home sales
What Central Texas cities had the most home sales in July? The breakdown above shows the top 15 cities with the most homes sold. All residential home types were included in this report.
Austin, Georgetown, and Round Rock remain in the top 3 slots.
How’s the market? How are Austin homes for sale selling and who’s buying?
How’s the Austin real estate market here in Central Texas? New listings have slowed giving the existing inventory a chance to catch up and get more attention.
Buyers are out there. I meet them all the time. Some have to move because they need more space, and others want to move because they need less space. Others have buyer’s remorse because they didn’t have a lot to choose from 4 years ago, and now they want to live closer to something or someone.
So, how’s the market? It’s slower than it’s been in years, but it’s not dead.
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Austin real estate news, specifically Austin real estate market data and Austin homes for sale numbers are compiled by ACTRIS© Matrix data through the Austin Board of REALTORS®. Information deemed reliable but not guaranteed and should be verified. Content is “AS IS,” without any warranty, express or implied. Results were calculated from the number of listings in the MLS at the date of the report. Off-market data not included.