AUSTIN, Texas —In June, closed listings across the Austin-Round Rock-Georgetown MSA decreased 13.4% year-over-year with 2,732 sales. That left 5 months of available inventory, the highest since 2011 according to the latest Central Texas Housing Report. Active listings increased 25.9% year-over-year. The amount of homes for sale coupled with elevated mortgage rates has tempered the median sales price to $450,000, a 6.3% reduction over June 2023.
Clare Knapp, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, pointed to buyer and seller tendencies and their effect on the market.
“In June, and the first half of the year, we’ve seen sellers remain resolute in their price point, a main factor behind the decline in sales of 13.4%. For buyers, the recent surge in active listings, plus affordability constraints for moderate-income buyers, means that they are choosing to be more selective when purchasing a home. The market will continue to find its footing in the latter half of the year, proving that both buyers and sellers will need to remain nimble and work closely with their REALTOR® to find and negotiate their best option.”
Austin real estate news: home sales for the Austin-Round Rock MSA comparing month over month between June 2024 and May 2024
✔ Overall, the median sales price was down (from $459,450) 
✔ Sold units were down (from 2,968)
✔ New listings were down (from 5,243)
✔ Active listings were up (from 12,211)
✔ Pending home sales were down (from 2,966)
✔ Months of inventory were up (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 June 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 61 closed sales units to make the top 14.
Sales down by about 400 units month-over-month of the cities listed in Central Texas with the most sold.
️ Of the cities featured: Kyle and Leander showed very little shift in median sold prices MoM.
⬇️ Median sales prices were down month-over-month in Austin, Buda, Cedar Park, Liberty Hill, and Round Rock.
⬆️ Median sales prices increased MoM for Elgin, Manor, San Marcos, Georgetown, Hutto, Pflugerville and New Braunfels
☀️ Some of the increases and decreases month-over-month listed above were only to the tune of about $10,000, others had a more significant jump or drop.
When sales are low, every home that sells carries more weight when running data. This is less of a factor with median numbers, which is why I use them but in the end with some cities selling less than 100 units – all of those sales are going to influence the midpoint more.
Sellers are feeling the heat. About 55% of the single-family homes (2626) that were active on the market today (4,740) in the city of Austin alone have reduced their original list price.
It’s hot, it’s vacation time, we have switched seasons and interest rates haven’t moved enough to turn very many heads. Marketing and pricing in this market are key. There is a lot of inventory out there. You don’t get a second chance to make a first impression.
Top 15 Central Texas cities with the most home sales
What Central Texas cities had the most home sales in June? 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. Leander, Texas switched positions compared to May, with the city of Kyle moving down to 5th. Month-over-month as a whole sales units were up slightly.
How’s the market? How are Austin homes for sale selling and who’s buying?
Cash buyers were up over 30% of the previous quarter
⬆ Residential homes that sold over list price were up over Q1
The percentage of homes sold after being on the market 30 days or less was up about 16%.
There were about 800 more homes sold in the City of Austin in Q2 compared to Q1. The percentage of homes that sold after only being on the market 30 days (or less) indicates more home sellers are getting more aggressive with their asking prices to get more competitive with their current market.
➡️ Also, note that most homes over the list price were on the market for less than 10 days. After 10 days, the odds drop significantly.
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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.