Austin real estate closed listings across the Austin-Round Rock-Georgetown MSA decreased 10.4% year-over-year with 2,591 sales. That left 4.9 months of available inventory, according to the latest Central Texas Housing Report. Active listings increased 15.4% year-over-year. The median home price dropped by 4.4% to $439,990 indicating more opportunity for buyers, though home prices need to decrease further to significantly impact sales growth across the region.
“Buyers currently have more leverage in this market than previous years and it’s important for sellers to price their homes attainably to reflect current market conditions and attract more buyers,” Clare Knapp, Ph.D, housing economist for Unlock MLS and the Austin Board of REALTORS®, said. “While the Federal Reserve may start cutting rates in September, don’t expect a meaningful decline in mortgage rates. Even if rates drop to 6%, it would only provide a modest 2% boost in buyer purchasing power. In today’s market, a moderation of home prices—rather than interest rates—is what will drive sales.”
Austin real estate market: home sales for the Austin-Round Rock MSA comparing month over month between August 2024 and July 2024
✔ Overall, the median sales price was down ($439,990) 
✔ Sold units were down (from 2,652)
✔ New listings were down (from 3,812)
✔ Active listings were down (from 12,661)
✔ Pending home sales were up a little (from 2,567)
✔ Months of inventory were down (from 5.1)
Number of Austin homes for sale plus real estate news market data and statistics by county for the Central Texas Housing Market August 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.
The median home price data below for Central Texas cities 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 in total sales of the cities featured was less than 20 homes.
Interest rates dropped again last week, which I believe was the fourth week in a row.
Top 15 Central Texas cities with the most home sales
What Central Texas cities had the most home sales in August? 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?
New listings coming on the market have slowed down, giving existing inventory a chance to catch up and get more attention.
➡️ July sales were almost identical to June.
The number of active listings seems to have peaked within all three Central Texas counties highlighted. The July inventory looked very close to June.
Active sellers may experience a bit of an uptick in activity due to decreased competition and interest rates cooling off. There will be a little lag in activity as the school season begins, but serious buyers in the market aren’t going to leave it. Interest rates have continued to decline and are now a whole percentage point lower than a year ago. There is no reason for either side to leave the market now. The odds for the seller increase with less competition. The buyer’s odds of finding something increase with softer interest rates and serious sellers ready to have a conversation.
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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.