Caroline Smalley

As 2024 came to a close, the Austin real estate market demonstrated both resilience and strategic shifts that are worth exploring. Here’s a deep dive into the latest stats and what they mean for buyers, sellers, and the broader market in the city of Austin.

Key Market Highlights

1. Median Sales Price: The median sales price in Austin rose to $610,000 in December 2024, reflecting an 8% year-over-year increase. This growth underscores the continued demand for Austin properties, even amid changing market conditions.
2. Home Sales Activity: A total of 625 homes were sold in December, marking a 9% increase compared to December 2023. This uptick in sales volume is a promising sign of buyer confidence and sustained interest in Austin’s housing market.
3. Inventory Levels: December’s inventory settled at just 3.2 months, a notable reduction driven by increased buyer activity and fewer new listings. For context, a balanced market typically requires around six months of inventory, so Austin remains firmly in a seller’s market.
4. Days on Market: Homes spent an average of 71 days on the market, up from 62 days in December 2023. While this increase gives buyers a bit more time to make decisions, sellers still benefit from a strong market overall.
5. New Listings and Contracts: December saw 429 new listings, a modest 5.3% decrease from the same time last year. Despite this drop, 500 new contracts were written—a slight 2% year-over-year increase—highlighting steady demand from buyers.

What This Means for Buyers

Buyers entering the Austin market in 2025 will find both challenges and opportunities. While the increased median sales price and limited inventory make for a competitive landscape, the rise in average days on market offers a window for more deliberate decision-making. Buyers who prepare thoroughly and work with an experienced real estate agent can navigate this market effectively.

Insights for Sellers

Sellers, the Austin market is still in your favor! The low inventory levels mean less competition, while the steady rise in median sales price shows strong demand for well-priced homes. However, it’s crucial to price your property strategically and prepare for slightly longer selling timelines compared to last year. Partner with a local agent who knows your neighborhood and provides comparable property data to better inform your pricing strategy.

Market Stability and What’s Next

Looking back at 2024, Austin’s residential real estate market showed remarkable consistency. Over the year, 8,028 single-family homes were sold, reflecting a slight 2.55% decrease compared to 2023. The median sales price for the year—$609,500—remained relatively stable, showcasing Austin’s market as a dependable investment opportunity.

As we move into 2025, signs point to continued market strength. Fourth-quarter sales in 2024 showed a nearly 12% increase over the same period in 2023, signaling growing buyer confidence. Whether you’re buying, selling, or just exploring your options, it’s a great time to assess your real estate goals. Reach out today for a personalized market analysis or to discuss your real estate goals. Here’s to making 2025 your best year yet!

*Data obtained from the Austin Board of Realtors Multiple Listing Service, single-family homes in City of Austin. View the full December 2024 Austin Real Estate Market Report.