Analyzing the Austin Real Estate Market: April 2024 Statistics

Analyzing the Austin Real Estate Market: April 2024 StatisticsAustin Real Estate Market Report - April 2024

1. Median Price: $341,900

In April 2024, the median price of a single-family home in Austin stood at $341,900. This figure reflects the midpoint of all home sale prices during that month. It’s essential to note that this median price is slightly lower than the previous month’s median, indicating some market fluctuations.

2. Average Days on the Market: 57 Days

On average, homes spent 57 days on the market before finding a buyer. This metric measures the time it takes from listing a property to closing the sale. A shorter average time suggests a more active market where buyers are eager to make offers.

3. Time to Close: 33 Total Days

The entire process, from listing a home to closing the sale, took an average of 33 days. This duration includes the time spent on the market and the additional steps involved in finalizing the transaction. Sellers and buyers alike should be aware of this timeline when planning their moves.

4. Housing Inventory: 4 Months

Austin had approximately 4 months of housing inventory available in April 2024. This inventory level indicates how long it would take to sell all existing homes if no new listings were added. An increase of 0.6 months compared to the previous year suggests a slightly more balanced market.

5. List Price to Sales Price Ratio: 95.7%

Listings in Austin sold for approximately 95.7% of their list price. This ratio reflects the negotiation dynamics between sellers and buyers. A higher percentage indicates stronger demand and competitive pricing.

6. Median House Size: 1,941 Square Feet

The typical single-family home in Austin had a median size of 1,941 square feet. Buyers seeking a specific square footage can use this information to narrow down their search. Whether you’re downsizing or looking for more space, understanding the median house size is crucial.


Key Takeaways for Sellers and Buyers:

Sellers:

The decrease in inventory has already translated into price increases. With more buyers competing, sellers can expect higher offers. However, multiple offers and overbids are less common. Work with a Realtor to understand your local market and set realistic expectations.

Buyers:

While it’s still a seller’s market, favorable terms exist. Buyers don’t always pay the list price, and there’s time to make decisions. Act quickly, especially if you know what you want. Early buyers tend to pay less than those who wait until later in the season.

Remember, real estate markets can fluctuate, so staying informed is essential. If you’re considering buying or selling in Austin, consult with a knowledgeable real estate professional to navigate the current landscape successfully. 

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