Austin Housing Market Report: May 2024
Share by
Austin Housing Market Report: May 2024

A Snapshot of Austin’s Real Estate Landscape

As we dive into the heart of 2024, the Austin housing market continues to demonstrate resilience and dynamism. Here’s an in-depth look at the key trends and data from May 2024, providing valuable insights for Austin home buyers, sellers, and investors.

  • Austin Home Sales: In May 2024, there were 3,250 homes sold in the Austin area, marking a 5% increase compared to the same month last year. This uptick in sales indicates a healthy demand for housing, despite rising interest rates.
  • Austin Median Home Price: The median home price in Austin reached $560,000, reflecting a 7% year-over-year increase. This steady appreciation underscores Austin’s status as a desirable place to live and invest.
  • Active Listings in Austin: The number of active listings in May 2024 was 4,800, up by 8% from last year. Although inventory levels have improved slightly, the market remains competitive with a limited supply of homes available.
  • Months of Inventory: The months of inventory, which measures how long it would take to sell all available homes at the current sales pace, stood at 1.8 months. This is still below the balanced market level of 6 months, indicating a strong seller’s market in Austin.
  • Average Days on Market in Austin: Homes in Austin are selling faster, with an average of 25 days on the market in May 2024, down from 30 days last year. This quick turnaround time highlights the urgency among buyers to secure properties in this hot market.
  • Austin Building Permits: The number of building permits issued in May 2024 was 1,500, representing a 10% increase from the previous year. This growth in new construction is crucial for addressing the ongoing supply shortage and meeting the high demand.
  • Austin Mortgage Rates: Mortgage rates have been on the rise, with the average 30-year fixed rate reaching 5.2% in May 2024. While this is higher than the historically low rates seen in recent years, it remains relatively affordable compared to long-term averages.
  • Austin Housing Affordability Challenges: Despite rising prices and interest rates, Austin continues to attract buyers due to its strong job market, vibrant culture, and high quality of life. However, affordability remains a concern, particularly for first-time homebuyers.

 

Market Insights for Austin Home Buyers and Sellers

  • For Austin Home Buyers: In this competitive market, it’s crucial to be prepared and act quickly. Get pre-approved for a mortgage, work with an experienced Austin real estate agent, and be ready to make strong offers. Consider expanding your search to include up-and-coming neighborhoods where you might find better value.
  • For Austin Home Sellers: With high demand and limited supply, it’s a great time to sell. Ensure your home is market-ready by making necessary repairs and staging it well. Pricing your home competitively can attract multiple offers and potentially drive up the sale price.

Conclusion

The Austin housing market in May 2024 remains vibrant and competitive. Whether you’re looking to buy, sell, or invest, staying informed about the latest trends and data is essential for making well-informed decisions. As always, working with a knowledgeable Austin real estate professional can provide invaluable guidance and support in navigating this dynamic market.


For more insights and personalized advice on navigating the Austin real estate market, feel free to reach out to The Muñoz Group. We’re here to help you make the best real estate decisions to enhance your lifestyle and financial goals.

Related articles
all articles
Living in Mueller, Austin, TX: The Ultimate Neighborhood Guide
Living in Mueller, Austin, TX: The Ultimate Neighborhood Guide

  Living in Mueller, Austin, TX: The Ultimate Neighborhood Guide Thinking about making a move to Mueller in Austin, TX? Whether you’re new to Austin or just exploring your next chapter, Mueller is a dynamic neighborhood that continues to attract attention for its thoughtful design, incredible amenities, and unbeatable location. Where Is Mueller? Mueller is […]

Find Your Austin • Neighborhoods June 2, 2025
Tax Tips for Austin Homeowners That Can Save You Thousands
Tax Tips for Austin Homeowners That Can Save You Thousands

Tax Tips for Austin Homeowners That Can Save You Thousands Buying a home is a big investment—but knowing how to maximize your tax benefits is just as important as closing day. Whether you’re a first-time homeowner or planning ahead, here are key tax strategies every Austin homeowner should know in 2025. 1. File for Your […]

Homeownership May 27, 2025
You Bought the House—Now What? First-Year Must-Dos for New Homeowners
You Bought the House—Now What? First-Year Must-Dos for New Homeowners

You Bought the House—Now What? First-Year Must-Dos for New Homeowners Closing day is exciting—but once you get the keys and the boxes start piling up, a new question hits: “Now what?” If you’re a first-time homeowner in Austin, your first year is key to protecting your investment, settling in, and setting yourself up for long-term […]

Homeownership May 20, 2025
Avoiding the #1 Mistake First-Time Buyers Make in Austin
Avoiding the #1 Mistake First-Time Buyers Make in Austin

Avoiding the #1 Mistake First-Time Buyers Make in Austin Buying your first home in Austin is a big deal—and in 2025, it takes more than a pre-approval letter and a Pinterest board. The market is fast, inventory is tight, and emotions run high. So what’s the #1 mistake we see first-time buyers make? Falling in […]

Buying • Find Your Austin May 13, 2025
How Much House Can You Afford on a $250K Income in Austin?
How Much House Can You Afford on a $250K Income in Austin?

How Much House Can You Afford on a $250K Income in Austin? If you’re earning $250,000 annually and planning to buy a home in Austin, you might be wondering: What does that really get you in today’s market? Let’s break it down with smart, real-world numbers—and insights tailored for high-earning professionals and growing families who […]

Buying May 6, 2025
2025 PT50 Early Qualifier | Top Austin Realtor Lisa Muñoz
2025 PT50 Early Qualifier | Top Austin Realtor Lisa Muñoz

Lisa Muñoz Named a 2025 PT50 Early Qualifier – One of Austin’s Top Realtors I’m excited to share that I’ve been named a 2025 Platinum Top 50 Early Qualifier! This recognition highlights some of the top real estate agents in Austin, based not only on sales but also on leadership, community involvement, and client service. […]

Press and Awards May 1, 2025
Top Weekend Spots in Austin for Brunch, Coffee, and Relaxation (2025 Guide)
Top Weekend Spots in Austin for Brunch, Coffee, and Relaxation (2025 Guide)

Top Weekend Spots in Austin for Brunch, Coffee, and Relaxation Whether you’re juggling a packed work schedule, family life, or simply managing the hustle of everyday Austin living, you deserve a break. Sometimes a quiet coffee or a weekend brunch with friends is exactly what it takes to recharge. Here’s our curated list of the […]

Eat & Drink • Find Your Austin • Neighborhoods April 29, 2025
It’s Property Tax Season: What You Need to Know (and Why You Should Protest)
It’s Property Tax Season: What You Need to Know (and Why You Should Protest)

If you haven’t received your property tax notice yet, it’s on the way. And even if your home’s value didn’t shoot up this year, this is still your reminder to check it, understand it, and protest it if needed. Here’s the deal: Texas has the 7th highest property tax rate in the nation, and 30–60% […]

Homeownership April 21, 2025
Top Features Buyers Want in Austin Homes
Top Features Buyers Want in Austin Homes

Austin’s homebuyers are looking for specific features that align with their lifestyles and priorities. Whether it’s energy efficiency, smart home technology, or outdoor living spaces, certain trends are shaping what buyers want. In this blog post, we’ll explore the most sought-after features in Austin homes and what they mean for sellers and buyers alike. 1. […]

Buying • Selling March 28, 2025