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
Discover the Hidden Gems: A Guide to Off-Market Properties in Austin
Discover the Hidden Gems: A Guide to Off-Market Properties in Austin

When it comes to buying or selling real estate in Austin, most people think of traditional platforms like the Multiple Listing Service (MLS). However, there’s a whole other side to the market that savvy buyers and sellers are tapping into: off-market properties. These hidden gems, also known as pocket listings, are homes for sale that […]

Buying • Selling December 6, 2024
Tips for Selling Your Home
Tips for Selling Your Home

Selling a home in Austin can be both exciting and challenging. With its fast-paced real estate market and a strong influx of new residents, Austin remains one of the most attractive cities for homebuyers. However, the competition means that sellers need to put their best foot forward to attract the right buyers and secure the […]

Selling November 29, 2024
Understanding Property Taxes in Austin
Understanding Property Taxes in Austin

Property taxes are a major consideration for anyone buying or owning a home, and in Texas, they can significantly impact your overall cost of living. Austin’s rapid growth, coupled with increasing property values, has made property taxes a central topic for homeowners and potential buyers alike. If you’re planning to buy a home in Austin […]

Buying • Homeownership November 22, 2024
Ways to Give Back in Austin this Holiday Season
Ways to Give Back in Austin this Holiday Season

Ways to Give Back in Austin This Holiday Season As the holiday season approaches, there are countless ways to make a positive impact on our community. Here’s a roundup of some incredible organizations in Austin that could use your support this season, from donating to volunteering: 1. Central Texas Table of Grace Central Texas Table […]

Find Your Austin • Things To Do November 15, 2024
What Does the Fed’s Latest Rate Cut Mean for the Austin Housing Market?
What Does the Fed’s Latest Rate Cut Mean for the Austin Housing Market?

The Federal Reserve recently announced a 0.25% rate cut, drawing attention from homeowners, buyers, and investors alike. While rate changes often raise eyebrows and lead to speculation, it’s essential to understand that this latest cut might not translate to big changes in mortgage rates right away. Here’s why, and what it means for Austin’s real […]

Buying • Homeownership • Market Statistics • Selling November 8, 2024
Austin Housing Market Report – September 2024
Austin Housing Market Report – September 2024

Austin Housing Market Report – September 2024 Discover how a drop in Austin-area home prices and rising buyer demand shape a new market dynamic. Explore what these trends mean for your next real estate move. Market Overview Staying informed about the Austin housing market is crucial whether you’re looking to buy or sell. With fluctuating […]

Market Statistics November 8, 2024
Things to Do in Austin This November 2024
Things to Do in Austin This November 2024

Things to Do in Austin This November 2024 November in Austin is packed with exciting events, from festive food and drink gatherings to cultural festivals and holiday markets. Whether you’re a local or a visitor, here’s your ultimate guide to November happenings in Austin! 1. Austin Food + Wine Festival November 1 – 3 Auditorium […]

Eat & Drink • Find Your Austin • Things To Do November 1, 2024
How the Austin Real Estate Market is Affected by Presidential Election Cycles
How the Austin Real Estate Market is Affected by Presidential Election Cycles

Every four years, the presidential election cycle brings change—and that extends beyond politics into areas like the economy, business, and even the housing market. While Austin’s real estate market is unique, it’s not immune to the impacts of election cycles. So, how does the election affect the buying and selling landscape here? Let’s dive into […]

Homeownership • Market Statistics October 30, 2024
How Interest Rates are Affecting the Austin Housing Market
How Interest Rates are Affecting the Austin Housing Market

Interest rates have been a hot topic across the country, and Austin is no exception. With fluctuating rates over the past couple of years, many buyers and sellers are wondering: how exactly do these rates impact Austin’s housing market? And is it still a good time to buy or sell? Let’s break down how interest […]

October 29, 2024