Central Austin November 2024 Residential Housing Market Update

When looking at the real estate metrics provided, we can see a correlation between them that can give us insight into the current market conditions according to my Central Austin November 2024 Residential Housing Market Update.

The Months Supply of Inventory is 5.18, which indicates how long it would take for all the current listings to sell at the current sales pace. A lower number typically signifies a seller’s market, where there is high demand and limited supply.

The 12-Month Change in Months of Inventory is -16.72%, showing a decrease in the amount of time it would take to sell all the listings compared to the previous year. This suggests a tightening of the market and potentially increasing competition among buyers.

The Median Days Homes are On the Market is 60, indicating the average amount of time it takes for a home to sell. A lower number could signify a faster-moving market with high buyer interest.

The List to Sold Price Percentage is 97.3%, showing that homes are selling for very close to their list price. This could indicate a strong seller’s market with limited room for negotiation.

Lastly, the Median Sold Price is $825,000, giving us an idea of the average price at which homes are selling in the market. This high median price could suggest a desirable area with high-value properties.

Overall, these metrics suggest a competitive market with limited inventory, high demand, and homes selling quickly and close to their list price. Sellers may have the upper hand in negotiations, while buyers may need to act quickly and be prepared to make strong offers according to my Central Austin November 2024 Residential Housing Market Update.

If you would like to know more about what is happening in your particular area, let’s schedule some time to speak.  Each market is different and there are micro markets that may provide additional insight.  I look forward to discussing what is going on with your area.