October 2024 Market Summary

  • U.S. existing-home sales in October 2024 rose 5.5% from September and 5% from October 2023. Year over year, the median single-family-home sales price and median condo/co-op sales price were up 4.1% and 1.6% respectively.

  • The number of listings for sale increased slightly from September, and jumped 19% from October 2023:  In recent months, inventory has generally been running at its highest count in 4 years but remains far below pre-pandemic norms. Price reductions in October were up 17% year-over-year.

  • Approximately 59% of sales went into contract in less than 1 month (vs. 66% in 10/23), 19% sold over list price (vs. 28% in 10/23), and 27% of buyers purchased all-cash. The median days-on-market to…

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Austin celebrates the cooler weather in November with a variety of festivals throughout the month capped by the annual Thanksgiving Day Turket Trot.  For the book lovers in the family, the annual Texas Book Festival will take place November 16-17, 2024, in downtown Austin. This free event features over 250 authors and draws tens of thousands of book lovers. And, if you want to get jump start on your Christmas lists, A Christmas Affair 2024, hosted by The Junior League of Austin, will take place from November 20-24 at Palmer Events Center. This holiday market features over 200 vendors and attracts more than 25,000 attendees, supporting JLA's community programs and nonprofit partners. 

Read about these events and many more activities in and around Austin…

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The latest statistics on the Austin home market shows that home inventory is reaching 5.9 months, making it a buyer's market. There are over 12,000 homes for sale, selling at an average of 93% of their original list price. Not surprisingly, Realty Austin Compass sell on average for 97% of their original list price. Despite the elevated inventory, affordability remains a challenge. 

See the latest update on the Austin market at the link below. 

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