The Austin metro median sat 21.2% below its April 2022 peak in August 2024, at $445,000. Active inventory stood at 11,520 listings, up 18.3% year over year. The 30-year fixed averaged 6.5% that month. That made it a buyer's market.
Austin market statistics, August 2024
| Metric | August 2024 |
|---|---|
| Median sale price | $445,000 (-5.3% YoY) |
| Median price per sq ft | $221 (-3.9% YoY) |
| Homes sold | 2,457 (-6.3% YoY) |
| New listings | 3,080 |
| Active inventory | 11,520 (+18.3% YoY) |
| Months of supply | 4.7 |
| Median days on market | 66 |
| Sale-to-list ratio | 97.3% |
| Sold above asking | 11.4% |
| Listings with a price cut | 37.8% |
| 30-year fixed rate (avg) | 6.5% |
The New Buyer Agreement Rules Take Effect
The NAR practice changes took effect August 17. Buyers now sign a written representation agreement specifying their agent's compensation before touring a home, and compensation offers no longer appear in the MLS. Sellers can still contribute to the buyer's agent fee. It is negotiated in the contract now instead of advertised in the listing.
What changed since July 2024
The median fell $12,369 from July 2024, a 2.7% move. Time on market lengthened by 8 days, to 66. Active inventory shrank by 293 listings, to 11,520. The share of homes selling over asking gave up 2.5 points, to 11.4%.
One month is noise. The reason to read it anyway is that direction shows up in inventory and days on market well before it shows up in price, so the months where those two disagree with the headline number are the interesting ones.
Where this month sits in the cycle
| August 2024 | July 2024 | August 2023 | Since Oct 2016 | |
|---|---|---|---|---|
| Median sale price | $445,000 | $457,369 | $470,000 | range $255,626–$565,000 |
| Median days on market | 66 | 58 | 55 | range 16–85 |
| Active inventory | 11,520 | 11,813 | 9,742 | range 2,660–12,066 |
| Months of supply | 4.7 | 4.7 | 3.7 | range 0.9–5.4 |
| Sold above asking | 11% | 14% | 14% | range 9%–75% |
| 30-year fixed rate | 6.5% | 6.85% | 7.07% | range 2.68%–7.62% |
The right-hand column is the range this series has covered since October 2016. No forecast in it, just where August 2024 falls against every month that came before it.
If you are buying in Austin right now
At 4.7 months of supply this is a buyer's market, and 66 median days on market is the negotiating position. A listing that is ninety days old belongs to a seller whose plan is not working. That is worth more than any clever offer strategy.
The average home sold for 97.3% of asking, so roughly 2.7% under list was the normal outcome, not an insulting one.
The payment math. At $445,000 with 20% down at 6.5%, principal and interest runs about $2,250 a month. Add roughly $742 for property taxes and $297 for insurance and you are near $3,288 a month all in. Texas has no state income tax and this is where the state collects instead, budget the tax line from day one, not as an afterthought.
If you are selling: with 11,520 active listings and 66 median days on market, you are competing against a lot of houses and a patient buyer. Price ahead of the market rather than chasing it down, and consider funding a rate buydown, at these rates it moves a buyer's monthly payment more than an equivalent price cut does.
Neighborhood in focus
Northwest Hills (78731). Highland Park, Mesa Park. Known for quiet, large lots, family neighborhoods. It fits families who want space and a central location.
The metro numbers above are an average of a very unequal city, Northwest Hills does not move in lockstep with Kyle or Leander, and the gap between ZIPs widens in exactly the months the metro looks calm. There is a longer, more honest write-up at /neighborhoods/northwest-hills/, including what is wrong with it.
On in Austin, August 2024
| When | What | Why it matters to a listing |
|---|---|---|
| Late August | Bat Fest, Congress Avenue Bridge | The Congress Avenue Bridge closes for the evening. A reminder that August in Austin is the month buyers stop touring and start waiting for October. |
What is coming next
The Federal Reserve is expected to cut rates on September 18, its first cut since 2020.
Common questions
How long are homes taking to sell in Austin?
A median of 66 days in August 2024. That is the number to watch if you only watch one, days on market turns before price does, in both directions. For reference, since October 2016 this measure has ranged from 16 days in May 2016 to 85 in February 2023.
What are the best neighborhoods in Austin for families?
It depends on what you are optimizing for, and anyone who answers without asking is selling you something. Broadly: Circle C, Steiner Ranch and Avery Ranch for space and schools; Mueller, Crestview and Brentwood for walkability with a yard; Westlake and West Lake Hills for Eanes ISD if the budget reaches; Hyde Park and Bryker Woods for older homes near central. There are honest write-ups of nine of these at theaustinlocalgroup.com/neighborhoods, including the parts that are not flattering.
What is a MUD district and why does it matter?
A Municipal Utility District is a taxing entity that finances water, sewer and drainage infrastructure in developments outside city utility service: common in Leander, Kyle, Buda, Manor and parts of Pflugerville and Dripping Springs. It levies its own rate on top of city, county and school, and can add a full percentage point or more to your effective tax rate. MUD rates typically decline as the district's debt is paid down, but that takes decades. It is the most common surprise in a suburban Central Texas closing, and it is disclosed, read the MUD notice.
Part of a retrospective series on the Austin market, one post per month since 2016, compiled from the historical record. This edition covers August 2024; every figure is as reported for that month, and nothing in it looks past it.
Source: Redfin Data Center metro market tracker: single-family, Austin-Round Rock-San Marcos metro, not seasonally adjusted. Mortgage rates are the monthly average of the Freddie Mac Primary Mortgage Market Survey 30-year fixed rate. Payment, tax and insurance figures are estimates for illustration and are not a quote. Median sale price is not a guarantee of value for any specific property.
Written by Mike Vilece, a licensed Texas real estate agent with Compass in Austin. If you want the version of this that applies to your street and your budget, ask me directly.