The Austin metro median sat 23.9% below its April 2022 peak in January 2024, at $430,000. Closed volume was 1,634 homes, up 10.8% year over year. The share selling above asking was 10%. Homes took a median of 84 days to sell. That made it a buyer's market.
Austin market statistics, January 2024
| Metric | January 2024 |
|---|---|
| Median sale price | $430,000 (-5.1% YoY) |
| Median price per sq ft | $217 (-2.6% YoY) |
| Homes sold | 1,634 (+10.8% YoY) |
| New listings | 2,468 |
| Active inventory | 7,895 (-1.7% YoY) |
| Months of supply | 4.8 |
| Median days on market | 84 |
| Sale-to-list ratio | 96.7% |
| Sold above asking | 9.7% |
| Listings with a price cut | 27.5% |
| 30-year fixed rate (avg) | 6.64% |
What Three Units Per Lot Means for Your Purchase
Days on market hit 84 and the median was $430,000, down 24% from the 2022 peak. The practical effect of HOME Phase 1, now in force: a standard single-family lot can hold up to three units. That is optionality you are buying whether or not you use it, and it is worth asking your agent to check the specific lot's constraints: impervious cover, setbacks, and heritage trees still bind.
What changed since December 2023
The median fell $18,000 from December 2023, a 4.0% move. Time on market lengthened by 7 days, to 84. Active inventory shrank by 35 listings, to 7,895. The share of homes selling over asking gained 0.3 points, to 9.7%.
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
| January 2024 | December 2023 | January 2023 | Since Oct 2016 | |
|---|---|---|---|---|
| Median sale price | $430,000 | $448,000 | $452,883 | range $255,626–$565,000 |
| Median days on market | 84 | 77 | 84 | range 16–85 |
| Active inventory | 7,895 | 7,930 | 8,032 | range 2,660–10,647 |
| Months of supply | 4.8 | 3.8 | 5.4 | range 0.9–5.4 |
| Sold above asking | 10% | 9% | 10% | range 9%–75% |
| 30-year fixed rate | 6.64% | 6.82% | 6.27% | 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 January 2024 falls against every month that came before it.
If you are buying in Austin right now
At 4.8 months of supply this is a buyer's market, and 84 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 96.7% of asking, so roughly 3.3% under list was the normal outcome, not an insulting one.
The payment math. At $430,000 with 20% down at 6.64%, principal and interest runs about $2,206 a month. Add roughly $717 for property taxes and $287 for insurance and you are near $3,209 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 7,895 active listings and 84 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
Downtown Austin (78701). Rainey Street, 6th Street, Congress Ave. Known for high-rise condos, walkable nightlife. It fits professionals who want urban living without a commute, and runs $350K condos to $1M+ penthouses.
The metro numbers above are an average of a very unequal city, Downtown Austin 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/downtown-austin/, including what is wrong with it.
On in Austin, January 2024
| When | What | Why it matters to a listing |
|---|---|---|
| Jan 15 | MLK Day March, UT campus to Huston-Tillotson, east | The march runs from campus east along MLK. Central and east street closures for the morning, and a poor Monday for showings along the route. |
What is coming next
HOME Phase 2 on lot sizes. And a settlement in the NAR commission litigation, widely expected in the first half of the year.
Common questions
How long are homes taking to sell in Austin?
A median of 84 days in January 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.
I am moving to Austin from California. What actually surprises people?
Four things, in order of how much money they cost. Property taxes, which run roughly 1.8-2.5% and have no Proposition 13-style cap beyond the 10% homestead limit. Homeowners insurance, which is among the highest in the country because of hail. Summer utility bills in an underinsulated house. And foundations: much of the region sits on expansive clay that moves with drought and rain, so watering your foundation is a real practice here and a structural engineer's report is money well spent on any older slab home.
How much do I need to earn to buy a median-priced Austin home?
At $430,000 with 20% down at 6.64%, the all-in monthly payment is roughly $3,209 including estimated taxes and insurance. At a 30% housing-to-income ratio that implies household income around $128,000. Lenders will approve you well above that; whether you should go there is a different question. Property taxes are estimated at 2.0% of value, verify the actual rate for the specific address, because a MUD can push it past 3%.
Part of a retrospective series on the Austin market, one post per month since 2016, compiled from the historical record. This edition covers January 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.