The median single-family home in the Austin metro sold for $457,369 in July 2024, down 2.5% year over year. The median sat 19.0% below the April 2022 peak of $565,000. Homes took a median of 58 days to sell. Active inventory stood at 11,813 listings, up 22.0% year over year. That made it a buyer's market.
Austin market statistics, July 2024
| Metric | July 2024 |
|---|---|
| Median sale price | $457,369 (-2.5% YoY) |
| Median price per sq ft | $224 (-2.7% YoY) |
| Homes sold | 2,495 (-1.0% YoY) |
| New listings | 3,079 |
| Active inventory | 11,813 (+22.0% YoY) |
| Months of supply | 4.7 |
| Median days on market | 58 |
| Sale-to-list ratio | 97.6% |
| Sold above asking | 14.0% |
| Listings with a price cut | 39.1% |
| 30-year fixed rate (avg) | 6.85% |
The Year Renting Won the Math
Rates eased to about 6.7%. With rents falling and prices flat, the rent-versus-buy calculation in Austin genuinely favored renting in 2024 for anyone with a horizon under about five years. That is an unusual thing for an agent to say and it was true. Over ten years the math flips, because rent compounds and a fixed payment does not.
What changed since June 2024
The median fell $2,631 from June 2024, a 0.6% move. Time on market lengthened by 3 days, to 58. Active inventory shrank by 253 listings, to 11,813. The share of homes selling over asking gave up 0.3 points, to 14.0%.
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
| July 2024 | June 2024 | July 2023 | Since Oct 2016 | |
|---|---|---|---|---|
| Median sale price | $457,369 | $460,000 | $469,305 | range $255,626–$565,000 |
| Median days on market | 58 | 55 | 49 | range 16–85 |
| Active inventory | 11,813 | 12,066 | 9,683 | range 2,660–12,066 |
| Months of supply | 4.7 | 4.8 | 3.8 | range 0.9–5.4 |
| Sold above asking | 14% | 14% | 16% | range 9%–75% |
| 30-year fixed rate | 6.85% | 6.92% | 6.84% | 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 July 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 58 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 97.6% of asking, so roughly 2.4% under list was the normal outcome, not an insulting one.
The payment math. At $457,369 with 20% down at 6.85%, principal and interest runs about $2,398 a month. Add roughly $762 for property taxes and $305 for insurance and you are near $3,465 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 11,813 active listings and 58 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
Crestview & Brentwood (78756 & 78757). Little Deli, Brentwood Social House, Crestview Station. Known for old-Austin feel, hidden gems. It fits buyers who want a neighborhood that still feels like old Austin.
The metro numbers above are an average of a very unequal city, Crestview & Brentwood 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/crestview-brentwood/, including what is wrong with it.
On in Austin, July 2024
| When | What | Why it matters to a listing |
|---|---|---|
| Jul 4 | Fourth of July Concert and Fireworks, Auditorium Shores / Lady Bird Lake | The Austin Symphony on Auditorium Shores with fireworks over the lake. Downtown and the south shore close from late afternoon. |
What is coming next
The NAR practice changes take effect August 17.
Common questions
Should I buy in Austin or in the suburbs?
The honest trade: Round Rock, Cedar Park, Leander, Pflugerville, Georgetown, Kyle and Buda will get you meaningfully more square footage and, in Round Rock ISD, Leander ISD and Lake Travis ISD, schools that rate as well or better than most Austin ISD zones. What you give up is proximity, and in Austin proximity is the scarce good. The drive from Leander to downtown at 8am is not the drive you tested on a Sunday. Check the MUD rate before you compare prices; a suburban house can carry a higher monthly cost than a more expensive central one.
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.
How long are homes taking to sell in Austin?
A median of 58 days in July 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.
Part of a retrospective series on the Austin market, one post per month since 2016, compiled from the historical record. This edition covers July 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.