The median Austin-area listing spent 55 days on the market in June 2024. Active inventory stood at 12,066 listings, up 25.0% year over year. The median sat 18.6% below the April 2022 peak of $565,000.
Austin market statistics, June 2024
| Metric | June 2024 |
|---|---|
| Median sale price | $460,000 (-5.7% YoY) |
| Median price per sq ft | $225 (-3.0% YoY) |
| Homes sold | 2,540 (-12.5% YoY) |
| New listings | 3,588 |
| Active inventory | 12,066 (+25.0% YoY) |
| Months of supply | 4.8 |
| Median days on market | 55 |
| Sale-to-list ratio | 97.6% |
| Sold above asking | 14.2% |
| Listings with a price cut | 37.3% |
| 30-year fixed rate (avg) | 6.92% |
Austin Rents Are Falling. That Matters.
Inventory reached 12,066, the highest in this series to that point. Austin also had the fastest-falling apartment rents in the country, the result of an enormous multifamily construction pipeline delivering all at once. Falling rents put a ceiling on what buying can cost, because at some point renting simply wins.
What changed since May 2024
The median fell $1,292 from May 2024, a 0.3% move. Time on market lengthened by 9 days, to 55. Active inventory grew by 460 listings, to 12,066. The share of homes selling over asking gave up 2.9 points, to 14.2%.
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
| June 2024 | May 2024 | June 2023 | Since Oct 2016 | |
|---|---|---|---|---|
| Median sale price | $460,000 | $461,292 | $487,722 | range $255,626–$565,000 |
| Median days on market | 55 | 46 | 48 | range 16–85 |
| Active inventory | 12,066 | 11,606 | 9,655 | highest since Oct 2016 |
| Months of supply | 4.8 | 4 | 3.3 | range 0.9–5.4 |
| Sold above asking | 14% | 17% | 18% | range 9%–75% |
| 30-year fixed rate | 6.92% | 7.06% | 6.71% | 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 June 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 55 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 $460,000 with 20% down at 6.92%, principal and interest runs about $2,429 a month. Add roughly $767 for property taxes and $307 for insurance and you are near $3,502 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 12,066 active listings and 55 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
Hyde Park (78751). North Loop, North University. Known for craftsman bungalows, established. It fits buyers who want an established neighborhood with long-term value.
The metro numbers above are an average of a very unequal city, Hyde Park 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/hyde-park/, including what is wrong with it.
On in Austin, June 2024
| When | What | Why it matters to a listing |
|---|---|---|
| Mid-June | Republic of Texas Biker Rally, Travis County Expo Center, east | Four days. Congress Avenue and the east side carry the traffic and the noise; the effect on showings is loud rather than obstructive. |
| Jun 19 | Juneteenth, East Austin | Parade and celebrations through east Austin, where the holiday has been marked since 1867. Street closures in 78702 and around Rosewood. |
What is coming next
NAR practice changes August 17. A likely Federal Reserve rate cut in September.
Common questions
How much do I need to earn to buy a median-priced Austin home?
At $460,000 with 20% down at 6.92%, the all-in monthly payment is roughly $3,502 including estimated taxes and insurance. At a 30% housing-to-income ratio that implies household income around $140,000. 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%.
Is the Austin housing market going to crash?
It already corrected. The metro median is 18.6% below the April 2022 peak, which is a larger drawdown than most US metros saw in this cycle, because Austin's run-up was larger. What is not present is the 2008 setup: lending standards are tight, most owners hold fixed-rate mortgages well below current rates, and Central Texas is still adding jobs and people. A slow market and a crashing one look different, and this is the first one.
Is it a good time to buy a house in Austin?
For a buyer with a five-year-plus horizon, this is the better half of the cycle. 55 days on market and 4.8 months of supply means you can inspect, negotiate, and walk. The people who bought in Austin's soft stretches did better than the people who bought in its frenzies, and they had a much less unpleasant time doing it.
How much are property taxes in Austin?
Combined city, county, school district and community college rates in the Austin area generally land between about 1.8% and 2.5% of assessed value, and higher inside a Municipal Utility District, where 3%+ is possible. There is no state income tax in Texas, and property tax is the trade. Two things every buyer should do: file a homestead exemption by April 30 of the year after you close, which caps annual taxable value increases at 10%, and check whether your target address sits in a MUD or PID before you finalize your budget.
Part of a retrospective series on the Austin market, one post per month since 2016, compiled from the historical record. This edition covers June 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.