May 2024 Market Update

May 2024 Market Update: Housing inventory hits highest level in 13 years

Source: UnlockMLS


AUSTIN, Texas — In May, the Austin-Round Rock-Georgetown MSA experienced a 12.8% drop in closed listings, accompanied by an increase in available inventory to 4.9 months, a level not seen in 13 years, according to the latest Central Texas Housing Report by Unlock MLS. At the same time, active listings rose by 37.7% year-over-year. This surge in available options gives buyers more leverage to be selective when purchasing a home.

Clare Losey, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, provided insights into what this data means for both buyers and sellers:

“This data indicates that buyers can be more discerning when searching for a home within their price range. Although it may seem like a buyer's market, it's important to consider factors such as higher interest rates, which reduce purchasing power. The current market doesn't distinctly favor either buyers or sellers.”

Kent Redding, 2024 Unlock MLS and ABoR president, emphasized the importance of working with a REALTOR®:

“As the market becomes more complex, it's crucial to work with a REALTOR® to navigate the current conditions. A professional who understands market nuances can help sellers price their homes appropriately and assist buyers in finding the best housing options within their budget.”

Austin Round-Rock-Georgetown MSA

  • 2,968 – Residential homes sold, 12.8% less than May 2023.
  • $459,450 – Median price for residential homes, 0.4% less than May 2023.
  • 5,243 – New home listings on the market, 16.3% more than May 2023.
  • 12,211 – Active home listings on the market, 37.7% more than May 2023.
  • 2,966 – Pending sales, 2.5% less than May 2023.
  • 4.9 – Months of inventory, 1.5 months more than May 2023.
  • $1,766,711,612 – Total dollar volume of homes sold, 13.4% less than May 2023.
  • 95.5% – Average close to list price, compared to 94.2% in May 2023.

City of Austin

  • 1,038 – Residential homes sold, 2.4% more than May 2023.
  • $608,438 – Median price for residential homes, 11.6% more than May 2023.
  • 2,021 – New home listings on the market, 40.3% more than May 2023.
  • 4,740 – Active home listings on the market, 85.3% more than May 2023.
  • 973 – Pending sales, 6.3% more than May 2023.
  • 6.2 – Months of inventory, 2.7 months more than May 2023.
  • $818,966,999 – Total dollar volume of homes sold, 14.5% more than May 2023.
  • 95.3% – Average close to list price, flat to May 2023.

Travis County

  • 1,308 – Residential homes sold, 18.8% less than May 2023.
  • $555,000 – Median price for residential homes, 4.7% more than May 2023.
  • 2,611 – New home listings on the market, 16.3% more than May 2023.
  • 6,276 – Active home listings on the market, 46.9% more than May 2023.
  • 1,310 – Pending sales, 9.5% less than May 2023.
  • 5.6 – Months of inventory, 2.0 months more than May 2023.
  • $965,012,284 – Total dollar volume of homes sold, 17.6% less than May 2023.
  • 95.1% – Average close to list price, compared to 94.5% in May 2023.

Williamson County

  • 1,000 – Residential homes sold, 11.3% less than May 2023.
  • $435,000 – Median price for residential homes, 0.5% less than May 2023.
  • 1,622 – New home listings on the market, 17.7% more than May 2023.
  • 3,375 – Active home listings on the market, 34.8% more than May 2023.
  • 1,007 – Pending sales, 1.4% less than May 2023.
  • 3.9 – Months of inventory, 1.2 months more than May 2023.
  • $490,783,958 – Total dollar volume of homes sold, 12.9% less than May 2023.
  • 96.3% – Average close to list price, compared to 93.9% in May 2023.

Hays County

  • 466 – Residential homes sold, 2.4% more than May 2023.
  • $389,850 – Median price for residential homes, 2.5% less than May 2023.
  • 733 – New home listings on the market, 21.4% more than May 2023.
  • 1,800 – Active home listings on the market, 27.2% more than May 2023.
  • 464 – Pending sales, 17.8% more than May 2023.
  • 4.9 – Months of inventory, 1.1 months more than May 2023.
  • $239,753,087 – Total dollar volume of homes sold, 8.6% more than May 2023.
  • 94.8% – Average close to list price, compared to 93.6% in May 2023.

Bastrop County

  • 138 – Residential homes sold, 9.8% less than May 2023.
  • $349,995 – Median price for residential homes, 5.4% less than May 2023.
  • 216 – New home listings on the market, 1.4% less than May 2023.
  • 633 – Active home listings on the market, 15.7% more than May 2023.
  • 116 – Pending sales, 8.7% less than May 2023.
  • 5.5 – Months of inventory, 1.0 more than May 2023.
  • $53,914,874 – Total dollar volume of homes sold, 17.0% less than May 2023.
  • 95.2% – Average close to list price, compared to 93.6% in May 2023.

Caldwell County

  • 56 – Residential homes sold, flat to May 2023.
  • $281,990 – Median price for residential homes, 4.9% less than May 2023.
  • 61 – New home listings on the market, flat to May 2023.
  • 128 – Active home listings on the market, 0.8% less than May 2023.
  • 69 – Pending sales, 35.3% more than May 2023.
  • 3.0 – Months of inventory, 0.1 months less than May 2023.
  • $17,247,409 – Total dollar volume of homes sold, 8.9% less than May 2023.
  • 97.0% – Average close to list price, compared to 96.0% in May 2023.
9 Properties
$389,000
Condo: Whispering Valley Condo Amd
2
Beds
2F11/2
Baths
1,119
Sq.Ft.
1999
Year Built
12
Days on Site
6113388
MLS
$1,700 / month
Neighborhood: South San Gabriel Urban Renewal Blk D
3
Beds
1
Baths
882
Sq.Ft.
1975
Year Built
24
Days on Site
3311878
MLS
$500,000
Neighborhood: AARON, TRACT 13
4
Beds
2
Baths
1,624
Sq.Ft.
1996
Year Built
33
Days on Site
5104544
MLS
$1,400,000
Neighborhood: Burleson, Jonathan
89.44
Acres
33
Days on Site
7789346
MLS
$500,000
Neighborhood: AARON, TRACT 13
10.08
Acres
34
Days on Site
4820446
MLS
$319,900
Neighborhood: Stonefield Sec Two
3
Beds
2
Baths
1,497
Sq.Ft.
2012
Year Built
58
Days on Site
7513021
MLS
$2,000 / month
Condo: Whispering Valley Condo Amd
2
Beds
2F11/2
Baths
1,119
Sq.Ft.
1999
Year Built
80
Days on Site
9102966
MLS
$1,150,000
Condo: Marina Village At Lakeway Condo
3
Beds
3
Baths
2,226
Sq.Ft.
2008
Year Built
157
Days on Site
8948415
MLS
$1,400,000
Neighborhood: Burleson, Jonathan
89.44
Acres
247
Days on Site
2145268
MLS

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