Under List, Over List: Exploring Sold vs. List Price in Austin’s 2024 Real Estate Market

In the Austin real estate market understanding how sales prices compare to listing prices offers valuable insights for both buyers and sellers. Over the past few years, the market has shifted notably—from the height of competitive bidding wars in 2021 and 2022, when homes routinely sold far above list price, to the cooler conditions of 2023 and 2024, where many properties are selling under list. This article breaks down the key trends, highlighting where buyers are finding deals, sellers are still commanding premiums, and what these shifts mean for Austin’s housing landscape.

The Peak of Over List Sales
The peak for properties selling significantly over the list price occurred in April 2021 when the average sold-to-list price ratio was 109.46%. This means that, on average, a home listed for $500,000 would sell for $547,300. The trend of homes selling over list price continued through mid-2022 and this was highly competitive period driven by low interest rates, high demand, and limited inventory. During this time most properties were selling over list. In April of 2021, 72.6% of properties sold over list price. However, as the market continued to evolve, a combination of rising interest rates and changing buyer behavior began to impact the dynamics of home sales.

The Shifting of The Market
Through mid-2022 the market began to shift dramatically as interest rates increased, demand waned, inventory increased, and sellers adjusted pricing accordingly to keep up with a changing market. In May 2022 the sold-to-list price ratio still stood at a steep 105.0% but by August of the same year the sold-to-list price ratio came in at 98.9%, ending a 22-month long streak with a ratio over 100%. In May of 2022 65.2% of properties sold over list price but by August only 27.5% of properties sold over list, and by December 2022 a mere 11.6% of properties sold over list price. Through 2023 and 2024 we began to see the emergence of a more balanced market, where homes no longer commanded the premiums seen in the previous years.

Where We Stand Today
​The most recent numbers show a sold-to-list price ratio of 97.1% meaning that, on average, a home listed at $500,000 will sell for $485,500. As of November 2024, only 9.9% of properties in the greater Austin area are selling over list price, with 21.5% selling at list price, and 68.6% selling under list price. As with all aspects of real estate, these numbers are highly localized. While the averages provide insight into the broader market trends, they encompass a wide area with diverse dynamics, including neighborhoods and segments that may significantly differ from the overall market patterns.

Zip Codes Selling Closest to Final List Price

These are the top five zip codes selling closest to the list price. Their average sold-to-list price ratios over the past 13 months are as follows:
• 78739 at 98.48% (on average, a home listed at $1,000,000 will sell for $984,800)
• 78747 at 98.47%
• 78749 at 98.39%
• 78754 at 98.22%
• 78748 at 98.15%

These are areas with strong demand, increased competition, and well-positioned pricing.

Zip Codes Selling Well Under the Final List Price
These are the top five zip codes selling furthest from the final list price. Their average sold-to-list price ratios over the past 13 months are as follows:
• 78746 at 93.08% (on average, a home listed at $1,000,000 will sell for $930,800)
• 78703 at 94.55%
• 78741 at 95.59%
• 78701 at 95.62%
• 78704 at 95.84%

These are areas with higher inventory, less demand, and properties that are being viewed as overpriced.

The Biggest Gap to Original List Price
These are the top five zip codes selling furthest from their original list price, suggesting that the properties being listed in these zip codes were significantly overpriced and rejected by the market at their original asking price.
• 78746 at 87.01% (on average, a home originally listed at $1,000,000 will sell for $870,100)
• 78702 at 89.32%
• 78741 at 89.46%
• 78703 at 89.51%
• 78704 at 90.13%

In Conclusion
As Austin's real estate market continues to evolve, the landscape remains dynamic and influenced by various economic, demographic, and lifestyle factors. While many neighborhoods have cooled off from the heated bidding wars of 2021 and 2022, there are still areas with strong demand where homes are selling close to list price. At the same time, there are pockets of opportunity where buyers can find great deals as sellers adjust expectations in response to the market shift. Buyers and sellers alike must remain informed about these market fluctuations and consider how localized conditions - such as inventory levels, economic growth, and neighborhood appeal - affect pricing. Whether you're looking to buy or sell, understanding these shifts is key to navigating Austin’s ever-changing real estate scene and making well-informed decisions in 2025 and beyond. Stay up to date with this information by following the Austin Sold Price to List Price Ratio page.