A buyer's market?

Austin-area home prices have actually fallen, according to this surprising report

Good news for buyers: The median listing price in Austin has fallen since last year.

Photo courtesy of Gottesman Real Estate

Is the Austin market cooling down? A new report from Trulia ranks the Capital City among 10 U.S. markets where list prices have stalled — or even fallen — over the past year.

The real estate site used information from "Trulia Data Central" to identify "cool markets and give some context around the sluggish price performance," according to a release. In total, four Texas metros appear on the list: two with price decreases — San Antonio and Austin — and two with prices that stalled — Houston and Dallas.

The Austin-Round Rock metro area ranks second on the list, with a median home price decrease of 3.4 percent over the past year. Currently, says Trulia, the median listing price is $336,995, down from $348,990 in March 2017.

But, before we dare call it a cold market, Trulia's managing editor David Weidner offers a little insight into the stalled pricing and reminds that home values are still on the rise.

"First, Texas home values continue to rise. That means if you have a home in Texas, its value is appreciating," he tells CultureMap. "Second, Texas metros are building at some of the fastest rates in the country. The new housing is priced roughly at levels of a year ago, suggesting that new supply is keeping up with demand."

According to Trulia, the median home value in the Austin metro area right now is $293,945, up 5.21 percent over March 2017. Weidner adds, "In Austin, there may be a surge in smaller homes. And that seems to be the case, the price-per-square-foot has increased 1.4 percent from a year ago, to $154 from $151.89."

There's a similar scenario in San Antonio, which takes the No. 1 spot on the list. The current median listing price of $269,499 is down more than 5 percent year-over-year, but metro-area home values are up almost 7 percent year-over-year.

Houston (No. 7) and Dallas (No. 8) appear farther down the list, with relatively flat home prices but increasing home values.

In the Houston metro area, the median listing price of $299,520 has increased only $1,216, but home values are up 5.42 percent to $196,155. The median listing price in Dallas is now $356,999, up $1,671 from last year. Home values there are appreciating like crazy, up 15.14 percent to $247,130.

hottest headlines of 2024

Top Austin real estate stories of 2024 unlock hot suburbs, lavish homes

Photo by Mack Ramirez on Unsplash

It seems like everyone is hoping for lower housing prices as we move into 2025.

Editor's note: As 2024 comes to a close, we're looking back at the stories that defined Austin this year, including the red-hot topic of real estate. Austin's real estate market has seen some dramatic swings this year, but that's not all that happened. From Austin's suburbs continuing to boom to lavish estates hitting the market, here's a look at the hottest real estate headlines of 2024.

1. Annual Outdoor Living Tour returns for 2024 in Austin's 8 best backyards. The 2024 tour spanned a wide geography across Austin, including Travis Heights, Rollingwood, Allandale, and more.

2. Austin suburb's ZIP code stands out on new list of hottest U.S. housing markets in 2023. This Leander ZIP code was the 13th hottest market, showing that interest in the suburbs is as popular as ever.

3. Texas chef's Old West Austin home hits the market for $1.65 million. This home was originally built as a guest house in 1947, but has since been completely renovated with modern style.

1002 Baylor Street, Old West Austin, home for sale, Chef Lou Lambert The home is located above the street for privacy. Photo courtesy of James H Ruiz Photography

4. 5 Austin neighbors lauded as best small cities in America. Leading the pack were the northwest Austin suburbs of Leander and Cedar Park.

5. Drake suspected new owner of $15 million Dos Brisas ranch in Texas. Drake was reportedly the latest rap icon that can proudly say he's a Texan after purchasing this acclaimed 313-acre ranch in Washington, Texas.

6. 3 Austin neighbors shine on new list of America's safest suburbs. Cedar Park, Georgetown, and Round Rock have earned high praise for their livability and growth in recent years.

7. 6 hot Austin-area ZIP codes for first-time homebuyers in spring 2024. A local real estate expert shared his insight into the ZIP codes – from Kyle to Pflugerville – that received the most attention from first-time buyers.

8. South Austin 'entertainer's paradise' hits the market for $4 million. This 10,343-square-foot property comes with an expertly designed game room, a trendy golf simulator, an outdoor kitchen and lounge, a light up three-car carport, and much more.

9. This $4.85 million Hill Country ranch with its own lazy river is going wild on social media. The Lazy River Ranch in Boerne makes a splash with its many extravagant amenities.

227 Seewald Road, Boerne, Lazy River Ranch The Lazy River Ranch is at 227 Seewald Rd., Boerne. Photo courtesy of Kuper Sotheby's

10. Historic Greek mansion near Austin hits the market for just under $1 million. This Greek Revival mansion in Lockhart, built in 1907, was looking for a new owner to cherish its rich past.