March 30, 2023 : Austin's Real Estate Market: An Executive Summary
AUSTIN, TX — The Austin real estate market has undergone significant changes in recent times. A comparison of the market's performance from last year to now reveals that the total number of active listings has soared from 3,601 to 9,815 within the entire Austin-Area MLS. This increase in inventory has led to a substantial change in the Months of Inventory metric, which has risen from 1.06 months last year to 4.49 months presently – a 4.23x increase. Within the City of Austin, the inventory has seen a 4.8x growth.
In terms of pricing, the average list price for active homes in the Austin-Area MLS has climbed 9.59% year over year, reaching $684,927. However, the average sold price for this month stands at $555,550, marking a decline of 11.60% compared to the previous year. Furthermore, the median sold price is currently $435,000, which is 13.86% lower than last year. Focusing on the City of Austin, the median sold price last year was $647,713, but this year, it has dipped to $550,000, a drop of 15.1% year over year. The average sold price to list price ratio for the area is 97.27%.
A closer look at the Austin real estate statistics reveals that, out of the 30 cities in Central Texas, 14 (47%) have experienced a month-over-month price increase, while 16 (53%) have witnessed a decrease. In terms of year-over-year performance, 4 out of 30 cities (13%) have seen an increase in prices, while a significant 26 cities (87%) have faced a price decrease. Year-to-date, 9 cities have observed an increase in median price, while 20 have seen a decline. From the peak in the past 12 months, no cities have experienced price growth, but 29 cities have registered a decrease. Analyzing the Austin home sales data for the 75 zip codes in Central Texas shows that 40 out of 75 (53%) have had a month-over-month price increase, while 33 (44%) have seen a decrease.
In terms of year-over-year performance, 11 out of 75 (15%) zip codes have experienced a price increase, while the majority, 63 (84%), have witnessed a decrease. Year-to-date, 35 zip codes have seen an increase in median price, whereas 38 have experienced a decline. From the peak in the past 12 months, none of the zip codes have seen an increase in price, but an overwhelming 74 have recorded a decrease.
In conclusion, the Austin home values landscape has undergone noteworthy fluctuations in recent times. While the market has witnessed an increase in the number of active listings and average list prices, the average and median sold prices have seen a decline. These market shifts demand the attention of both home buyers and sellers who need to adapt to the changing dynamics of the Austin real estate market.
Have a question about this article or want to learn more?