Navigating Austin's Evolving Housing Landscape : Volume 19, Number 14
AUSTIN, TX — The Austin housing market has experienced a remarkable transformation in the past year. As inventory levels continue to rise and pricing trends evolve, gaining insight into the forces shaping this ever-changing market is vital for both buyers and sellers.
Increase in Inventory and Its Impact
The total number of active listings in the Austin-Area MLS has jumped from 4,846 to 9,932 in just one year. This dramatic increase in inventory, a 3.23x rise, has affected the market in several ways. Months of inventory has grown from 1.43 to 4.61, indicating a more balanced market compared to last year's tight supply.
Pricing Trends in the Market
While the average list price for active homes in the Austin-Area MLS has risen by 7.43% year over year, the average and median sold prices have decreased. The average sold price this month is down 7.58% year over year, and the median sold price has dipped by 9.44%. In the City of Austin, the median sold price has dropped 5.0% year over year, from $660,000 to $627,000.
City and Zip Code Analysis
Out of 30 cities in Central Texas, 16 (53%) have seen a month-over-month price increase, while 14 (47%) experienced a decrease. Only 5 (17%) cities have had a year-over-year price increase, with 25 (83%) facing a decrease. Year to date, 10 cities have seen median price growth, while 20 have experienced a decline.
Analyzing 75 zip codes in Central Texas, 41 (55%) have seen a month-over-month price increase, while 32 (43%) have experienced a decrease. Only 12 (16%) zip codes have had a year-over-year price increase, with 62 (83%) facing a decrease. Year to date, 38 zip codes have seen median price growth, while 36 have experienced a decline.
Properties Selling at, Over, and Under List Price
As of this month, 59.02% of all sold properties went for under the list price, compared to 66.40% last month. 20.49% sold at the list price, a slight increase from 19.06% last month. Interestingly, 20.49% of sold properties went for over the list price, a significant jump from 14.54% last month and 9.78% in January 2023.
Conclusion
The Austin housing market has experienced notable changes over the past year, with inventory levels rising and fluctuating pricing trends. As the market shifts, it's crucial for buyers and sellers to stay informed and adapt to these changes.
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