Austin Real Estate Market Update - August 31, 2023
It's time for our monthly deep dive into the latest happenings in Austin's real estate scene. There's been some interesting shifts since last year, so let's break it down.
Inventory and Months of Supply: More options for buyers compared to 2022. Active listings in the Austin MLS are up 1.1x to 12,371 homes. Months of supply has increased by the same amount to 4.0 months. More choice for buyers is always nice to see.
Pricing: List prices are up 3.15% year-over-year as sellers try to maximize sale prices. But sold prices tell the real story - the average sale price is down 5.82% to $577,666. Median sold price also down 6.25% to $450,000. Sellers having to get realistic with this cooling market.
Central Texas Trends: Taking a wider view across 30 cities, there's been a big shift. 90% of cities are seeing year-over-year price drops. Only 10% with increases. Monthly moves are more split evenly. This points to a gradual cooling across the region.
Zip Codes: Zooming into 75 zips codes shows a similar story - 71% with lower prices versus last year. But 41% increased month-over-month, indicating the declines are slowing.
Sales vs List Prices: Most homes are going for under list price, around 65% this month versus 62% last month. Sellers are having to price competitively for the slower market. But roughly 1 in 7 homes still sell over list, showing high demand pockets persist.
The Austin market remains active but is clearly cooling from last year's feverish pace. For buyers or sellers, it pays to stay on top of the latest trends so you can make informed decisions. Review the detailed report below and let us know if you have any questions.
