Austin Real Estate Market Update : Welcome back to our weekly exploration of Austin's ever-changing real estate landscape. As we move further into 2023, it's essential to stay updated on the latest market trends. Let's dive into the details.
Inventory and Months of Supply : Last year, the Austin-Area MLS reported a total of 12,941 active listings. Fast forward to today, and that number has slightly dipped to 12,495. Interestingly, the Months of Inventory has climbed from 3.96 months to 4.65 months, marking a 1.2x increase. This suggests that the market is gradually becoming more balanced, providing a broader range of options for potential buyers.
Pricing Dynamics : The average list price for active homes in the Austin-Area MLS currently sits at $677,171, showing a modest 1.68% year-over-year increase. The average sold price this month is $600,554, which is a 3.44% increase compared to last year. However, the median sold price has seen a slight dip, decreasing by 4.33% to $440,000 year over year.
City-Wide and Regional Trends : Within the City of Austin, the median sold price has decreased by 3.3% year over year. When examining the 30 cities in Central Texas, 47% have experienced a month-over-month price increase, while 53% have seen a decrease. Year over year, 37% of cities have seen a price increase, and 63% have experienced a decrease.
Zip Code Analysis : Among the 75 zip codes in Central Texas, 48% have reported a month-over-month price increase, while 51% have seen a decrease. On a year-over-year basis, 33% of zip codes have seen a price increase, and a significant 67% have experienced a decrease.
Sales vs List Prices : This month, 64.46% of all sold properties were under the list price, nearly identical to last month's 64.52%. Meanwhile, 22.57% sold at the list price, and 12.98% sold over the list price.
Conclusion : The Austin real estate market remains a complex landscape with opportunities and challenges for buyers, sellers, and investors alike. Staying informed on the latest market trends is crucial for making educated decisions. For an even more comprehensive view, we invite you to explore our 500+ pages of detailed market statistics for the Austin area below.
