Whether you are a current or prospective homeowner or renter, and regardless if you are considering buying or selling, it is important to know how the current state of the market impacts your daily decisions while living in Austin.
We understand the importance of providing you with a transparent outlook on the health of the local market so that you can make informed real estate-related decisions. Our monthly blog is here to provide you with the data to create clarity. Email us with the questions on your mind to include in a future newsletter article.
We are experiencing more than the seasonal slowdown in the Austin housing market this fall. On one hand, buyers are finally getting relief from the skyrocketing prices and rapid selling speeds of the last two years. On the other hand, as mortgage rates climb, it reduces affordability and keeps would-be buyers and sellers on the sidelines.
What a slowing market looks like in Austin:
- Homes are averaging 40 days on the market, but Realty Austin listings are selling in 28 days.
- On average, homes are selling for 95% of the original asking price.
- There are over 10,600 homes for sale, and 6,000 homes have reduced their price in the past 90 days.
- Median home sale prices are down 14% since May, dropping to $470,000 from a peak of $550,000.
- The number of homes for sale increased 162% year over year.
- The number of homes under contract fell 29% year over year.
As rates continue to rise, the housing inventory will tighten as homeowners with record-low mortgage rates offered over the last 2 years will be reluctant to sell. We are already seeing this in the Austin housing market as new listings and pending sales are both trending down week over week heading into the fall.