Austin real estate market news for November 2023 is here. The Central Texas housing data shows that the Austin Round Rock MSA experienced an increase in residential homes sold rising 4.1% year-over-year to 2,337 total sales demonstrating that buyers are finding value in the market despite higher interest rates. October median sales prices dipped 7.5% and spent an average of 21 more days on the market year over year.
According to the Austin Board of REALTORS® October 2023 Central Texas Housing Market Report, the Austin-Round Rock MSA, experienced a decrease month-over-month in closed sales by about 50 units. Housing inventory is the best it has been in years and buyers are showing up. Pending sales month-over-month are also down by about 50 units but seasonally comparing year over year, October was up by 12%.
Austin real estate news: home sales for the Austin-Round Rock MSA comparing October to September 2023
✔ Overall, the median sales price was down (from $452,080)
✔ Sold units were down (from 2,387)
✔ New listings were down (from 3,644)
✔ Active listings were down (from 10,235)
✔ Pending home sales were down (from 2,320)
✔ Months of inventory were up (from 3.8)
“An increase in home sales and a jump in pending sales indicates buyers continue to enter the market and are finding more bargaining power throughout the transaction,” Ashley Jackson, 2023 ABoR president, said. “The market is still normalizing, and as we look to the end of the year, it’s important to remember that working with a REALTOR® who can share their expertise and help buyers and sellers alike, is the surest path to success in this market.”
Central Texas Housing Market Median Single-Family Home Sold Prices for Austin, Georgetown, Round Rock, Leander, Pflugerville, Cedar Park, Buda, Kyle, Hutto, San Marcos and beyond
Clare Losey, Ph.D., housing economist for ABoR, noted that interest rates from late summer did not prevent buyers from showing a willingness to enter the market in
October.
“Despite higher mortgage rates this summer and fall, closed sales across the MSA rose 4.1% year over year in October to 2,337 sales. With the close to original list price ratio hitting 93.1% in October, it is also a reminder that buyers have more negotiating power than at virtually any point since March 2020.”
Losey noted that the decrease in median sales price year over year pales in comparison to the equity gained over a longer period.
“The median price is still 44% higher than it was in September 2018. Homeownership is still the best way to create generational wealth, and the region would benefit from reforms and policies that make homes more attainable and buying more accessible for people across different income levels.”
Austin real estate news statistics by county for the Central Texas Housing Market October 2023
Months of inventory are calculated by dividing the number of homes listed for sale by the average number of homes sold per month within 12 months.
Austin home prices for single-family houses broken down by Austin zip codes, brought to us by Heritage Title Company.
Note that the 78701 (Downtown) and 78705 (UT) areas include condos because they are the predominant dwelling type in those zip codes.
Central Texas Median Closed Prices Graphed
This was based on at least 50 sold units per city. All residential home types are included. Austin, Liberty Hill, and Cedar Park had the highest median sold prices, while Jarrell, San Marcos, and Bastrop came in at the lowest.
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Austin real estate market data compiled by ACTRIS© Matrix data through ABoR. Information deemed reliable but not guaranteed and should be verified. Content is “AS IS,” without any warranty, express or implied. Results were calculated from the number of listings in the MLS at the date of the report. Off-market data not included.