Austin real estate market news for October 2023 is here. The Central Texas housing data shows that the Austin Round Rock MSA reached 4.0 months of inventory, the highest level in more than eight years. There was a drop in closed sales along with median prices indicating affordability and higher interest rates are tempering the market. September median sales prices were down 4.3% and spent an average of 24 more days on the market year over year.
According to the Austin Board of REALTORS® September 2023 Central Texas Housing Market Report, the Austin-Round Rock MSA, experienced a decrease month-over-month in closed sales, indicating the market has cooled a bit. Housing inventory is the best it has been in years. Cash buyers or those who can work with the financing options available, have a bit of a selection right now. Those choices are creating a more competitive market for sellers as home sales slow.
Austin home prices and sales for the Austin-Round Rock MSA comparing September to August 2023
✔ Overall, the median sales price was down (from $460k)Sold units were down (from 2,939)
New listings were down (from 4,084)
Active listings were up (from 9,955)
Pending sales were down (from 2,686)
Months of inventory were up (from 3.8)
“It’s imperative for Central Texans to have a game plan and strategize with their REALTORⓇ when navigating the housing market,” Ashley Jackson, 2023 ABoR president, said. “It’s also important to understand that the housing market today is no longer the housing market of the past few years. The benefit of this for buyers is they can take advantage of this extra time to get pre-qualified, while sellers can improve their home’s curb appeal. These intentional preparations will result in better experiences and outcomes on both sides of the transaction.”
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
As the inventory of homes for sale continues to increase, Clare Losey, Ph.D., housing economist for ABoR, noted that there is still a limited supply of affordable housing options available for Austin residents.
“While our current market shows signs of health with more housing supply becoming available, they are not necessarily attractive options for first-time homebuyers or those shopping for more affordable homes. The current inventory level across the MSA demonstrates that while we’ve seen a steady increase in supply over the past year, many of these homes are not attainable for the average Austin resident.”
Losey noted that the current market activity, namely the decline in closed sales, could point to a number of factors, including the lack of affordable housing options available, a higher rate environment and a potential disconnect between sellers and the market, which she mentioned can be mitigated by working with a trusted REALTOR®.
Austin real estate news statistics by county for September 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.
Real estate market data for single-family houses broken down by Austin zip codes, brought to us by Heritage Title.
Note that the 78701 (Downtown) and 78705 (UT) areas include condos because they are the predominant dwelling type in those zip codes.
City of Austin Real Estate Market Median Closed to List Price Ratios
Over the past six months, the median closed price ratios reflect that home sellers are negotiating with themselves as they reduce their original asking prices (blue) and ultimately reduce slightly more after their final list prices capture a buyer’s attention (gold). The report was run on October 16, full month is not represented.
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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.