Whether you are a current or prospective homeowner or renter or considering buying or selling, it is important to know how the current state of the market impacts your daily decisions while living in Central Texas. Our blogs are written to provide you with the data to create clarity so that you can make informed real estate-related decisions. Read below to gain valuable market insights and connect with one of our local agents today!
For the first time since 2019, median home prices in Austin remained unchanged year over year at $467,000 for the month of November 2022, according to the Austin Board of REALTORS®. Home prices in Austin have declined for six consecutive months from their peak in May at $550,000. Homes are now selling for 90% of their asking price, as compared to 106% in April.
Let’s take a look at what’s happening in the local Austin housing market:
- The number of homes for sale nearly quadrupled year over year, with a 225% increase.
- The number of new listings entering the market fell 17% compared to a year ago.
- The number of homes under contract fell 38% and the number of homes sold fell 36%, meaning unsold inventory (active listings) will sit on the market for longer.
- Monthly inventory levels remain around 3.1 months, up 2.3 months compared to November 2021.
- Average days on the market increased to 58 days from 36 days one year ago - but Realty Austin listings are selling on average in 30 days.
- Median home sale prices remained unchanged year over year at $467,000 after five months of decline from their peak of $550,000 in May.
- There are over 8,000 homes for sale, and 4,000 homes have reduced their price in the past 90 days.
Source: Austin Board of REALTORS®, Austin-Round Rock Metropolitan Statistical Area.
What are the questions today’s home buyers and sellers are asking?
• Will there be more housing inventory in 2023?
Are you trying to time the market? We have some insights that can help you understand where housing inventory is headed.
• Is buying a home still a good investment?
This winter presents a unique opportunity for those who have been sitting on the sidelines waiting to buy a home. Learn the top three reasons why buying a home is a long-term wealth investment.
• Will mortgage rates come back down?
Mortgage rates will continue to respond to inflation. As long as inflation is high, we’ll see higher mortgage rates. However, economists at Fannie Mae and the Mortgage Bankers Association are expecting rates will come down, it’s just a matter of time. Pro Tip: Learn more about mortgage rate locks to support your buying power with certainty.
• Should I sell my house now?
The market, and therefore the rate of appreciation, may be slowing down, but that doesn’t mean it’s a bad time to sell. Learn why the significant gains in equity by homeowners over the past few years can make a big difference in what you can afford if you need to make a move.
BOTTOM LINE: If you’re thinking of buying or selling a home this new year, connect with a trusted real estate professional who can help you understand where the housing market is headed.
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