July Austin Housing Market Report
The Austin housing market is beginning to find some market stability. Here’s what that means if you’re buying or selling a home in the area.
If you’ve been following the Austin housing market for the last year, you’ve probably heard about the city’s drastic home price increases and low inventory that resulted in hundreds of buyers bidding on the same home. That tone is beginning to change as less competition and fewer multiple offers indicate market stabilization is on its way to the Live Music City Capital of the World.
According to the Austin Board of Realtors, residential home sales in the Austin MSA declined 9.9% to 4,041, the median sales price jumped 37.1% year over year to $480,000, and sales dollar volume increased 20.7% year over year to $2,409,491,114.
The monthly housing inventory shifted from 0.8 months to 0.9 months of inventory. This means that while the inventory is below the previous year’s average, there is a slight increase in inventory compared to the first half of 2021.
While we are beginning to see the light on market stabilization, it does not mean we are out of the woods just yet. Sellers might not experience the same buyer frenzy we saw earlier in the year, but it’s unlikely that home prices will go down any time soon.
“There are fewer instances of dozens of offers over list price even as home prices continue to rise, albeit at a slower rate month to month than the surge experienced in the first half of the year,” says Susan Horton, 2021 ABoR President.
If you’re a buyer, now is the time to take advantage of the slower pace the last few weeks of Summer brings. Check out our current listings to view homes in your desired neighborhood.
If you’re a seller, this slight dip does not signify a permanent cooldown—now is still the ideal time to put your home on the market. Use our estimator tool to see what your home is worth.
The average home is only on the market for 12 days, according to ABoR. Whether you are buying or selling, you’ll need an experienced agent by your side to help you navigate this competitive market.
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