April 20, 2023 : Austin Real Estate Market: Surprising Shifts and Key Insights
Austin's real estate market has experienced a remarkable transformation with housing inventory soaring and home prices showing mixed trends across the city and Central Texas. This weekly summary provides an in-depth analysis of the shifting landscape as of April 20, 2023. Key takeaways include the skyrocketing inventory levels, variations in home pricing, differences between Central Texas cities and zip codes, and the percentage of sold properties at, over, and under list price. Both buyers and sellers will find these insights invaluable for making well-informed decisions in the ever-evolving Austin real estate market.
Austin Housing Market: Inventory Skyrockets
- Active listings in Austin-Area MLS more than doubled, from 4,851 last year to 10,244 today
- 3.02x rise in Months of Inventory, now at 4.32 months compared to 1.43 months last year
- Within the City of Austin, the increase in inventory is 3.7x
Home Prices: A Mixed Bag
- Average list price for active homes in Austin-Area MLS up 3.58% year over year to $702,747
- Average sold price this month is $589,197, a -10.66% decrease compared to last year
- Median sold price is $450,000, a -15.89% difference year over year
- City of Austin median sold price dropped from $660,000 last year to $599,000 this year, a -9.2% year-over-year decrease
Market Snapshot: Central Texas
- Month-over-month price increase in 57% (17) of the 30 cities in Central Texas
- Month-over-month price decrease in 43% (13) of the 30 cities
- Year-over-year price increase in 13% (4) of the 30 cities
- Year-over-year price decrease in 87% (26) of the 30 cities
- Median price increased in 17 cities and decreased in 12 cities so far this year
Zip Code Analysis: Pricing Trends Across Central Texas
- Month-over-month price increase in 59% (44) of the 75 zip codes in Central Texas
- Month-over-month price decrease in 40% (30) of the 75 zip codes
- Year-over-year price increase in 15% (11) of the 75 zip codes
- Year-over-year price decrease in 85% (64) of the 75 zip codes
- Median price has gone up in 49 zip codes and down in 26 zip codes year-to-date
Sold Property Insights: At, Over, and Under List Price
- 61.60% of all sold properties this month sold under the list price, compared to 66.59% last month
- 19.08% sold at the list price, compared to 18.97% last month
- 19.32% sold over the list price, compared to 14.44% last month and 9.76% in January 2023
Conclusion: Austin's Changing Landscape
- Surprising increase in housing inventory in the Austin real estate market
- Housing affordability becoming a more significant concern for potential buyers
- Fluctuating home prices in the city and broader Central Texas area, with some areas experiencing price increases and others witnessing decreases
- Buyers and sellers should monitor these trends closely to make informed decisions in this dynamic market
As the Austin real estate market continues to evolve, it's more important than ever for buyers, sellers, and investors to stay informed and make educated decisions. We are here to assist you with all your real estate needs. If you or anyone you know requires guidance or support in the world of real estate, please do not hesitate to reach out to us. We pride ourselves on providing exceptional service and are always grateful for your referrals. Let us help you navigate the dynamic Austin real estate market with confidence and ease.
