Austin Real Estate Market Update - August 24, 2023
As we delve into this month's Austin real estate market update, let's pause to reflect on the transformative changes that have occurred over the past year. The real estate landscape has evolved in myriad ways, setting the stage for the present state of affairs. Our journey through this update will shed light on the key insights and trends that currently define the Austin market.
Inventory and Months of Inventory : A critical gauge of market health, the inventory of available properties sets the tone for buyer-seller interactions. Last year, the Austin-Area MLS hosted 12,241 active listings. Today, we witness a subtle uptick, with active listings at 12,315—an increase of 1.1x. This growth echoes across the Months of Inventory (MOI), now at 4.04 months, up from 3.56 months last year—an identical 1.1x surge. The urban core, specifically the City of Austin, mirrors this trend with a 1.2x inventory increase, underscoring the evolving landscape.
Pricing Dynamics : The heartbeat of the market, pricing dynamics shape the buyer and seller experience. Active homes in the Austin-Area MLS sport an average list price of $645,255, marking a 2.10% year-over-year ascent. In contrast, the average sold price this month is $579,570, a -5.51% year-over-year shift. Akin to this pattern, the median sold price stands at $450,000, reflecting a -6.25% variance from the prior year. Within the City of Austin, a -3.5% difference emerges in median sold prices, with last year's $585,000 juxtaposed against this year's $564,500. These figures spotlight the ever-shifting market terrain, underscoring the necessity of staying informed.
Central Texas Market Trends : The canvas of Central Texas reveals captivating shifts across 30 cities. A closer look indicates 11 cities (37%) experiencing a month-over-month price surge, while 18 (60%) witness declines. The year-over-year spectrum presents 5 cities (17%) with price hikes and 25 cities (83%) with decreases. A year-to-date evaluation showcases 14 cities with median price growth, counterbalanced by 16 cities in decline. Delving deeper, the past 12 months have seen no cities mark price increases, with 29 cities reporting decreases.
Zip Code Insights : Zooming further, analysis of 75 zip codes spotlights fluctuations. Month-over-month changes reveal 36 zip codes (48%) with price upticks and 37 (49%) with decreases. On a year-over-year scale, 22 zip codes (29%) report price increases, contrasting with 53 zip codes (71%) that have seen declines. Year-to-date data unveils 39 zip codes experiencing median price growth, while 36 display declines. Casting our gaze to the past 12 months, no zip codes have noted price hikes, as 73 have observed decreases.
Sold Properties and Price Points : Crucial to comprehending market dynamics is discerning properties sold at, over, and under list price. This month, 64.60% of sold properties find buyers under the list price, offering opportunities. Additionally, 21.15% sell at the list price, while 14.25% surpass it—a peek into the competitive landscape. These figures, when compared to previous months and even January 2023, where 9.71% of properties exceeded list price, depict the evolving dance between buyers and sellers. As you embark on this market exploration, keep in mind that a comprehensive understanding awaits in our extensive 500+ page market statistics report.
The nuances and intricacies of the Austin real estate market beckon, inviting you to dive into the comprehensive insights laid out in our detailed report. Each statistic, each trend, contributes to a broader understanding of our evolving market landscape. As you navigate your real estate decisions, this report serves as your compass, guiding you through the complexity of Austin's real estate market.
