Austin Real Estate Market Update: Staying Informed : Sept 21 2023
Welcome back to our weekly exploration of Austin's ever-evolving real estate scene. As we step further into 2023, it's essential to keep a finger on the pulse of the latest market trends. Let's dive into the details of the recent developments in Austin's real estate landscape.
Inventory and Months of Supply : Comparing to this time last year, the total number of active listings has shifted from 12,942 to 12,630 in the entire Austin-Area MLS. Based on the current rate of property consumption (sold properties), the Months of Inventory currently stands at 4.53 months. Last year, this figure was 3.96 months, indicating a 1.1 times increase. Specifically within the City of Austin, the increase in inventory is even more pronounced at 1.2 times.
Pricing Dynamics : Turning to pricing, the average list price for active homes in the Austin-Area MLS now stands at $677,156, representing a notable 3.46% year-over-year increase. The average sold price this month is $592,192, showing a 2.00% year-over-year difference. However, the median sold price has seen a slight dip, decreasing by 3.67% year over year to $443,000. Within the City of Austin, the median sold price has experienced a minor decrease from $574,250 last year to $570,000 this year, indicating a -0.7% year-over-year difference.
City-Wide and Regional Trends : Expanding our view to encompass the 30 cities in Central Texas, 47% have experienced a Month-over-Month Price Increase, while 53% have witnessed a decrease. When considering Year-over-Year trends, 8 out of 30 cities (27%) have seen a price increase, while 22 cities (73%) have reported a decrease. Year to date, 16 cities have witnessed an increase in the median price, while 14 have seen a decrease. Notably, none of these cities have seen an increase in price from the peak in the past 12 months, with 28 cities experiencing a decrease.
Zip Code Analysis : Among the 75 zip codes in Central Texas, 48% have reported a Month-over-Month Price Increase, while 51% have seen a decrease. On a Year-over-Year basis, 23 zip codes (31%) have seen a price increase, while 51 zip codes (68%) have experienced a decrease. Year to date, 43 zip codes have gone up in median price, while 32 have gone down. Similar to the city level, none of the zip codes have seen an increase in price from the peak in the past 12 months, with 66 zip codes decreasing.
Sales vs. List Prices : In terms of properties sold at, over, and under the list price this month, approximately 64.24% of all sold properties were sold under the list price, closely aligned with last month's 64.48%. Additionally, 22.04% sold at the list price, while 13.71% sold over the list price. This data indicates relative stability compared to January 2023, when 9.71% of properties sold over the list price.
Conclusion : The Austin real estate market continues to evolve, offering both opportunities and challenges for buyers, sellers, and investors. Staying informed about the latest market trends is essential for making informed decisions. For an even more in-depth perspective, we invite you to explore our extensive 550+ pages of detailed market statistics for the Austin area.
Stay tuned for our next weekly update as we navigate the dynamic Austin real estate market together.
