Real Estate Report
Austin housing market shifts with most active listings in more than a decade
In August, a national report predicted that Austin's housing market would see the most dramatic swing from a seller's to a buyer's market by summer 2023. The Capital City seems to be headed in that direction, with the latest monthly report from Austin Board of Realtors showing an unprecedented increase in active listings and home price growth that continues to return to normal levels.
In September 2022, the Austin-Round Rock housing market saw active listings skyrocket by 162 percent, to 9,671 listings. It's the highest number of active listings for the market since July 2011, ABoR says.
Meanwhile, the metro's housing inventory sat at 3.1 months in September, up a significant 2.1 months from a year ago; the city of Austin boasted 2.7 months of inventory, and Travis County had three months of housing inventory at the close of the month.
At the metro level, homes were on the market 40 days, more than three weeks longer than a year ago, and they sold at 95 percent of their list price.
Says Cord Shiflet, 2022 ABoR president: “Sellers need to know that the days of multiple offers way over asking price are a thing of the past."
In September, the median home price for the metro was $470,000, up 5.6 percent from the previous year, but actually quite a bit lower than the August 2022 median price of $496,038.
In Austin, the median price clocked in at $550,000, up 5.8 percent year-over-year and the same as August 2022. Travis County also had a median home price of $550,000, up almost 10 percent from a year ago, but down from $570,000 in August.
“Homebuyers have not had this much leverage and this many options in over a decade,” Shiflet says via release. “We’re still in a seller’s market, but as homes take longer to sell and are being bought for less than the original list price on average, and with inventory steadily increasing, right now is a great time to be a homebuyer in Central Texas.”