real estate report
More homebuyers are plunging into pricey Austin market, says report
Many past real estate reports from Austin's Board of Realtors (ABoR) have referenced affordability being the highest concern for potential homebuyers. But the latest report has indicated that Austin buyers are entering the current housing market despite higher interest rates.
The Austin-Round Rock metropolitan statistical area (MSA) experienced a 4.1 percent jump in the total number of homes sold in October, which amounts to 2,337 total sales. Prices are routinely dropping month by month, with current home prices down 7.5 percent to $435,000.
Another familiar pattern shown in October's report is the number of days active listings are staying on the market. In September 2023, homes spent an average of 65 days on the market, which had increased to 68 the next month. That's 21 days higher than the same time last year.
2023 ABoR president Ashley Jackson shared her insight on Austin's housing market in a press release.
"An increase in sales and a jump in pending sales indicates buyers continue to enter the market and are finding more bargaining power throughout the transaction," Jackson says.
While median home prices are 44 percent higher than they were in September 2018, ABoR housing economist Clare Losey says the current decline in pricing "pales in comparison" to the equity homeowners will gain in the future.
"Homeownership is still the best way to create generational wealth, and the region would benefit from reforms and policies that make homes more attainable and buying more accessible for people across different income levels," she says.
Nearly 960 homes were sold in October 2023 in Travis County, with median prices dropping 1.2 percent year-over-year to $524,500. There were 4,798 active listings on the market; about 9.6 percent more than October 2022.
844 homes were sold in October, with median prices decreasing slightly to $424,990. There were 985 new home listings in Williamson County, with a total 2,786 active home listings.
360 homes were sold last month in Hays County, which was a significant 21.6 percent jump in comparison to October 2022. Median home prices have dropped to $373,294; an 8.7 percent decrease year-over-year. Pending sales were up by 44.5 percent to 370, while active listings also rose nearly 25 percent to 1,594 homes.
Home sales rose nearly 7 percent in October in Bastrop County, and median prices have seemingly increased since the previous report and are now sitting at $349,850. There are 16.1 percent more active listings on the market, coming out to 570 homes.
Homes in Caldwell County sold for a median price of $318,480 in October. A total of 51 homes were sold last month, which is a whopping 45.7 percent more than the year before, and there are 194 active homes on the market. Caldwell County had 67 new homes on the market in October, or 31.4 percent more than this time last year.