A Comprehensive Look at Austin's Real Estate Market: Recent Trends and Statistics
March 23, 2023 AUSTIN-TX : The Austin housing market has been experiencing significant changes over the past year. With a considerable increase in the number of active listings, fluctuating home prices, and varying trends across different cities and zip codes, it is crucial for potential buyers and sellers to understand the current state of the market.
This time last year, the total number of active listings in the Austin-Area MLS was 3,600. Fast forward to today, and that number has skyrocketed to 9,677. The Months of Inventory, an important indicator for the real estate market, has also increased from 1.06 months last year to 4.53 months currently. This represents a staggering 4.27 times increase. In the City of Austin, the inventory increase is even more pronounced at 4.7 times.
Austin home prices have also been impacted. The average list price for active homes in the Austin-Area MLS currently stands at $684,939, up 8.16% year over year. However, the average sold price this month is $562,404, showing a decrease of 10.51% compared to last year. The median sold price is $435,000, a difference of -13.86% year over year.
Within the City of Austin, the median sold price last year was $647,713, while this year it has dropped to $552,000—a significant decline of 14.8% year over year.
The average sold price to list price ratio currently stands at 97.20%.
Analyzing data from the 30 cities in Central Texas, we can observe the following trends:
- 13 out of 30 cities (43%) experienced a month-over-month price increase.
- 17 out of 30 cities (57%) experienced a month-over-month price decrease.
- 4 out of 30 cities (13%) experienced a year-over-year price increase.
- 25 out of 30 cities (83%) experienced a year-over-year price decrease.
Year-to-date, eight cities have seen an increase in median price, while 22 have experienced a decrease. From the peak in the past 12 months, 28 cities have seen a decrease in price.
Looking at the 75 zip codes in Central Texas, the trends are as follows:
- 41 out of 75 zip codes (55%) experienced a month-over-month price increase.
- 32 out of 75 zip codes (43%) experienced a month-over-month price decrease.
- 13 out of 75 zip codes (17%) experienced a year-over-year price increase.
- 61 out of 75 zip codes (81%) experienced a year-over-year price decrease.
Year-to-date, 33 zip codes have seen an increase in median price, while 40 have experienced a decrease. From the peak in the past 12 months, 72 zip codes have seen a decrease in price.
To answer the questions:
Are home prices dropping in Austin, TX?
Yes, both average and median home prices have decreased in Austin compared to last year.
What does the average house cost in Austin?
The average sold price this month is $562,404.
The Austin real estate market has seen significant fluctuations in home prices, with many areas experiencing a decline. This information is crucial for buyers and sellers alike, as understanding the current market trends can help inform their decisions and strategies. Whether you are a first-time homebuyer, a seasoned investor, or looking to sell your property, our wealth of experience and knowledge of the local market will ensure a seamless and successful real estate experience. Please do not hesitate to reach out to us for any inquiries or assistance – we are more than happy to help guide you through every step of the process. Your satisfaction and success are our top priorities.
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