Austin Real Estate Statistics: Volume 19, Number 08
Published | Posted by Dan Price
Thursday, February 23 2023 : Austin-area real estate market shows mixed signals with rising inventory and a shift towards a buyer's market
The Austin-area real estate market is undergoing significant changes with rising inventory levels and shifting pricing trends. According to the latest report from the Austin Board of Realtors, the total number of active listings in the entire Austin-Area MLS has surged from 3,586 last year to 9,202 today, indicating a 2.57-fold increase. This increase in inventory has led to a change in the market's dynamics, with the current Months of Inventory at 4.39 months, up from 0.89 months last year.
The city of Austin has seen even more inventory growth, with a 5.3-fold increase, indicating a shift towards a buyer's market. However, the average list price for active homes in the Austin-Area MLS has increased year over year by 10.91%, with the average sold price this month standing at $528,477, a decrease of 10.78% year over year. The median sold price is $431,824, also representing a year-over-year decrease of 10.96%.
Out of the 30 cities in central Texas, 19 or 63% are in a sellers market with less than 4.9 months of inventory, while 5 cities or 17% are in a neutral market between 5 and 6.9 months of inventory, and 6 cities or 20% are in a buyers market with more than 7 months of inventory. When looking at the 75 zip codes in Central Texas, 65% or 49 out of the 75 zip codes are still in a sellers market, and 14 out of the 75 zip codes or 19% are in a buyers market.
In January 2023, only 9.9% of properties sold over list price, the lowest percentage since October 2011. However, this trend has improved this month, with 12.4% of properties selling over list price, indicating a potential shift in favor of sellers.
The Austin market peaked in May 2022 with an average sold price of $681,952. However, the current average sold price represents a 20.49% correction since then. While there has been a drop in pricing, the market remains attractive to buyers, with a sold to list price ratio of 96.78%.
The Austin-area real estate market is complex, and buyers and sellers must navigate the market's changing dynamics to make informed decisions. To help stay informed, access over 300 pages of the most up-to-date Austin Real Estate Market Statistics below.
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