Austin Real Estate Update: Key Trends and Statistics
Volume 19; Number 23 : June 08 2023
June 08, 2023 : Austin Real Estate Market Update: Volume 19, Number 23
If you’re a resident of Austin or considering moving to the area, here’s some must-know information about the local real estate market. The Austin area has been witnessing some significant shifts in real estate trends, and it’s essential to stay informed.
As of today, there are 11,525 active listings in the Austin-Area MLS, compared to 9,888 from the same time last year. That’s a noteworthy increase! It also means that the real estate market is becoming a bit more relaxed for buyers, as evidenced by the Months of Inventory, which has gone up to 4.02 months from 2.61 months last year. This signifies a 1.5 times increase! For the City of Austin alone, it’s even slightly higher at 1.6 times.
Now, let’s talk numbers. The average listing price of homes in the Austin area is currently $690,502, up 5.01% compared to last year. However, the average selling price this month is $606,744, showing a decrease of 6.02% year over year. What about the median selling price? It’s $469,832, down by 10.51% from last year. If you’re looking within the City of Austin, the median sold price is $580,000, down by 8.4% from last year’s $633,283.
A notable observation is that the average sold price to list price ratio is 98.16%, which means properties are selling close to their listing prices.
Let’s dive into the broader Central Texas area. Among the 30 cities in Central Texas, 16 cities (53%) have witnessed a month-over-month price increase, while 10 cities (33%) saw a decrease. Year over year, only 7 cities (23%) have seen a price increase, with 23 cities (77%) experiencing a decrease.
What about the 75 zip codes in Central Texas? 44 zip codes (59%) saw a month-over-month price increase, while 24 zip codes (32%) experienced a decrease. Year over year, 25 zip codes (33%) have increased in median price, whereas 50 zip codes (67%) have decreased.
Lastly, a glance at properties sold this month reveals that 58.84% sold under the list price, 20.70% sold at the list price, and 20.47% sold over the list price. This demonstrates an interesting shift in trends, as just in January 2023, only 9.71% of properties were sold over the list price.
In conclusion, the Austin real estate market is undergoing changes, with a general increase in inventory and varied price trends across different areas. Whether you are looking to buy or sell, staying updated with these trends is vital in making informed decisions.
