Austin Real Estate Market Update - Nov 02, 2023
Trends, Insights, and Analysis
Volume 19; Number 44
Welcome to our weekly analysis of Austin's real estate market as of November 2nd, 2023. Our focus remains on providing a factual, data-driven exploration of the current real estate landscape in Austin, offering insights into supply and demand metrics, pricing trends, and the broader Central Texas area dynamics.
Supply and Demand Metrics: Compared to last year's 12,788 active listings, today's Austin-Area MLS shows a minor reduction to 12,701, a 0.7% decrease. The "Months of Inventory" has seen an 11.8% rise from 4.16 to 4.65 months year-over-year, indicating a shift toward a more balanced market between buyers and sellers.
Price Analysis: Average listing prices have seen a modest dip to $669,729, a 0.63% decrease from the previous year. The average selling price also reflects a downward trend, standing at $554,979, which is 3.88% lower year-over-year. The median listing price shows a 4.10% decrease to $484,900, with the median sold price at $428,990, marking a 6.54% decrease from last year.
City and Regional Dynamics: In the City of Austin, listings increased by 5.1%, but the median sold price slightly decreased by 0.9% to $575,000. Analyzing the Central Texas region, we see that 53% of cities experienced month-over-month price increases, while year-over-year data shows 80% of cities with price decreases.
Zip Codes Analysis: Delving into the 75 Central Texas zip codes, month-over-month data shows nearly an even split with 47% experiencing price increases. However, year-over-year figures are more telling, with 71% of zip codes seeing price drops.
Sales vs. List Prices: A significant 66.18% of properties sold under the list price, suggesting continued trends toward a buyer's market. Sales at list price remained stable at 20.96%, while those above list price saw a slight increase from January's figures to 12.86%.
Our comprehensive 550+ page report offers a deeper dive into the nuances of the Austin real estate market, including detailed examinations of Market Cycles, Affordability, and Interest Rates, essential for making informed decisions in this dynamic environment. Stay informed with our updates on Austin's housing trends, and for any inquiries, please feel free to contact us.
