Austin Real Estate Market Update - Nov 09, 2023
Trends, Insights, and Analysis
Volume 19; Number 45
Austin Real Estate Market Analysis - November 2023
by : Team Price Real Estate, Unmatched Agents, Unrivaled Insights
published on : Thursday, November 09, 2023 at 2:37pm
Welcome to our latest analysis of Austin's real estate market as of November 9th, 2023. At Team Price Real Estate, we are steadfast in our mission to deliver a factual, data-driven exploration of Austin's real estate conditions, offering you valuable insights into supply and demand, pricing trends, and the wider Central Texas market.
Supply and Demand Metrics: The Austin-Area MLS exhibits a modest increase in active listings to 12,458. However, the 'Months of Inventory' has risen substantially by 26.6% from last year, now at 5.52 months, suggesting a shift towards a market more evenly poised between buyers and sellers.
Price Analysis: The average listing price in the Austin-Area MLS has seen a significant increase of 10.59% year-over-year, now at $685,882. Contrarily, the median sold price has decreased by 5.47% to $425,000. Such figures highlight a nuanced pricing environment, where the median listing price has also climbed by 6.76% to $491,116.
City and Regional Dynamics: Focusing on Austin, there's been a notable 15.3% rise in active listings, with a slight 2.8% increase in the median sold price to $563,075. Looking at Central Texas, 67% of cities have seen year-over-year price decreases, reflecting broader market cooling.
Zip Codes Analysis: Within Central Texas's 75 zip codes, a majority of 51% are experiencing month-over-month price drops, and 60% have seen year-over-year decreases. Yet, 40% of zip codes show year-over-year price gains, indicating localized market variances.
Sales vs. List Prices: A substantial 66.96% of properties sold below the list price this month. Properties selling at list price represent 21.64%, while those above list price are 11.40%, suggesting a competitive market that has heated up since January 2023, where only 9.71% sold above list price.
Our extensive 550+ page report delves deeper into the intricacies of Market Cycles, Affordability, and Interest Rates, vital for informed decision-making in Austin's lively real estate scene. Keep up-to-date with our regular market insights. For further information or inquiries, we are at your service.
Brought to you by Team Price Real Estate, Austin's premier data analysis brokerage firm, where Data Drives Exceptional Service. "Unmatched Agents, Unrivaled Insights – Where Experience Meets Insight," embodies our dedication to providing unmatched expertise tailored to your real estate objectives.
