November 2023 Central Texas Housing Market Report Copy

Austin Real Estate Market: Resilient Sales Amidst Shifting Prices

Despite facing consistently high mortgage rates, the Austin housing market is exhibiting signs of a subtle yet significant transformation. While home sales continue to display surprising strength, prices are undergoing a dip, offering potential relief to buyers and signaling a positive shift after years of rapid price growth.

Prices Take a Breath:
Last month, the median home price in the Austin Round-Rock MSA experienced an 8.4% dip, settling at $424,450. This noteworthy drop, however, is juxtaposed against the backdrop that prices remain substantially higher than pre-pandemic levels.

Inventory Rises, Choice Expands:
Encouraging news for buyers comes in the form of a growing inventory. Both new and active listings saw healthy year-over-year increases, providing home seekers with more options and the opportunity to be more discerning about their ideal homes. This marks a welcome departure from the “starved market” conditions experienced in recent years.

Rates Hold, But Hope for 2024:
While mortgage rates persist at elevated levels, their recent stabilization provides a glimmer of hope for the coming year. Dr. Clare Losey, ABoR’s housing economist, notes, “Rates peaked in late October and early November, signaling a potential increase in buyers’ purchasing power in the coming year.”

Austin Takes Action:
Acknowledging the pressing need for more accessible housing options, the Austin City Council recently greenlit Phase I of the Home Options for Middle-income Empowerment initiative. This comprehensive effort aims to establish a balanced approach to housing development, ensuring opportunities for homeownership and rental options across different income levels.

What This Means for You:

Buyers:
The evolving market presents a potential opportunity for you. With an expanding inventory and the possibility of improved affordability in the future, it’s an opportune moment to seriously consider embarking on your homeownership journey.

Sellers:
While the price drop may raise concerns, the sustained robust sales activity suggests a resilient demand for Austin homes. Seeking guidance from a knowledgeable REALTOR® can help you navigate the shifting market dynamics and secure the best possible outcome for your sale.

The Austin housing market remains dynamic, and staying informed about the latest trends is crucial. Therefore, keep a close eye on the market, and don’t hesitate to reach out to a trusted real estate professional to guide you through your next strategic move.

City of Austin

  • 516 – Residential homes sold, 6.0% less than in November 2022.
  • $518,000 – Median price for residential homes, 1.3% more than November 2022.
  • 788 – New home listings on the market, 14.7% more than November 2022.
  • 2,747 – Active home listings on the market, 20.4% more than November 2022.
  • 493 – Pending sales, 3.3% less than November 2022.
  • 3.8 – Months of inventory, 1.2 months more than November 2022.
  • $350,511,473 – Total dollar volume of homes sold, 2.2% less than November 2022.

Travis County

  • 840 – Residential homes sold, 6.9% less than November 2022.
  • $510,000 – Median price for residential homes, 1.9% less than November 2022.
  • 1,240 – New home listings on the market, 14.2% more than November 2022.
  • 4,489 – Active home listings on the market, 15.2% more than November 2022.
  • 838 – Pending sales, 4.0% more than November 2022.
  • 3.9 – Months of inventory, 1.1 months more than November 2022.
  • $571,627,789 – Total dollar volume of homes sold, 8.5% less than November 2022.

Williamson County

  • 697 – Residential homes sold, -6.4% less than November 2022.
  • $416,545 – Median price for residential homes, 3.1% less than November 2022.
  • 818 – New home listings on the market, 0.4% less than November 2022.
  • 2,587 – Active home listings on the market, 12.2% less than November 2022.
  • 763 – Pending sales, 4.2% more than November 2022.
  • 3.0 – Months of inventory, the same amount as November 2022.
  • $322,184,052 – Total dollar volume of homes sold, 11.7% less than November 2022.

Hays County

  • 381 – Residential homes sold, 41.6% more than November 2022.
  • $368,995 – Median price for residential homes, 10.3% less than November 2022.
  • 431 – New home listings on the market, 39.9% more than November 2022.
  • 1,503 – Active home listings on the market, 20.0% more than November 2022.
  • 339 – Pending sales, 41.8% more than November 2022.
  • 4.0 – Months of inventory, 0.6 months more than November 2022.
  • $169,825,434 – Total dollar volume of homes sold, 22.6% more than November 2022.

Bastrop County

  • 88 – Residential homes sold, 17.0% less than November 2022.
  • $346,000 – Median price for residential homes, 3.5% less than November 2022.
  • 147 – New home listings on the market, 2.1% more than November 2022.
  • 566 – Active home listings on the market, 12.5% more than November 2022.
  • 96 – Pending sales, 24.7% more than November 2022.
  • 4.7 – Months of inventory, 0.8 months more than November 2022 and the highest inventory in the MSA.
  • $33,671,470 – Total dollar volume of homes sold, 24.3% less than November 2022.

Caldwell County

  • 59 – Residential homes sold, 51.3% more than November 2022.
  • $313,275 – Median price for residential homes, 5.1% less than November 2022.
  • 40 – New home listings on the market, 2.6% more than November 2022.
  • 189 – Active home listings on the market, 70.3% more than November 2022.
  • 29 – Pending sales, 6% less than November 2022.
  • 4.3 – Months of inventory, 1.7 months more than November 2022.
  • $19,075,593 – Total dollar volume of homes sold, 45.6% more than November 2022.
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