January 2023 Real Estate Market Report for Austin, Texas
The housing market in January 2023 has shown mixed results
While the number of people applying to buy houses has increased by 25% compared to the previous week, the overall number of people applying to buy houses is still lower than it was a year ago. Additionally, mortgage rates have dropped slightly, but still remain at around 6.15%. The number of houses available for sale has decreased slightly, but has been consistent over the past couple of weeks.
However, it’s important to keep in mind that the number of people applying to buy houses typically increases during the first few months of the year, and that’s what we are seeing now. Additionally, it’s important to remember that when looking at this data, we need to consider how it compares to past years.
Austin Texas
Locally, the Austin Board of Realtors has recently released the December 2022 housing data for Central Texas. The median home price broke a new record last year with an 11.4% jump, putting the average home price for the Austin-Round Rock MSA at $503,000. Home sales did decline by 18% year-over-year and we are also seeing homes sitting on the market for 11 days longer than this time last year.
In Summary
Overall, the housing market is showing some signs of improvement, but we still have a long way to go. If you’re a buyer looking to become a homeowner in 2023, there’s definitely hope for you. However, you’ll need to be prepared financially and keep an eye on interest rates. If you’re a seller looking to put your home on the market in the upcoming peak season, your main focus should be preparing to put your best foot forward when hitting the market. This is a great time to sell your home as the market corrects itself and opportunities will be abundant.
If you’re looking for more information or assistance with your real estate needs, please don’t hesitate to contact me. You can fill out the form on my website to schedule a consultation or give me a call at 737-210-1690. I would be more than happy to help you navigate the housing market and make the best decision for you. Thank you for watching and I look forward to hearing from you soon!
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