78701 Austin, TX Housing Market

Trend

The median listing price at $774,000 shows a slight MoM decline of 0.1%, with a modest YoY increase of 3.8%. Active listings have decreased by 6.1% YoY to 247, while new listings remain flat YoY at 40. A notable increase in median days on market to 72, up 22.0% YoY, suggests properties are taking longer to find buyers. The price-reduced share, at 14.4%, has decreased by 11.9% YoY, indicating some price adjustments, although less frequently than the prior year. The pending ratio stands at a low 0.10, showing a 0.6% increase YoY, yet still reflecting a muted level of pending transactions relative to active listings.

Negotiating leverage

The protracted median days on market at 72 days and a low pending ratio of 0.10 imply that sellers face increased challenges in transaction pace. The relatively stable new listings, paired with a decrease in active listings and a low pending ratio, suggest inventory pressure is not currently a primary driver of market acceleration. Price discipline is being tested given the slight MoM decline in median listing price and the YoY increase in days on market.

Luxury segment

The average listing price of $1,201,693 significantly exceeds the median listing price of $774,000, underscoring a substantial price spread within the luxury segment. The median price per square foot is $784, representing a 7.0% YoY decrease, which indicates pricing adjustments are occurring at the higher end of the market on a per-square-foot basis.