Austin, TX

The local housing market is currently Very Weak. A significant year-over-year decline in median listing price, coupled with a low pending ratio and declining median days on market, indicates persistent challenges, despite a slight moderation in the price-reduced share.

The median listing price currently stands at $664,975, reflecting a modest 0.4% increase month-over-month but a notable 11.3% decline year-over-year. The median price per square foot of $728 also shows an 11.5% decrease over the past year. Active listings are nearly stable year-over-year, decreasing by 0.9% to 234 properties. However, new listings have seen a 14.3% increase over the past year, reaching 32. Properties are spending less time on the market, with median days on market decreasing 5.0% year-over-year to 96 days. The share of listings with price reductions has decreased by 11.1% year-over-year to 12.0%, suggesting some stabilization in pricing expectations for current inventory.

The pending ratio, at 0.07, indicates limited buyer engagement relative to active listings, suggesting a market where buyers maintain significant leverage. While the pace of sales, as measured by median days on market, has slightly accelerated over the past year, the prevailing low pending ratio and year-over-year price depreciation suggest that sellers face considerable pressure in securing favorable terms and timely transactions. Inventory levels, with 234 active listings and 32 new listings in the most recent period, appear to exceed current demand, necessitating price discipline from sellers.

The average listing price, at $1,136,263, significantly exceeds the median listing price of $664,975, indicating a strong presence of higher-value properties. The median price per square foot is $728, with the median square footage at 1,059. This disparity suggests that the luxury segment, while contributing to a higher average price, is not immune to the broader market trends, as evidenced by the year-over-year decline in median price metrics.