78702 Austin, TX Housing Market

Trend

Median listing price declined by 5.3% year-over-year to $686,500, with an average listing price of $811,938 indicating a persistent downward trend. Active listings saw a substantial decrease of 24.9% year-over-year, alongside a 26.1% reduction in new listings. Despite this inventory contraction, median days on market increased by 24.0% year-over-year to 65 days, suggesting properties are taking longer to sell. The price-reduced share saw a slight decrease of 3.9% year-over-year, settling at 24.1%. The pending ratio increased 8.8% year-over-year to 0.23, reflecting a modest improvement in buyer engagement relative to the available inventory.

Negotiating leverage

The reduced inventory, both in active and new listings, suggests a contracting supply side. However, the extended median days on market and the year-over-year decline in median listing price indicate that buyers maintain significant leverage. While the pending ratio shows a slight positive year-over-year change, the overall market condition suggests that price discipline from sellers is crucial to attract buyer interest and accelerate transaction pace.

Luxury segment

The significant spread between the median listing price ($686,500) and the average listing price ($811,938) suggests a segment of higher-priced properties influencing the average. Median price per square foot is $506, reflecting the overall valuation trends in the broader market for the top tier as well.