Austin, TX

The market in ZIP 78702 is currently characterized as Very Weak. A significant decline in median listing price year-over-year, coupled with a notable reduction in active and new listings, suggests a sustained period of market recalibration. The pending ratio, while showing modest year-over-year growth, remains low, indicating subdued transactional velocity.

The median listing price has observed a year-over-year decrease of 4.9%, with a further month-over-month contraction of 1.8%. Inventory levels continue to tighten, with active listings down 6.0% and new listings down 8.3% over the past year. Despite these supply reductions, the median days on market has decreased by 11.8% year-over-year, to 75 days, indicating some demand absorption for available properties. Concurrently, the share of price-reduced listings has decreased by 11.5% year-over-year to 21.4%, suggesting a slight improvement in initial pricing strategies or seller expectations.

The current market environment favors price discipline. While inventory has declined, the low pending ratio of 0.18, despite a 6.7% year-over-year increase, suggests that the pace of transactions remains slow relative to available stock. This condition necessitates competitive pricing for properties to attract offers, as the market is not exerting pressure for rapid decisions.

The average listing price of $774,837 notably exceeds the median listing price of $665,000, illustrating a significant premium for properties in the upper echelon of the market. This spread points to a divergence in value perception and pricing power within the luxury segment, even as the broader market experiences pricing adjustments. The median price per square foot is $480.