78704 Austin, TX Housing Market

Trend

The median listing price in 78704 stands at $825,000, representing a MoM decline of 0.9% and a significant YoY decrease of 10.8%. This price deceleration is compounded by an 18.7% YoY reduction in active listings and a 25.0% YoY drop in new listings, suggesting a contraction in available inventory. Median days on market have extended to 57, an 11.8% increase YoY, indicating properties are taking longer to sell. The price-reduced share is 23.4%, although this is a 5.8% decrease from the previous year. The pending ratio is 0.21, reflecting a 7.5% YoY increase, yet still signals a subdued absorption rate.

Negotiating leverage

Current market conditions suggest a reduction in the pace of transactions. The year-over-year decline in median listing price, coupled with an extended median days on market, indicates reduced price discipline among sellers. While the pending ratio has seen a modest year-over-year increase, the overall inventory pressure remains low, placing greater negotiating leverage with buyers due to the slower sales velocity.

Luxury segment

Within the luxury segment, the average listing price of $1,133,672 significantly exceeds the median listing price of $825,000, illustrating a considerable spread between the broader market and higher-end properties. The median price per square foot is $572, reflecting a 2.7% YoY decrease, indicating that even at the top end, pricing power has waned.