78705 Austin, TX Housing Market

Trend

The market is characterized by a significant year-over-year decrease in new listings, down 40.0%, alongside a 22.9% increase in active listings. This imbalance has contributed to a slight rise in median days on market to 54 days (YoY 4.9%) and a pending ratio of 0.15, which is 1.8% lower year-over-year, indicating a slower absorption of available properties. The median listing price has shown minimal year-over-year growth at 1.6% but the median price per square foot has notably declined by 7.8% year-over-year, to $401.

Negotiating leverage

With a pending ratio of 0.15 and rising active listings, there is reduced inventory pressure on the market. This suggests that buyers have increased time for due diligence and negotiation, limiting the pace of transactions and fostering greater price discipline.

Luxury segment

The spread between the median listing price ($324,900) and the average listing price ($394,731) suggests a segment of higher-priced properties within the market. However, the overall median price per square foot of $401 is consistent with broader market trends of declining per-square-foot values.