Austin, TX

The market in this ZIP code is currently assessed as Very Weak. The pending ratio stands at 0.23, indicating limited contract activity relative to available inventory. Median listing prices have experienced a notable year-over-year decline of 4.5%, with average listing prices falling 7.2% over the same period. While active listings have decreased year-over-year by 5.6%, new listings saw a more pronounced decline of 16.7%, suggesting a cautious approach from potential sellers. Properties are spending 65 days on market, slightly up year-over-year.

Median listing prices are currently $525,000, representing a month-over-month decrease of 0.9% and a year-over-year decline of 4.5%. The average listing price is $553,234, down 7.2% year-over-year. Median price per square foot is $342, a decrease of 5.9% year-over-year. Active listings are at 170, a 5.6% reduction from the prior year, while new listings decreased by 16.7% over the past year to 40. Median days on market increased by 1.6% year-over-year, reaching 65 days. The share of price-reduced listings is 25.5%, a slight decrease of 1.7% from the previous year. The pending ratio is 0.23, an increase of 0.7% year-over-year, indicating a modest uptick in contract activity despite the broader market softening.

The prevailing market conditions suggest a significant degree of price discipline is present. With median listing prices declining both month-over-month and year-over-year, and a substantial year-over-year decrease in average listing prices, there is diminished leverage for sellers in terms of price setting. The pending ratio of 0.23, despite a slight year-over-year increase, indicates that the pace of properties going under contract remains modest relative to the active inventory. Although active listings have decreased year-over-year, the notable decline in new listings suggests reduced urgency from potential sellers to enter the market. The extended median days on market further points to a more deliberate transaction pace and a need for competitive pricing to attract offers.

The spread between the average listing price of $553,234 and the median listing price of $525,000 is approximately 5.4%, suggesting a relatively contained upper segment within the overall market. The median price per square foot is $342, reflecting the general value proposition of properties in this ZIP code.