78734 Austin, TX Housing Market

Trend

The median listing price in 78734 is $799,000, representing a significant year-over-year decrease of 5.4%. This decline is coupled with an increase in median days on market to 64, a 10.3% rise year-over-year, indicating properties are taking longer to sell. While active listings and new listings have seen year-over-year decreases of 11.4% and 10.5% respectively, the pending ratio of 0.20, despite a 5.3% increase year-over-year, suggests that pending sales are not keeping pace with available inventory. Furthermore, 29.2% of listings have seen price reductions, reflecting attempts to stimulate buyer interest.

Negotiating leverage

The current market dynamics in 78734 indicate that buyers have considerable negotiating leverage due to low and declining prices relative to previous years, and properties remaining on market for extended periods. The high percentage of price reductions further underscores the need for price discipline among sellers to attract offers. The pace of transactions remains slow, with inventory pressure favoring discerning buyers.

Luxury segment

In the luxury segment, the average listing price of $1,138,098 significantly exceeds the median listing price of $799,000, indicating premium pricing at the higher end of the market. However, the average listing price has also seen a year-over-year decline of 6.5%. The median price per square foot is $316, representing a 4.2% year-over-year decrease, reflecting broader market trends impacting all price points.