78738 Austin, TX Housing Market

Trend

The median listing price in 78738 reached $1,039,450, representing a healthy 4.5% month-over-month increase and a 9.4% year-over-year rise. However, active listings have decreased by 21.6% year-over-year to 257, and new listings are down 13.3% year-over-year to 104. The median days on market has expanded by 18.2% year-over-year to 52 days, indicating a slower absorption of available inventory. The pending ratio stands at 0.33, showing a modest 6.6% year-over-year increase, but this is offset by the overall shift in market dynamics. The average listing price increased by 2.3% year-over-year to $1,459,545, while the median price per square foot experienced a slight year-over-year decrease of 0.4% to $305.

Negotiating leverage

The slower pace of transactions, as evidenced by the increase in median days on market (52 days, up 18.2% YoY), suggests that buyers have increased time for due diligence. While the pending ratio of 0.33 (up 6.6% YoY) indicates some sustained demand, the broader context of reduced active listings and expanded market time suggests less pressure for immediate offers. Sellers may need to exercise greater price discipline, particularly as price reductions are observed in 26.6% of listings.

Luxury segment

The significant spread between the average listing price of $1,459,545 and the median listing price of $1,039,450, combined with a median price per square foot of $305, highlights the influence of high-value properties within this ZIP code. This indicates a robust luxury segment where individual large transactions can considerably skew average metrics while median values offer a more central perspective on the market.