Austin, TX

The housing market in ZIP Code 78741 is currently categorized as Very Weak. Significant year-over-year declines in median listing price and median price per square foot indicate persistent price adjustments, while a low pending ratio suggests limited sales velocity. Elevated days on market and a notable share of price reductions further underscore the challenges in market absorption.

The median listing price has experienced a substantial year-over-year decline of 17.1%, settling at $322,500, following a month-over-month decrease of 8.7%. Similarly, the median price per square foot has fallen by 15.2% over the past year to $253. Active listings show a modest year-over-year increase of 3.1%, reaching 133 units, while new listings decreased by 12.5% compared to the prior year. The median days on market have extended significantly, rising by 27.2% year-over-year to 87 days. The share of listings with price reductions stands at 27.0%, a year-over-year decrease of 3.3%. The pending ratio is 0.14, representing a 2.0% year-over-year decline, with 18 pending listings out of a total of 151 listings.

The current market dynamics in ZIP Code 78741 indicate significant negotiating leverage for prospective purchasers. The substantial year-over-year decline in median listing price and median price per square foot, combined with extended days on market, suggests that sellers are under considerable pressure to adjust pricing expectations. The low pending ratio implies a slow pace of sales, allowing purchasers ample time for due diligence and negotiation. While active listings have seen a slight increase, the overall environment is characterized by reduced velocity and heightened price discipline for sellers.

The average listing price of $386,322 significantly exceeds the median listing price of $322,500, indicating a segment of higher-priced properties within the market. The median price per square foot is $253.