Austin, TX

The local housing market is currently in an Accelerated phase. Significant year-over-year declines in both active and new listings are constraining inventory, while a robust pending ratio indicates strong current demand. Despite these pressures, median listing prices have seen a decline over the past year, alongside an increase in days on market.

The market is experiencing a notable constriction in supply, with active listings down 25.1% year-over-year and new listings seeing an even sharper decline of 42.9% over the past year. Simultaneously, the pending ratio has increased by 24.9% year-over-year, reaching 0.71, suggesting active buyer engagement relative to available inventory. However, the median listing price has decreased by 7.0% year-over-year and 5.3% month-over-month. Median days on market have edged up by 4.9% over the past year, while the share of price-reduced listings has contracted by 13.6% year-over-year.

The notable decline in listings alongside a high pending ratio indicates significant pressure on inventory, which typically signals an environment of reduced negotiating leverage for those seeking to acquire property. However, the year-over-year decrease in median listing prices and the modest increase in median days on market suggest that while competition for available homes is present, price discipline is still a factor.

The average listing price of $402,244 is 12.4% higher than the median listing price of $358,000, indicating a segment of properties listed at a premium. The median price per square foot currently stands at $215, representing a 3.8% decline over the past year.