Are sellers cutting prices in Austin?

Sellers in the Austin area are indeed cutting prices. Almost 28% of all listings had a price reduction in the most recent month. Also, the typical listing price has gone down by nearly 10% compared to last year. This means homes are, on average, less expensive than before. The median listing price in the Austin area is $473,500 right now. This is a small drop of 0.3% from the previous month. Compared to last year, it's down by 9.8%, which is a much bigger change. This indicates a consistent downward trend in what homes are listed for. Many homes are still available for sale, with 12,456 active listings. This is a 5% decrease from last year, showing that fewer homes are on the market. However, the number of new homes coming up for sale has stayed about the same, with 3,926 new listings, a modest increase of 0.3% from last year. Homes are also taking longer to sell. The typical home stayed on the market for 63 days before going under contract. This is an increase of nearly 9% compared to last year, meaning buyers have more time to make decisions. For sellers, this means setting a realistic price upfront is important to attract buyers. If you're looking to buy in Austin, price reductions and lower listing prices mean there are more opportunities to find a home for less money than in the past.