Are sellers cutting prices in Austin?

Here's the situation in Austin: Yes, sellers are cutting prices. The median listing price has dropped recently, and many homes on the market have had their prices lowered. The median listing price right now is $450,000. This is a noticeable drop of 2.6% from the prior month and 9.8% compared to a year ago. This suggests that the listed values of homes are decreasing. About 27.6% of homes for sale have had their prices reduced. While this is a high percentage, it's actually slightly less than the share of price cuts we saw a year ago. Homes are also staying on the market longer. The typical home now takes 73 days to sell, which is a little longer than last year. If you're looking to buy, these price adjustments and longer market times could mean more opportunities to negotiate.