Are sellers cutting prices in Austin?

Yes, sellers in the Austin area are cutting prices. About one in four homes currently for sale has had its price reduced. Right now, 27.3% of homes on the market have seen a price drop. This means a significant portion of sellers are adjusting their asking price to attract buyers. The median listing price in the area is $446,450. This price has gone down by 0.8% compared to the previous month and by 9.8% over the past year. This shows a clear downward trend in what homes are listed for. Homes are also staying on the market longer. The median home now takes 80 days to sell, which is slightly longer than a year ago. When homes take more time to sell, sellers are often more willing to negotiate prices. There are 12,083 active listings, which is a bit more than last year. With more homes available and a pending ratio of 0.27 (meaning there are fewer homes going under contract compared to active listings), buyers have more choices and more power in negotiations. If you are looking to buy, this could be a good time to find a deal, as sellers are clearly adjusting their expectations and homes are staying on the market longer.