How competitive is the Austin housing market?

The Austin housing market is not very competitive right now. Homes are staying on the market longer, and there are more options for buyers. The typical home in Austin is listed for $258,900. That's a bit lower than last month and also a bit lower than what we saw at this time last year. The number of homes for sale has also gone up significantly, with 21.4% more active listings than a year ago. Homes are now spending an average of 43 days on the market before they sell. This is 13.3% longer than last year, which gives buyers more time to look and decide. This also means sellers might need to be patient. While there are more homes for sale, fewer new listings are coming onto the market compared to the number of homes going under contract. The pending ratio is 0.69, which is 16.1% lower than last year. This suggests that even with increased inventory, fewer homes are quickly moving to a sale. Fewer homes are also seeing price drops, with 14.9% of listings reducing their price. This is a small decrease from last year, meaning fewer sellers are adjusting prices downwards. If you're thinking of buying, you have more choices and time to make a decision. If you're selling, be prepared for your home to take a bit longer to sell than it might have in the past.