How competitive is the Austin housing market?

The Austin housing market is not especially competitive right now. Homes are staying on the market longer, and many sellers are lowering their prices. The median listing price in Austin is $475,000, which hasn't changed from the previous month but is down 9.5% from last year. This means prices have come down significantly over the past year. There are 11,974 homes for sale, which is a bit fewer than last year. However, fewer new homes are being listed, down 13.3% from twelve months ago. This suggests sellers are pulling back a little. Homes are also taking longer to sell. The typical home stays on the market for 56 days, which is a 21.7% increase compared to last year. Plus, 26.8% of sellers have reduced their asking price, even though this is slightly less common than a year ago. Fewer homes are going under contract compared to the total number of homes for sale. The pending ratio is 0.36, meaning for every 100 active listings, only 36 are going into pending status. This is about the same level as last year. If you're looking to buy in Austin, you may have more options and less pressure than in recent years, making it a potentially good time to look for a deal.