How is the Austin housing market doing?

The Austin housing market is seeing prices come down while inventory levels are a bit lower than last year. Homes are also taking a bit longer to sell. Overall, it's a stable shift from what we saw in previous years. The typical home is listed for $473,500. That's slightly less than last month, and almost 10% lower than a year ago. It's good news for buyers, as prices are adjusting to a new normal rather than going up. There are 12,456 homes for sale right now. This is 5% fewer homes than a year ago, which means there's a bit less to choose from for buyers. However, there are about the same number of new homes coming on the market as there were a year ago. Homes are currently staying on the market for 63 days, which is almost 9% longer than this time last year. This simply means buyers have a little more time to look and make decisions. Also, about 28% of homes have had a price drop, which is fewer than last year. Buyers are finding some relief in prices, and sellers might need to be patient for a sale. If you're looking to buy, you might have more negotiating power now. If you're selling, be prepared for your home to take a little longer to find a buyer.

The Austin housing market is seeing prices come down while homes are taking a bit longer to sell. The median listing price is $473,500 right now. This is slightly lower than last month and nearly 10% lower than last year. There are 12,456 homes for sale, which is a bit fewer than a year ago. It now takes 63 days for a typical home to find a buyer, which is about a week longer than it took last year. A good number of homes, about 27.6%, have had their prices cut. More homes are also being sold quickly, as shown by the pending ratio of 0.34. If you are looking to buy, you might have more room to negotiate on price. There are fewer homes on the market compared to this time last year, so competition could still be a factor even with prices coming down. This could be a good time to look closely at properties that have been on the market for a while or have seen price reductions. If you are considering selling, be prepared that your home may not sell as quickly as it would have last year, and you might need to adjust your asking price to attract buyers.