Is Austin a buyer's market right now?

Homes in Austin are taking longer to sell, and prices are lower than last year. This suggests conditions are more favorable for buyers right now. The median listing price in Austin is $475,000. That's 9.5% lower than this time last year, and it hasn't changed at all in the last month. The average listing price is also down 8.5% from last year, now at $737,300. Homes are also sitting on the market longer. The median home has been listed for 56 days, which is 21.7% longer than last year. Almost 27% of homes have also had their prices cut. There are fewer new homes coming onto the market, down 13.2% from last year, with only 4,084 new listings. However, the total number of homes for sale is only down a bit (4.4%) from last year, with 11,974 active listings. The number of pending listings, meaning homes with an accepted offer, is 4,367. The pending ratio of 0.36 indicates there are more homes available than homes going under contract, which also points to more choices for buyers. If you're looking to buy a home in Austin, you have more options and potentially more room to negotiate on price than you did a year ago.