Is Austin a buyer's market right now?

There are signs that home shoppers in Austin have more choices and some pricing advantages right now. Prices have been trending down, and properties are staying on the market longer. This could make it a good time for those looking to buy. Some homes are also seeing price reductions. The median listing price in the Austin area is $450,000, which is nearly 10% lower than it was a year ago. This means homes are listed for less money compared to this time last year, offering potential savings. Homes are also sitting on the market for a median of 73 days, which is slightly longer than a year ago. This gives buyers more time to consider their options and make decisions without feeling rushed. About 27.6% of homes have had their prices cut, meaning more than one in four listings have become cheaper since first being listed. This suggests sellers are adjusting expectations, which can be good news for buyers hoping for a deal. For anyone looking to buy a home in Austin, these conditions suggest you might have more negotiating power and a wider selection of homes to choose from.

Really, no market is purely one or the other. But Austin right now shows signs that might give buyers more leverage. Prices have gone down significantly over the past year, and homes are staying on the market longer.