Is Austin a buyer's market right now?

Austin has more properties for sale and they are staying on the market longer, which can be good news if you are looking to buy. The median listing price is lower than it was a year ago, but only slightly changed from last month. This suggests a less intense market than before, favoring buyers. The number of homes for sale right now, at 12,456 active listings, is 5% lower than it was over the past year. However, new listings are staying steady, increasing by 0.3% year-over-year at 3,926. This means that while fewer homes overall are on the market compared to a year ago, new choices are still coming in at about the same rate. Homes are taking a little longer to sell; the typical home now sits on the market for 63 days, which is almost 9% longer than it did at this time last year. Also, about 28 out of every 100 homes have had their price reduced. This tells us sellers might be willing to negotiate more. The median listing price is currently $473,500. This is nearly 10% lower than it was a year ago, which is a significant drop. This means properties are less expensive than they used to be. If you are a buyer, this could be a good time to look in Austin. You have more negotiation power, and homes are generally less expensive than they were a year ago.