Should I buy new construction or resale in Austin?

Really, the best choice for you depends on your personal situation and preferences. Both new construction and resale homes have their pros and cons right now. The market data suggests a slightly better situation for buyers overall. The median listing price in the Austin area is $450,000. This price has gone down by 2.6% from the prior month and 9.8% over the past year. This could mean you'll find homes for less than they were listed for before. There are 12,517 active listings, which is about the same as last year. But new listings are up slightly (1.2% year-over-year) at 2,932, giving you a few more options. Homes are taking a bit longer to sell, with a median of 73 days on the market. Also, about 27.6% of homes have had their prices cut, which means sellers are more open to negotiating. Consider what matters most to you. If you want a move-in ready home with modern features, new construction might be appealing. If you prefer established neighborhoods and potentially more room to negotiate on price, resale homes could be a good fit. Either way, prices have been trending down, which is good news for buyers.

Deciding between new construction and resale in Austin depends on your priorities, but current market trends show some shifts that could favor either option. Right now, home prices are lower than they were a year ago, which is good news for any buyer. You'll want to consider if new construction offers the specific features you're looking for or if the value in resale homes is more appealing. The median listing price in Austin is $450,000, which is nearly 10% lower than it was over the past year. This means you could find a home for less money now compared to if you had bought a year ago. The average listing price also dropped by 6.5% over the past year, indicating a broader trend of price reductions. Homes are staying on the market a little longer, with a median of 73 days right now. This is a slight increase from last year, giving you more time to look and make a decision without feeling rushed. It also suggests that buyers might have a bit more room to negotiate. About 27.6% of homes have had their prices reduced, which is similar to what we saw last year. This highlights that many sellers are adjusting their prices, potentially offering better deals. With inventory (active listings) holding steady compared to last year, you have a good selection of homes to choose from. For you as a buyer, the market is offering more choices and potentially better prices than it did last year. Whether you choose new construction or resale, make sure to factor in the current price drops and the extended time homes are spending on the market, which could work to your advantage.

Really think about what matters most to you, as the current market in Austin-Round Rock-San Marcos shows some price decreases that could benefit buyers. Homes are staying on the market a little longer, too. These trends suggest you have some room to negotiate, whether you prefer new construction or an existing home. Both options have their pros and cons that the current market data doesn't directly speak to, but the data does suggest a more favorable environment for buyers overall. The median listing price is $450,000 right now, which is 2.6% lower than the previous month and nearly 10% lower than a year ago. This means homes are listed at lower prices than they were in the recent past, giving you more bang for your buck. Homes are also spending more time on the market. The median days on market is 73, which is a slight increase from last year. This longer time frame means you likely have more time to consider your options and potentially negotiate the price or terms of your purchase. There are 12,517 active listings, and the number of new homes coming on the market has slightly increased over the past year. This shows a good selection of homes available. With over a quarter of homes having had price reductions, you might find some good deals. Consider your preferences for move-in readiness, customization, and age of home systems. Both new and existing homes are seeing price adjustments, so focus on what best fits your lifestyle and budget, and be ready to negotiate.