Should I buy new construction or resale in Austin?

Deciding between new construction and a resale home depends on what you value most. The median listing price in Austin is $475,000, and prices have been dropping over the last year. Right now, there are nearly 12,000 homes for sale. This gives you a lot of choices. However, fewer new homes are coming into the market, with new listings down 13.2% from last year. Homes are staying on the market longer, taking 56 days to sell. That's over three weeks longer than last year. This means you have more time to look around and make a decision. About one in four homes has lowered its asking price. This could mean you have room to negotiate. The average price per square foot is $240, which is also lower than last year. If you're looking to buy, the current market trends suggest you have more power to negotiate on price and terms, especially with homes staying on the market longer and many sellers dropping their prices.