What is the median home price in Austin?

The typical home in the Austin area cost $475,000 in May. This price hasn't changed since the previous month but is about 9.5% lower than last year. Your housing budget may go further now than it would have a year ago. There are fewer homes for sale right now compared to last year. The number of homes on the market went down by 4.4%, and there are 13.2% fewer brand-new listings. This means you might have fewer choices when looking for a home. Homes are also staying on the market longer. In May, homes typically sold after 56 days, which is about 21.7% longer than last year. This could give you more time to consider your options. Almost 27% of homes for sale had their prices cut. This is slightly less than last year, but it still means many sellers are willing to lower their asking price. The price per square foot is also down by 8.3% from last year, now at $240. For sellers, it might take a bit longer to find a buyer, and you might need to be flexible on your price. For buyers, the lower prices and longer time on market could mean a better deal.