AUSTIN, TEXAS ~ May 2023 housing market statistics have been released by the Austin Board of Realtors® (ABoR). For the 12th consecutive month, the Austin-Round Rock MSA housing market continued its normalizing trend with more available inventory, and for the 7th consecutive month in a row, the Austin-Round Rock MSA median sales price did not increase - it declined 15% versus 2022. In Williamson County, the median sales price declined by 13% vs. 2022.
Let's take a closer look at the year-over-year highlights for the Austin-Round Rock MSA and Williamson County. In the Austin-Round Rock MSA:
What increased? Active listings rose by 118% to 8,960 and average days on market increased by 49 days to 65 days. Housing inventory increased by 2.2 months to 3.4 months available which still remains well below the Texas A&M University’s Real Estate Center benchmark of 6 months to maintain a balanced housing market. It's also the most housing inventory the Austin-Round Rock MSA has experienced since well-before Covid.
What decreased? The median sales price decreased by 15% to $467,500. Closed sales decreased by 4% to 3,411, and pending sales decreased by <1% to 3,243.
Heading north to Williamson County:
What increased? Active listings rose by 99% to 2,530, and average days on market increased by 56 days to 69 days. Months of inventory rose by 1.7 months to 2.8 months of inventory. As with the greater Austin-Round Rock metro, this is still well below the Real Estate Center at Texas A&M University’s benchmark of 6 months to maintain a balanced housing market.
What decreased? The median sales price decreased by 13% to $439,900, new listings decreased by 18% to 1,387, closed sales decreased by 6% to 1,113, pending sales increased by 1% to 1,075.
What does this activity mean for those looking to make a real estate move in the Austin area?
If you're looking to purchase a home or investment property, now is a good time to take advantage of the softer median home price coupled with the fact that last month, homes sold for 94% of their original list price. If you'd like to speak with my clients who have recently closed or who are under contract, they are happy to share their experience working with me. If you're looking for financing options, I can also connect you to my trusted lending network which can help you explore options - estimates are free!
If you're selling you're still in a solid position to make a timely move despite the fact that there's increased competition and homes are remaining longer on the market than a few months ago. Contact me and I can provide you with a complimentary, current competitive market analysis for your home. This will help you understand what your home is likely to sell for given the changing dynamics of the Central Texas real estate market.
Ready to make your next real estate move? Contact me and let's discuss your goals and the current market conditions and let's set a plan into action to leverage both to your advantage!
Joe Paul Reider
Home Style Austin Founder Austin Realtor®, CLRA Keller Williams Realty, Inc.
Email: JoePaul@KW.com Mobile: 512-222-3302 Web: JoePaulReider.KW.com
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