AUSTIN, TEXAS ~ October 2023 housing market statistics have been released by the Austin Board of Realtors® (ABoR). For the 17th consecutive month, the Austin-Round Rock MSA housing market continued its normalizing trend with more available inventory. For the 12th consecutive month, the Austin-Round Rock MSA median sales price did not increase - it declined 7.5% versus 2022. Despite that, our area experienced an increase in residential homes sold in October. 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? Pending sales increased by 12% to 2,257, active listings increased by 5% to 9,942, closed sales increased by 4% to 2,337, and average days on market increased by 21 days to 68 days. Housing inventory increased by 0.7 months to 3.9 months available which still remains below the Texas Real Estate Research 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 7.5% to $435,000 and new listings decreased by <1% to 3,202.
Heading north to Williamson County:
What increased? Pending sales increased by 14% to 794, closed sales rose by 11% to 844, and average days on market increased by 13 days to 62 days. Months of inventory remained flat at 3.2 months of inventory. As with the greater Austin-Round Rock metro, this is still well below the Texas Real Estate Research Center at Texas A&M University's benchmark of 6 months to maintain a balanced housing market.
What do these metrics indicate 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 increased inventory. 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 - consultations 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 on the market longer than last year. 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? Connect with me and let's discuss your goals and the current market conditions and let's set a plan 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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