Austin Real Estate Market Shows Significant Inventory Growth and Mixed Pricing Trends - March 16, 2023
Thursday, March 16, 2023 : Austin Real Estate Market Shows Significant Inventory Growth and Mixed Pricing Trends
AUSTIN, TX — The Austin real estate market has experienced substantial changes over the past year, with inventory levels skyrocketing and mixed pricing trends across the city and Central Texas. The total number of active listings in the Austin-Area MLS has soared to 9,651, a 4.43 times increase from the 3,598 listings this time last year. Months of inventory currently sits at 4.69 months, a significant jump from the 1.06 months seen in March 2022.
Within the City of Austin, the increase in inventory is even more pronounced at 4.8 times. As for pricing, the average list price for active homes in the Austin-Area MLS is $684,940, up 6.66% year over year. However, the average sold price has decreased by 9.78% to $566,965, and the median sold price has fallen by 13.86% to $435,000.
The median sold price in the City of Austin has also experienced a decline of 12% year over year, dropping from $647,713 to $570,000. The average sold price to list price ratio currently stands at 97.32%.
An analysis of the 30 cities in Central Texas shows that 43% (13 cities) have experienced a month-over-month price increase, while 57% (17 cities) have seen a decrease. Only 13% (4 cities) reported a year-over-year price increase, with the majority (83% or 25 cities) experiencing a decline. Year-to-date, 11 cities have witnessed a rise in median price, while 18 cities have seen a drop. From the peak in the past 12 months, none of the cities have seen an increase in price, while 28 cities have experienced a decrease.
A similar pattern is observed when examining the 75 zip codes in Central Texas. Almost half (47% or 35 zip codes) have seen a month-over-month price increase, while 51% (38 zip codes) have experienced a decrease. In terms of year-over-year figures, 16% (12 zip codes) reported a price increase, whereas 83% (62 zip codes) saw a decline. Year-to-date, 34 zip codes have reported a rise in median price, and 39 zip codes have seen a decrease. From the peak in the past 12 months, no zip codes have experienced an increase in price, while 69 zip codes have witnessed a decrease.
These statistics highlight the dynamic nature of the Austin real estate market, with inventory levels growing rapidly while prices show mixed trends. While the increase in active listings and months of inventory suggests a cooling market, the fluctuating prices across cities and zip codes indicate that the market is still adjusting to the recent changes. Homebuyers and sellers should keep a close eye on these trends to make informed decisions in the evolving Austin real estate landscape.
To gain a deeper understanding of the market and access more detailed statistics, delve into the extensive resources provided. With over 30 comprehensive reports and more than 500 pages of up-to-date market data and insights, you'll find all the information you need to stay informed.
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