This summer, a national report predicted a major shift in Austin’s housing market that would bring about stabilizing home prices and greater levels of available inventory. In the last few months, we’ve seen this vision begin to come into focus.
The latest market report from Austin Board of Realtors shows an unprecedented spike in active listings in September 2022 in the Austin-Round Rock MSA with a year-over-year increase of 162% to 9,671 – the most the market’s seen since July 2011.
Also in the metro, average days on market rose to 40 – more than three weeks longer than the previous year. Housing inventory totaled at 3.1 months, three times that of 2021, and just over half the amount needed for a market to be considered “balanced,” according to ABoR.
Still, median home price in the City of Austin climbed to $555,000 – an all-time record for the month of September.
“Homebuyers have not had this much leverage and this many options in over a decade,” Cord Shiflet, 2022 ABoR president, said. “We’re still in a seller’s market, but as homes take longer to sell and are being bought for less than the original list price on average, and with inventory steadily increasing, right now is a great time to be a homebuyer in Central Texas.”
While buyers now have “more time to find a home that works for their needs and budget,” Shiflet continued, “interest rates are rising, so buyers still need to work with their REALTOR® to get prepared to make an attractive offer by taking steps in advance such as getting pre-approved for financing.”
As for sellers? Shiflet says that “the days of multiple offers way over asking price are a thing of the past,” as homes are now selling at around 95% of their original list price. “REALTORS® have access to real-time, accurate housing market data through the MLS and keep a constant pulse on the optimal list price for a home, making it competitive and desirable for buyers that now have much more leeway in their home search process.”