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Austin housing inventory hits highest levels in 8 years, experts say sellers must adapt to ever-evolving market

In today’s dynamic real estate landscape, the role of REALTORS® has never been more essential, especially in light of the latest market information released by the Austin Board of Realtors. As we navigate through the often challenging and complex Central Texas housing market, the expertise and counsel offered by REALTORS® serves as a guiding light for both buyers and sellers. 

According to the latest market update provided by ABoR, Austin’s market saw inventory rise to 4 months this September, their highest levels in over eight years. This significant increase in inventory can have a substantial impact on sellers, making the guidance of REALTORS® even more crucial. With a surplus of homes available, REALTORS® can help sellers strategize on how to make their properties stand out in a more competitive market.

“It’s imperative for Central Texans to have a game plan and strategize with their REALTORⓇ when navigating the housing market,” said 2023 ABoR President Ashley Jackson. “It’s also important to understand that the housing market today is no longer the housing market of the past few years.”

In September, closed sales fell by 18% year-over-year and the median close price dropped 4% to $452,080. Sales dollar volume decreased by just under 20% and average days on market rose more than three weeks to 65 days. 

Clare Losey, Ph.D., housing economist for ABoR, pointed to a lack of affordable housing options available, a higher rate environment, and a potential disconnect between sellers and the market as potential reasons for a decline in closed sales. 

“Sellers who cling to the housing market of the past few years are doing themselves a disservice, as the housing market and mortgage rates are ever evolving,” said Losey. “REALTORSⓇ know how to expertly navigate these dynamic factors and price homes for the current state of the market.”

However, it’s not just sellers who are affected by these market trends. Buyers also need a knowledgeable advocate by their side. REALTORS® play a pivotal role in educating prospective buyers about the complete cost of owning and maintaining a home, taking into account factors like property taxes, insurance, maintenance, and utilities. With the current market conditions in Austin, understanding these additional costs is even more critical.

In conclusion, the expertise and counsel of REALTORS® have never been more critical than they are today, given the latest trends in Austin’s real estate market. With the latest market data in hand, their guidance is more in tune with current trends and fluctuations, benefiting both buyers and sellers. As you consider your next move in the Austin real estate market, remember that REALTORS® are there to make the process more accessible, more informed, and ultimately, more successful.

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