Late last month, finance technology company Knock released a new report ranking the top ten buyers’ markets in the U.S., placing Austin at the no. 4 spot.
This ranking, based on the ratio of average sale to asking price, number of homes sold, number of active listings, median days on market, median sales price and the rolling supply of homes in a given month “uses data on more than 150 million properties in the nation’s 100 largest, most active metropolitan areas since November 2016 from a number of sources.”
This latest index pulled data from the Austin-Round Rock-Georgetown market in October 2022. Here’s how those numbers shaped up:
- Inventory: 7,610
- YOY inventory change: 70.2 percent
- Median days on market: 38
- Months supply of inventory: 2.7
In recent months, the untamed sellers’ market of the pandemic has given way to a more stable and balanced Austin housing market, with normalizing home prices and more available inventory than it’s seen in over a decade.
According to the Austin Board of REALTORS® October 2022 Central Texas Housing Market Report, median home prices across the MSA continued their recent trend of more stable and sustainable appreciation even while hitting $474,900—a record for the month of October.
“Austin’s housing market is still growing, just at a different pace,” Cord Shiflet, 2022 ABoR president, said. “We’re entering the time of year that is historically a quieter time for home sales. With more available inventory than our area has seen in a decade and price growth stabilizing, buyers have more options today than ever before.”
Dr. Jim Gaines, an economist at the Texas Real Estate Research Center, stated that the stabilization of the Austin housing market was to be expected and mimics a trend happening across the country.
“The 2021 housing market numbers we saw were an anomaly compared to previous years, so anything different from those numbers can appear significant. Homes that are coming on the market are not staying active for long, but they are also not flying off the shelves or going into a bidding war like they used to. That previous, hectic pace of home sales has stopped.”
Gaines added that Texas, specifically the Central Texas region, is poised to weather any potential economic downturns.
“The desire to live in Central Texas remains high compared to other metropolitan areas in the state. The continued creation of jobs and influx of people moving to Austin coupled with companies relocating to the region place Austin in a unique position to weather any potential downturn.”
In a competitive buyers’ market, it’s more important than ever to have a realtor working alongside you. Want to find out how we can ensure your home stands out from the crowd? Give us a call today at 512-687-3484.