In November, the intersection of declining mortgage rates and a dip in home prices presented a more favorable landscape for prospective homebuyers, as outlined in a recent report from the Austin Board of Realtors.
Despite a notable 8 percent decrease in median home prices to $424,450 in the Austin-Round Rock metropolitan statistical area (MSA), a considerable inventory of over 9,300 active home listings was available, leading to the successful sale of over 2,000 homes. Additionally, pending sales experienced a significant 9.2 percent year-over-year increase, reaching 2,065.
While the lower prices created a more accessible market, homes in the Austin area did spend an average of approximately 75 days on the market in November, signaling a shift in the market dynamics. ABoR president for 2023, Ashley Jackson, pointed out that this shift allows Central Texas homebuyers to be more discerning in their choices, emphasizing the importance for potential buyers to act now. "The decrease in median home prices suggests that buyers now have the luxury of being more selective in finding a home that truly meets their criteria," noted Jackson. "For those actively seeking a home, as well as those waiting for the right moment, it's advisable to engage with your realtor promptly and commit to the home buying process."
Turning the focus to Travis County, the report revealed that 840 homes were successfully sold in November, accompanied by a nearly 2 percent year-over-year drop in median prices to $510,000. The market boasted 4,489 active listings, representing a notable 15.2 percent increase compared to November 2022. These figures underscore the evolving dynamics of the housing market, presenting opportunities for buyers in Travis County to explore the available options.
Austin's real estate market is evolving, providing a landscape where patience and informed decision-making can be rewarded. Whether you are actively seeking a home or considering a future purchase, the November report encourages a strategic and considered approach. As we move forward, the real estate market continues to offer opportunities, and it's an exciting time for those looking to embark on their homeownership journey in Central Texas.