Austin Real Estate Market Shows Signs of Rebounding with Increase in Home Sales and Inventory
The Austin real estate market, which has been dormant for several months, is beginning to rebound! The latest real estate data shows that in March, there were a total of 3,046 transactions in the Austin metropolitan area, with a sharp increase in the number of properties on the market, representing a 377% increase from the same period last year. Compared to the past, the number of home sales in the first quarter was the highest.
The housing inventory in Austin has increased from 2.5 months to 3 months, and transaction prices have not decreased but increased. The median home price has rebounded to December 2022 levels after several months of decline. With the arrival of spring, the entire market is gradually warming up.
Over the past six months, Austin home prices have experienced varying degrees of correction, and transaction volume has significantly decreased year-on-year. According to observations from Real International, one reason for the market’s sluggishness is high interest rates, and more buyers are in a wait-and-see state. The other reason is that buyers and sellers have mismatched expectations for the transaction price of the property. Buyers hope that sellers will make more concessions, but most sellers are not in a hurry to sell their homes, resulting in a tug-of-war.
In the spring of this year, buyers have accepted the fact that interest rates will remain high in the short term and have found that many home prices have already stabilized, leaving less room for bargaining. Sellers can accept longer times on the market for their homes. When the expectations of both parties are aligned, transaction volume naturally increases. Therefore, the average home prices and transaction volume in Travis County and Williamson County increased month by month in March.
The new home market is very active, but prices remain firm, and the bargaining range is not as large as in the secondary market. If you are a buyer looking to purchase discounted new homes, please contact us immediately. Real International currently has several duplexes for sale that are priced below market value.
In the City of Austin, home sales in March decreased by 24.6% year-on-year, and the median price decreased by 15.1% year-on-year. The number of properties on the market increased by 307% year-on-year, and housing inventory increased by 2.3 months year-on-year. Bargaining range for home purchases in Austin city is still relatively large.
In Travis County, home sales in March decreased by 21.1% year-on-year, and the median price decreased by 14.2% year-on-year. The number of properties on the market increased by 9.9% year-on-year, and housing inventory increased by 2.6 months year-on-year to 3.1 months.
In Williamson County, home sales in March decreased by 11.9% year-on-year, and the median price decreased by 3.0% year-on-year. The number of properties on the market increased by 462% year-on-year, and housing inventory increased by 2.2 months year-on-year.
In Bastrop County, home sales in March slightly increased by 0.8% year-on-year, and the median price decreased by 17.5% year-on-year. The number of properties on the market increased by 301.6% year-on-year, and housing inventory increased by 3.1 months year-on-year. This is also the highest inventory level in the Austin metropolitan area.
In Hays County, home sales in March increased by 2.8% year-on-year, and the median price decreased by 15.5% year-on-year. The number of properties on the market increased by 429.9% year-on-year, and housing inventory increased by 2.9 months year-on-year.
