After being on a rollercoaster of rising prices in 2021 home prices in Austin, TX have now declined for 2 months. I remember in July of this year that the median sale price was 42% higher than July 2020. Things are now slowing down.
In the Austin area home prices have dropped from a median price of $470,000 to $450,000. That’s still a whopping 28.5% higher than this same time last year.
What’s the cause? Buyers have more inventory from which to choose. More inventory brings prices down. Earlier this year homes were selling within the first 48 hours of listing. Now the average days on market is 15 and the median is 5.
Earlier this year homes were selling for 10 to 30 percent above the list price. Now, homes are selling about 102% of the list price.
Will prices continue to fall? Not likely. We are experiencing a stabilizing market. Austin Home prices will continue to rise, but at a slower pace.
What does this mean for Buyers? Now is a perfect opportunity to pull the trigger and make a purchase. Interest rates are expected to go up so it makes sense to buy now.
What does this mean for Sellers? It’s time to be more realistic about your asking price. Consult with an experienced broker and capitalize on this Seller’s market while it’s still here.
Austin home prices are lower now, but prices are still expected to rise in the coming months.
