Is the Austin real estate market slowing down? That’s the topic of this week’s video. I am a local real estate broker with a keen interest in staying on top of the latest market trends.
A recent report from the Austin Board of Realtors shows the real estate market in the Austin area has “calmed” compared to earlier in the year. When asked about that, the incoming president of ABOR said that compared to one year ago home sales have decreased 4.6 percent. He went on to say, “While we were seeing 30-40 offers on homes we’re now seeing 5 maybe 10 offers on homes.”
I see that also. During the first five months of 2021 the Austin real estate market was sizzling. Listings were selling within 48 hours with multiple offers at 10-30% above asking. Now listings are taking a week or two to sell on average. Yet, home prices are higher overall.
In Cedar Park, TX the number of homes sold in August increased 21.2% while in Leander, TX homes sales decreased 28.8%. Home prices are up considerably since August 2020. Average home prices in Cedar Park increased 46.7% and in Leander home prices increased 47.1%. The average home price in Cedar Park was $548,491 in August 2021 and $539,258 in Leander.
Please watch the video to learn more about the Austin real estate market.
