Mar 2023 Austin Market Update

Mar 2023 Austin Market Update

  • Portico ATX Real Estate
  • 10/6/23

A Favorable Market for Buyers and Sellers

According to the Austin Board of REALTORS' latest Central Texas Housing Report, Austin-Round Rock MSA housing inventory exceeded three months in March, with a rise in new and active listings indicating a favorable market for both buyers and sellers. In March, 4,385 residential properties hit the market, an increase of 6.6% from the previous year. Active listings soared 377.7% to 8,059 listings, with the region's housing inventory increasing from 0.5 months to three months of inventory across the five-county area. 

At the same time, residential home sales declined 14.0% YoY to 2,804 closed sales, while the median price fell 13.5% to $450,000, and sales dollar volume dropped 24.9% to $1,580,024,101. Despite recently announced layoffs, Travis County’s job market is projected to grow nearly double the pace of job growth statewide over the next decade, with the leisure and hospitality sector leading that growth.

The report also notes the impact of the COVID-19 pandemic on the housing market, with homebuyers now prioritizing larger homes and properties with more outdoor space. This trend has led to intense competition for such properties.

Take a look at Texas home buyers

As the market balances out, it is curious to see who is buying in Texas. Here is the latest data from the National Association of Realtors.

1. First-time home buyers.

24% of all buyers are first-timers, and that is down 8%.  The median age of the buyer is 36.

2. Single Females

18% of all buyers were single women, a slight decrease from 2021.

3. Veterans or Active Duty Service Members.

Military buyers have jumped 6% to hold 27% of the market share and 15% of all home buyers used a VA loan.  



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