April 2023 Austin Market Update

April 2023 Austin Market Update

  • Portico ATX Real Estate
  • 10/6/23

The Austin market is withstanding broader economic conditions

Inflation, increasing mortgage rates, and the fear of recession coupled with stress in the banking system have contributed to nationwide declines in home prices. Most recent (March) data from the National Association of REALTORS® shows a home sale decline of 22.7% nationally. However, looking at Central Texas only, the decline is less with 14%. This shows the resilience of the Central Texas economy.

Population is still growing and wage growth in the Greater Austin area has outpaced that of the nation over the past year. Combined with a moderation in home prices and high inventory, this improves housing affordability.

There continues to be high inventory with 3.2 months of inventory and 8,285 active listings in April, offering choices to home buyers.

Median sales price is down 15% compared to last year’s April. However, compared month to month, there’s been a continuous upward trend since the beginning of this year and average days on market has come down to 71 from 80 in March and 84 in February this year.

1. Outdoor movie screen

This bungalow has a beautiful shaded backyard with a great outdoor screening setup. It’s located on W Oltorf and listed at $715,000

2. Water access

Fully furnished 2bed/2bath with boathouse and huge carport, situated directly on Lake Buchanan, listed at $875,000.

3. Hot tub and pool in the woods

While there are a number of houses with pools in the Greater Austin area, we thought this one stood out shaded by a canopy of trees for the Texas summer heat. 

Single story home listed in Northwest Hills for $985,000 (3 bed, 2 1/2 bath).

As always, drop us a text or email for any and all real estate needs and questions - always happy to hear from you! 

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