For the third months in a row, the Austin market continues to balance itself. Median sales price for August 2022 is at $496,039. This is 5% up compared to August 2021, but it's the first time since June 2020 that year over year growth is below 6%. Home prices are still appreciating compared to last year, albeit at a more sustainable rate.
Active listings are currently up 170% from last year pushing months of inventory to 2.9 - still a little away from 6.0-6.5 months, which is considered a health and balanced market. On average, homes are on the market for 31 days in August, and this is the first time since Feb 2018 that it surpassed a month.
Homes are selling close to list price - which is good news for buyers. With a lot of inventory buyers have a little more choice than they are used to, and it's crucial to price the house right if you are considering to sell.
Buyers, you might be looking into different options now that you likely don't have to try outbidding 15 other offers within the first 3 days of listing and there is high inventory available. On the flip side, interest rates are high right now, but talk to us about options to lower the rate! You have the options to buy down the rate, and you might be able to pay for it by having the seller pay for some of the closing cost.
Sellers - it's important to price your house right now. Make sure to work with a Realtor you trust you guide you through pricing in this changing market.
