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May 2023 Austin Market Update

  • Portico ATX Real Estate
  • 10/6/23

Earlier in May, the US Census Bureau named Austin the 10th largest city in the US and Georgetown, Kyle and Leander are in the top 4 fastest growing cities in the Nation. The Greater Austin area is still popular and providing affordable housing is still a priority. 

Overall, buyers and sellers seem to be view the market as favorable

On the one side mortgage rates are the highest they have been in 2023 (averaging 6.4%) which means a reduction in purchasing power by 8-9%. But on the other side home prices are down 15% compared to last year which levels it out for buyers. (Keep in mind that while the median sales price is down 15% compared to May 2022, it is up compared to the previous months this year - the lowest being $436,000 in Feb 2023). Some good news from today is that the Federal Reserve decided to leave interest rates unchanged for the first time in over a year.

In May, Austin area homes sold for 94% of their original list price, indicating that sellers are pricing more accurately. May 2022 saw a median home price of $550,000, but this year’s $467,000 is still up 44% compared to pre-pandemic times.

Average days on market are 65 days - still 49 days up from last year, but compared to 76 days at the beginning of the year, this is the lowest it has been since January.

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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