October showed a continuation of a trend we have seen over the last months - a contrast to the unusual growth and hectic market in 2021 moving towards a more balanced market. Median sales price is 4% up compared to last year which has been pretty stable over the last 3 months.
Active listings are up by 180% compared to October 2021 while pending listings dropped by 40%. Average days on market have increased to 47 and months of inventory has increased to 3.2.
Central Austin continues to be a desirable place to live with companies and people relocating into the Austin area.
BUYERS: Stabilizing price growth and a record amount of inventory in the Austin area in a decade (!) mean more choice and options for you. So though we are now entering a time of year that's historically slow for real estate, the inventory is different to previous years and now might be a good time to talk to your Realtor about different financing options to bring down the cost of your loan.
SELLERS: With average days on market increasing and a lot of competing houses, marketing and positioning your home becomes even more relevant and important. Competitive pricing of your home can significantly impact the time it takes to sell. Work with your Realtor who understands the market and has data available on comparative homes to find the right list price.
