The big number to look out for this month is “months of inventory”, which at 4 months is the highest it has been in more than eight years. 

All numbers combined point at a market that’s very different compared to what the Austin market has been used to in the last five years, and one of the biggest drivers is the higher mortgage rate.

Median sales price has dipped by 4%. The average median sales price for all of 2022 was $503,000 and September’s $452,080 is a departure from that. Closed sales have dropped by 18% and active listings have exceeded 10,000 which represents the highest it’s been in 2023 so far.

We have said it in the last few months, and it continues to ring true. This is a market where buyers can be picky and can take their time to find their homes. Less chances of competing offers and needing to make decisions quickly.

Albeit high mortgage rates, many lenders currently offer free refinancing within the next three years and many sellers offer rate buy-downs to support buyer financing.

Buyer leverage is the highest it has been in a long time but it’s really a question of personal financial planning and goals.

This is what $452,000 gets you in Austin

2 bed penthouse condo

954 sq ft on the 5th floor of a mid-rise condo building downtown with great views.

Fully furnished in N Austin

Fully finished remodeled 2 bed / 2 bath B unit at Cerca at the Domain on 1,144 sq ft

Lake living on 1,509 sq ft

3 bed / 2 bath unit in a lakefront community on Lake Travis

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