A Snapshot of Austin’s Housing Market

As summer drew to a close in August 2023, the Austin housing market continued to reflect the broader national trends of fluctuation and adjustment. Let’s dive into the numbers and take a closer look at how the city’s real estate market performed during this pivotal month.

Sales Activity

• 858 Residential Homes Sold: In August 2023, Austin saw a total of 858 residential homes sold. While this number is slightly down by 1.3% compared to August 2022, it is important to note that Austin’s real estate market remains relatively robust.

Pricing Trends

• Median Price for Residential Homes: $541,000: The median price for residential homes in Austin came in at $541,000 during August 2023. This represents a marginal decrease of 0.7% compared to the same period last year. While there has been a slight dip in median prices, Austin’s housing market remains mostly stable.

Inventory and Listings

• 1,191 New Home Listings: August 2023 saw an influx of new listings, with 1,191 homes hitting the market. This is a 1.9% increase compared to August 2022, indicating a sustained interest among homeowners in selling their properties.
• 2,879 Active Home Listings: The number of active home listings on the market in August 2023 increased significantly, with a notable 22.8% jump compared to August 2022. This indicates a potential shift towards a more balanced market, providing buyers with more choices.

Pending Sales and Inventory

• 759 Pending Sales: There were 759 pending sales in Austin in August 2023, reflecting a decrease of 5.8% compared to August 2022. This dip in pending sales may be attributed to a slight cooling of buyer demand.

3.9 Months of Inventory: The housing market typically uses

• months of inventory as a measure of supply and demand. In August 2023, Austin had 3.9 months of inventory available, indicating a shift towards a more balanced market compared to the same period in 2022. This increase of 1.5 months suggests that buyers may have more time to make informed decisions.

Total Dollar Volume

• Total Dollar Volume of Homes Sold: $594,479,723: Despite some fluctuations in other metrics, the total dollar volume of homes sold in Austin remained substantial at $594,479,723. While this represents a 3.4% decrease compared to August 2022, it underscores the city’s ongoing real estate activity.

The Path Ahead

As we move into the latter part of 2023, the Austin housing market is showing signs of adaptability and resilience. While some indicators, such as the decrease in median prices and pending sales, suggest a cooling of the market, the increase in new listings and active inventory levels point towards a market that continues to offer opportunities for both buyers and sellers.

It’s essential to remember that real estate markets can be influenced by a wide range of factors, including economic conditions, interest rates, and local events. Potential buyers and sellers in Austin should consult with experienced real estate professionals to make informed decisions in this dynamic environment.

Keep an eye on upcoming market reports as we navigate through the final months of 2023, and stay informed about the latest developments in Austin’s ever-evolving housing market.