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Austin Housing Market Report: September 2023


Austin Housing Market Report: September 2023

The Austin, Texas real estate market has been a hot topic in recent years, with soaring home prices and intense competition among buyers. However, the market has experienced some notable shifts over the past year. In this article, we’ll delve into the home sales data for in September and explore the key trends and statistics shaping the Austin housing market.

In September 2023, the Austin housing market saw the following key statistics:

  • Residential Homes Sold: 682 homes were sold in September 2023, representing a 13.3% decrease from the same month in 2022.
  • Median Price: The median price for residential homes was $536,028, marking a 2.5% decline compared to September 2022.
  • New Home Listings: There were 1,116 new home listings on the market, which was 11.2% less than September 2022.
  • Active Home Listings: The number of active home listings on the market increased by 14.2% compared to September 2022, totaling 2,968 listings.
  • Pending Sales: September 2023 recorded 628 pending sales, a 2.6% increase from the previous year.
  • Months of Inventory: The months of inventory, a measure of supply and demand, increased to 4.1 months, which was 1.4 months more than September 2022.
  • Total Dollar Volume: The total dollar volume of homes sold was $463,473,176, marking a 15.4% decrease compared to the same month in the previous year.

The Austin housing market is showing signs of transition and adjustment. The September 2023 data revealed a decrease in home sales, higher inventory, and lower overall sales volume, suggesting a possible cooling of the market compared to the same month in the previous year.

The overall trends suggest that Austin’s market is adjusting to factors like rising interest rates and inventory increases. Despite higher interest rates, it is still a good time to buy thanks to rising inventory and sellers who are more willing to negotiate, especially if their homes have been on the market for some time. If you would like to buy, but are scared by the increased interest rates, talk to me about ways to get lower rates and negotiate a great purchase price–especially if you purchase by the end of the year.

In the coming years, the Austin housing market is expected to remain strong, with potential for continued growth. I will continue to keep you informed as the market dynamics in our metro evolve.

*All market data is based on MLS listings in the Austin Board of Realtors (ABoR) Off-market sales are not included in the data.