In the latest Central Texas Housing Market Report from the Austin Board of REALTORS®, trends of normalcy continue with more available supply and a more moderate appreciation of home price growth. In September, home sales dropped 18.5% to 2,992 closed listings, while active listings skyrocketed 162.4% to 9,671 listings. This is the highest number of active listings the market has seen since July 2011.
This persistent change in the market has allowed Texas homebuyers more leverage in the market – giving them more options and less competition for those properties. While it is still a seller’s market, homebuyers have more time to choose the ideal home that fits their needs.
“Homebuyers have not had this much leverage and this many options in over a decade,” Cord Shiflet, 2022 ABoR president, says of this current shift in the market.
With more ease in the home-buying process but interest rates that are still climbing, buyers have more time to consider their options but should still work with their trusted REALTORS® on navigating this market. Contact The Cummings Team® to learn what steps you need to take to make an attractive yet affordable offer on your dream home!
On the other side of the market, sellers must quickly adjust to this change in order to sell their properties. Homes are taking longer to sell and are being bought for an average of 95% of their original list price. Still, it remains a seller’s market. Stay in tune with the market by partnering with an experienced REALTOR® that can guide you through the home selling process and will “keep a constant pulse on the optimal list price for a home, making it competitive and desirable for buyers that now have much more leeway in their home search process.”
“We’re still in a seller’s market, but as homes take longer to sell and are being bought for less than the original list price on average, and with inventory steadily increasing, right now is a great time to be a homebuyer in Central Texas,” Cord Shiftlet.
Contact The Cummings Team® today! 512-619-3186 | [email protected].