The Texas real estate market has seen a significant shift to a more balanced state, according to the Austin Board of REALTORS® October 2022 Central Texas Housing Market Report. Housing inventory continues to creep up, hitting 3.2 months, as median home prices across Texas begin to stabilize and show signs of more sustainable appreciation. Currently, median prices stand at $474,900 for the month of October.
In this shifting market with the spike in inventory, Cord Shiftlet, the 2022 ABoR president, recommends working with an experienced professional that understands the market to help navigate homebuying.
“Austin’s housing market is still growing, just at a different pace…We’re entering the time of year that is historically a quieter time for home sales. With more available inventory than our area has seen in a decade and price growth stabilizing, buyers have more options today than ever before. Now is the time for homebuyers to sit down with their REALTOR® and walk through all possible financing and down payment options,” Shiflet says.
No matter how the market changes and evolves, a skilled REALTOR® can also guide you through the home-selling process. Regardless of any market shifts in Texas, “the desire to live in Central Texas remains high compared to other metropolitan areas in the state. The continued creation of jobs and influx of people moving to Austin coupled with companies relocating to the region place Austin in a unique position to weather any potential downturn,” Dr. Jim Gaines, an economist at the Texas Real Estate Research Center, states.
“From a seller’s perspective, we’re looking at a longer timeline to sell a home and more competition. This is where a REALTOR® will help develop a strong and tailored marketing strategy to make your home stand out.”
Contact The Cummings Team® today to discover your best path in the current real estate market.
The Cummings Team® | 512-619-3186 | cummingsteam@purerealty.com.