November has been a monumental month in the balancing of the real estate market. For the first time since February 2019, the median home price for the Austin-Round Rock MSA has shown no year-over-year movement. This is a fantastic sign for the continued stabilization of the market, especially as housing inventory and days on the market steadily increase as well. In fact, according to the Austin Board of REALTORS® November 2022 Central Texas Housing Market Report, housing inventory for November has nearly quadrupled to 3.1 months of available inventory.
In discussion on this month’s report from the Austin Board of REALTORS®, ABoR president Cord Shiflet commented that “it’s a relief to see more homes available and sitting on the market long enough to give buyers an opportunity to think before they leap.” While both sides of the real estate transaction have been weary of the rapidly changing market in Austin, the November report bodes well for each party. Buyers have more opportunities than ever to “take their time and find a home they love,” while sellers “can still enjoy deep equity should connect with a REALTOR® to discuss the best way to prepare and market their home.”
Analyzing the real estate market on a national level can be essential in better understanding the direction of the market, but it’s important to remember that real estate is hyperlocal. Stay in contact with experts in your area that have the access and skills to discern the changing market and help you in your real estate journey. Here at Pure Realty, our team of real estate experts has your back!
Contact The Cummings Team® today to partner with an expert in the field that will help you navigate your local market.
The Cummings Team® | 512-619-3186 | [email protected].