Home buyers are gaining leverage throughout the Austin-Round Rock MSA as inventory increases, according to the Austin Board of REALTORS® February 2023 Central Texas Housing Report. This spike in the housing supply is skyrocketing buyer and homebuilder confidence across the state, pushing the Central Texas market in a great direction for 2023.
Ashley Jackson, the 2023 ABoR president, states her expectations of the current housing market: “Austin’s housing market is trending in the right direction. Buyers have more options and negotiating power with each passing month, and sellers have more time to make their next move.”
However, with each passing month, we are reminded of the importance of hyperlocal real estate data and contextualized figures. Looking at the market on a national level is fantastic information on the current trends, but only hyperlocal, month-to-month data will help guide you on your real estate journey. “Looking at the month-to-month data, we see that pending sales are consistent or rising in neighborhoods that are typically more affordable in areas outside Austin city limits. Along with rising inventory, that’s a good sign for housing market activity this spring,” Jackson states in the February 2023 Housing Report. She goes on to say that “A healthy housing market isn’t defined by breaking records every month, but by market activity that’s steady-paced and sustainable.”
Homebuilder confidence in the stability of the Austin housing market is also growing in February, with fewer cancellations, minimized supply shortages, and overall very strong sales incentives in the first quarter of the year.
There is renewed optimism in the market from all ends.
Work with an experienced REALTOR® that understands the market as it applies to your neighborhoods. Our experts at The Cummings Team® can help you navigate the current market, giving you the tools to buy, sell, or rent with confidence.
The Cummings Team® | 512-619-3186 | cummingsteam@purerealty.com