In September, the Austin-Round Rock MSA reached its highest housing inventory level in over eight years, at 4.0 months of inventory. According to the Austin Board of REALTORS® September 2023 Central Texas Housing Market Report, the local housing market also experienced a drop in closed sales by 18.2 percent year-over-year and a decrease in the median closing price to $453,080, a 4.3 percent drop year-over-year. Both of these dips demonstrate the imperative need for sellers and buyers to utilize the experience and prowess of their Realtors® in this current market.
“It’s imperative for Central Texans to have a game plan and strategize with their REALTORⓇ when navigating the housing market…It’s also important to understand that the housing market today is no longer the housing market of the past few years. The benefit of this for buyers is they can take advantage of this extra time to get pre-qualified, while sellers can improve their home’s curb appeal. These intentional preparations will result in better experiences and outcomes on both sides of the transaction,” says Ashley Jackson, the 2023 ABoR president.
The month of September saw an average of 65 days on the market for homes, which increased by 24 days from the previous year. New listings decreased by 7 percent to 3,644, while active listings increased to 10,235, a 7.8 percent jump. Pending listings also rose in September by 7.7 percent to 2,320 listings. The rise in housing inventory to 4.0 months is a great signifier of a healthier market, according to Clare Losey, Ph.D., the housing economist for the Austin Board of Realtors®. She commented on the state of the local housing climate in lieu of this new data: “While our current market shows signs of health with more housing supply becoming available, they are not necessarily attractive options for first-time homebuyers or those shopping for more affordable homes. The current inventory level across the MSA demonstrates that while we’ve seen a steady increase in supply over the past year, many of these homes are not attainable for the average Austin resident.”
As the market continues to shift and evolve, the importance of having an experienced Realtor® by your side has never been greater.
“REALTORS® offer expertise and counsel to our clients, and that is crucial now more than ever, especially when considering entering a housing market that may seem inaccessible and daunting to buyers and sellers alike. We offer guidance and insight to sellers on improvement projects that are most likely to impact resale value while educating buyers on the total cost of owning and maintaining a home, providing resources like assistance programs that could be applicable to a client,” says Ashley Jackson.
Feel free to reach out to The Cummings Team® if you have any questions about buying or selling in the current market!
The Cummings Team® | 512-619-3186 | cummingsteam@purerealty.com.