The past year or so has been an intense and competitive housing market due to low home inventory, causing housing prices to skyrocket. But it looks like that’s changing. Indicators like an increase in inventory and available listings and a decrease in pending listings show that more homes are becoming available. Here is how it’s changed in Williamson County, Cedar Park, and Leander.
Median Home Price
This past summer had the highest median sales price in Williamson County of $450,000. September signaled the start of a slow down with a median sales price of $435,000. While it’s a 37.5% increase year over year, it’s almost a $10,000 decrease from August. Already in August, we saw a reduction in the average home prices in Cedar Park and Leander. It was a 47% decrease in Cedar Park!
Home Inventory
September and August inventory reached 0.8 months, making it the highest level of stock since October 2020. Austin Board of REALTORS® president Susan Horton, said “The Austin housing market remains strong and competitive. However, more homes are beginning to hit the market evidenced by the increase in new listings in September, which is creating a greater number of opportunities for buyers.”
There will be less competition amongst buyers when there’s more inventory. More inventory and less competition typically means fewer bidding wars. September’s active listings remained about the same as August’s numbers this year at around 1,400. This is a massive jump from the mere 600 active listings we saw in June.
Day on the Market
Along with the changes in prices, active listings, and inventory, the number of days a home spends on the market is also jumping up. When buyers aren’t forced to compete with one another, available homes will likely be on the market longer. In August, homes were on the market for an average of 12 days. In September, that number extended to 16 days. This 4-day increase can have a significant impact on the Leander and Cedar Park real estate market.
If you’re interested in living in Williamson County, Cedar Park, or Leander, contact us for more information! 512-619-3186 or cummingsteam@purerealty.com