Don’t believe everything you hear on the news about the Austin housing market
If you’re an Austin homeowner or you’re thinking about buying a home in Austin, you’ve got to watch out for these news headlines like this one. This is saying Austin home values dropped 15%, which makes that sound like that’s happening right now. But I’m here to tell you, that is old news. And it doesn’t reflect what’s actually happening in the market. So in this video, I’m going to break down the latest stats and what that actually means for you.
So the latest stats from Travis County show that the median home price dipped 14% for the Greater Austin area, when you look at year over year from 2022 to 2023. That’s what that headline is based on is year over year stats. But when you look at month to month, it’s a different story. We started off the year around $500,000. And we just went up to $515,000. So our prices are starting to trend upward as they typically do in the Spring. Spring is always the hottest time to sell your home. So if you look at the difference between 2022 and 2023 prices, side by side, here’s where you can see that discrepancy. So year over year, our prices are going to look really horrible as we go into April, May and June because that was the height of the market. And although we’re trending upward, we’re not going to catch up to those higher price points this year.
So we’re probably going to see tons of news articles coming out in the next few months that are going to sound like Austin’s crashing, oh my gosh, look how hard the home prices fell. But this is again reflective of what happened last year. It’s not reflecting what’s happening this year. So if you are a homeowner and you’re wanting to wait until the market picks up again, it’s already picking up. And if you’re a buyer who is waiting for the prices to hit rock bottom, it looks like we’ve already hit the bottom and again, the prices are starting to inch up gradually. We’re not seeing the crazy multiple offers and huge bidding wars pushing those prices back up to last year’s levels. But houses are selling a lot more quickly. And there are some multiple offers out there if you price your home correctly.
Now something else to keep in mind is the average days on market. It’s 72 days for March. We’ve had several listings lately that sold in about two to three weeks, we had one to get multiple offers. Some are taking longer. New construction is definitely a huge competition right now. So if you’re out in the suburbs, where there’s tons of builder inventory, that’s definitely making it harder to sell your home unless you price it more aggressively.
Now as always, every neighborhood every single house is completely different around town. There are some hotspots, some colder spots. So if you’re curious with what’s happening in your neighborhood with your home, click this link and we will help you figure out your home’s value right now.
