CENTRAL TEXAS HOUSING MARKET ENDS WITH MOMENTUM FOR BOTH BUYERS AND SELLERS
Austin-Round Rock MSA housing inventory topped 3.0 months in March, while an increase in new and active listings indicates favorable market conditions for buyers and sellers, according to the Austin Board of REALTORS® latest Central Texas Housing Report.
“There are three times the number of homes on the market than a year ago, bringing more choice and opportunity to home buyers in over a decade. If sellers
work with a REALTOR® to price and market their home correctly, it’s going to sell.” -Ashley Jackson, 2023 ABoR president.
In March, 4,385 residential properties hit the market, an increase of 6.6% listings from the year prior. Active listings soared 377.7% to 8,059 listings, pushing the region’s housing inventory up from 0.5 months to 3.0 months of inventory across the five-county area. Pending sales declined 7.4% to 3,046 transactions, while homes spent an average of 80 days on the market, up 58 days from March 2022. At the same time, residential home sales declined 14.0% year-over-year to 2,804 closed sales, median price declined 13.5% to $450,000, and sales dollar volume dropped 24.9% to $1,580,024,101.
The increase of new listings in March, specifically month over month, indicates rising seller confidence, and the recent decline in mortgage rates
provided momentum for home buyers. Mortgage rates are projected to remain consistent for the rest of the year, making now a great time to make a move.
You can read all the details about the current market stats here.