The Austin Texas real estate market is showing signs of slowing down in May 2023. The median home price is still rising, but at a slower pace than in previous months. Inventory is also increasing, which is giving buyers more options.
Median Home Price:
The median home price in Austin Texas in May 2023 was $585,200. This is an increase of 2.0% from the same month in 2022.
Inventory:
The inventory of homes for sale in Austin Texas in May 2023 was 2,903. This is an increase of 10.0% from the same month in 2022.
Days on Market:
The average days on market for homes in Austin Texas in May 2023 was 25. This is an increase of 5.0% from the same month in 2022.
Where the Market is Headed:
The Austin Texas real estate market is expected to continue to slow down in the coming months. The median home price is expected to increase by 1.0% in 2023, and inventory is expected to continue to increase.
Conclusion:
The Austin Texas real estate market is still a seller’s market, but it is starting to show signs of slowing down. Buyers are now getting more options, and they are starting to have more negotiating power. If you are thinking about buying a home in Austin, now is a good time to start your search.
Additional Information:
- The Austin Board of Realtors (ABoR) provides monthly housing market reports for the Austin-Round Rock Metropolitan Statistical Area (MSA). These reports include data on median home prices, inventory, and days on market.
- The Texas Real Estate Research Center (TxREC) provides quarterly housing market reports for the state of Texas. These reports include data on median home prices, inventory, and affordability.
- The National Association of Realtors (NAR) provides monthly housing market reports for the United States. These reports include data on median home prices, inventory, and affordability.
