Austin, Texas Real Estate Market Update: July 2023 Edition

Unpacking the Months Supply of Inventory

Hello Austin!  Whether you’re in the buying or selling camp—or maybe just a curious onlooker—you won’t want to miss this. As of this month, Austin has a 5.01 months supply of inventory. In layman’s terms, this is how long it would take to sell all available homes at the current sales rate. This little number can tell you a lot about the market—whether it’s a buyer’s or seller’s market, and how intense the competition is.

Remarkable Year-over-Year Changes

Before you jump to any conclusions, let’s dive into a bit of history. Over the past 12 months, we’ve seen an astonishing 77.66% increase in the months supply of inventory. What does this mean for you? Simply put, it’s a shift in the market dynamics that you need to be aware of. Whether you’re listing your property or searching for a new home, this uptick could impact your strategy.

Key Metrics You Should Know

The real estate buzz doesn’t end there. Austin’s list to sold price ratio currently hovers at a solid 97.8%, signaling sellers are almost getting their full asking price. That’s like hitting the real estate jackpot! Also, homes in Austin are only spending an average of 30 days on the market. It’s a speedy process, so you’ll want to have your running shoes on—figuratively, of course. To top it all off, the median sold price in the area is $576,500. Keep in mind, this is a median value, so actual prices can vary depending on a multitude of factors such as neighborhood and property type. But the bottom line? Austin’s real estate market is buzzing with life!

Your Go-To Source for Austin Real Estate

So there you have it, folks! The Austin real estate market is dynamic, to say the least, with rising inventory, strong selling prices, and quick sales. If you’re contemplating buying or selling in Austin, there’s never been a better time to dive into the market. And if you’re navigating this market maze and need a guide, don’t hesitate to reach out. As always, I’m here to provide the insights and advice you need to make your real estate dreams a reality.

Stay excited, stay informed, and catch you in the next update!