There are more homes for sale in the Austin-Round Rock area right now than at any time in more than a decade.
The latest Central Texas Housing Market Report shows that the number of active listings in the Austin-Round Rock metro area is the highest it has ever been since 2011, reaching 9,671 in September 2022. That is up 162 percent from the same time last year.
Past reports from the Austin Board of Realtors show the city’s housing inventory of active listings has been steadily increasing over the past few months as sales have declined. Monthly sales declined to about 2,992 in September — an 18.5 percent year-over-year decline.
“Homebuyers have not had this much leverage and this many options in over a decade,” Cord Shiflet, 2022 ABoR president, said in a press release. “We’re still in a seller’s market, but as homes take longer to sell and are being bought for less than the original list price on average, and with inventory steadily increasing, right now is a great time to be a homebuyer in Central Texas.”
In a buyer’s market — defined as one having more than 6 months’ of inventory — homes stay on the market for much longer, forcing prices as sellers rush to attract scarce buyers.
Some markets in North Texas have already flipped into buyer’s markets for homes priced at $1 million or more.
According to the report, homes in the Austin-Round Rock area spent an average of about 40 days on market, which is up about 73 percent year-over-year from September 2021.
Available inventory currently sits at 3.1 months, up from last month’s 2.1 months and nearly triple last September’s 1.1 months.
While the median home price did go up by 5.6 percent compared to last year, reaching about $470,000, that number actually represents a 5.2 percent decline from last month’s average.
“Homebuyers no longer need to move at a frantic pace to find a home. There are more homes to choose from and more time to find a home that works for their needs and budget,” said Shiflet.
He warns that metro-area sellers will soon have to reset their expectations for the market, particularly as markets outside major population centers are now experiencing unprecedented growth in home sales.
“The more outlying areas are gaining in popularity as Bastrop, Caldwell, and Hays counties all experienced significant growth in sales activity. As more developments are planned and opened in these areas, buyers will have even more options to find a home that works for them that is still easily accessible to downtown Austin.”