The cold season came early to Austin.
The residential market always cools after the summer, but closings and dollar volume contracted well past last year’s levels in November in the Austin-Round Rock-San Marcos area, according to Unlock MLS and the Austin Board of Realtors. The average buyer is getting a considerable discount, and compared to earlier months of the year, supply has never been higher.
About 1,900 residential deals closed last month, a 16 percent decline compared to last November. That marks the lowest total since February and the steepest year-over-year decline of 2025.
Volume suffered similarly. Sales dollar volume dropped below $1.1 billion in November, declining by 14.5 percent, year-over-year. That’s likewise the lowest total since February and the largest year-over-year drop so far this year.
All the while, supply is piling up. The Austin area amassed 6.3 months of inventory in November, a month and a half more than November of last year and the highest level so far in 2025.
Sellers are also compromising more. The ratio of the average sale price to listing price declined to 91.7 percent in November, scraping close to the September trough of 91.6 percent.
The trend represents a drop-off compared to October, which already trailed last year in closings and dollar volume.
Prices and sales have been faltering, and supply rising, throughout the Texas Triangle. Alongside Austin, Houston saw the greatest decrease in median home prices in the country in September; Dallas and Houston led the nation in discounted home sales in August; and buyers and sellers failed to close deals more in San Antonio than in any other major metro in the country this summer.
However, Austin had farther to fall after its Icarian rise during the pandemic. Austin suffered the greatest loss in average home value in November nationwide, according to Zillow. The jarring shift left Austin with the highest ratio of sellers to buyers in the country earlier this fall.
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