Central Texas Housing Report - April 2023
For the first time in ten months, prices increased.
The stats I’m providing are resale homes only in Travis and Williamson Counties. More about the stats at the end.
If you are looking to buy or sell a home in Central Texas, contact me via email or at 512-650-7300. If you prefer to read instead of watch, here are the chart and transcript.
In March, 1,461 resale homes closed in Travis & Williamson Counties which was down 31% from March 2022. The median price in March decreased 16% year-over-year to $475,000. But, it’s a 3.5% increase from February, the first time we’ve seen an increase since last spring. Compared to the peak price of $600,000 last May, we’re now 21% off that price. In real estate, the primary way we measure home values is with the median price. But, there are other numbers worth examining. Year-over-year, the average price of a home dropped 11% to $610,103. It’s down 18% from the peak in May but up 7.2% from last month. The average price per square foot decreased by 15% to $295, and is down 19% from the May high-level mark.
The number of available homes in March was 4,412, up 199% from last March. During the month, 2,750 new listings hit the market which was down 3.5% from last year.
The average sales price to list price ratio was 97.6%. For homes that closed in March, the average days on market was 72, up from 15 last year. The March sales ranged from a low of $125,000 to a high of $9,295,500.
Whether the market has bottomed out is yet to be seen, because one month doesn’t make a trend. But it’s a good sign. Interest rates are around 6.5% for a 30-year loan and they’ve been steady at this point for almost two weeks, which is about as even of a keel that we’ve had in a long time. Other parts of the country are back to multiple offers and over-asking price contracts. We’re not seeing that here at this time. But we had one of, if not the strongest, markets in the US for a few years so our market had further to fall.
If you have any real estate related questions, please don’t hesitate to call or text me at 512-650-7300 or email me at [email protected]. Thanks for watching “How’s The Market in Central Texas.”
The stats I’ve cited are resale homes only in Travis and Williamson County classified as single family residential, condominium, or townhouse. This is different than the stats released by the Austin Board of Realtors which include all types of homes and also include Hays, Bastrop, and Caldwell Counties. Plus, their numbers include any new construction homes listed in the MLS.
Statistics based upon information from ACTRIS for the periods cited.