Central Texas Housing Report - December 2023
The lastest housing stats for Travis and Williamson Counties are now available. Prices are down a bit as interest rates were higher during November.
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.
Welcome to the December 2023 edition of "How's the Market in Central Texas.” Before we look at the figures, let me just say that the stats I’m providing are resale homes only in Travis and Williamson Counties. More about the stats at the end.
In November, 975 resale homes closed in Travis & Williamson Counties which was down 14% from November 2022. We have to go all the way back to 2010 to find a number lower than that – and it was actually just one house less! When mortgage rates spiked to around 8% in October, the market really slowed down. Since closings generally take around 30 days, that slowdown statistically appears in November. The median price in November decreased 5.8% year-over-year to $457,000. Compared to last month, the median price decreased 3.8%. Since the start of 2023, the median price is down 1.7%. In real estate, the primary way that we measure homes is with the median price. But, there are other numbers worth examining. Year-over-year, the November average price of a home dropped 1.1% to $611,115 and the average price per square foot decreased by 2.7% to $289.
The number of available homes in November was 5205, down 2.8% from last November. It’s also down each of the past few months, which is quite typical for this time of year. During November, 1,426 new listings hit the market which was up 4.1% from November of last year. That’s the first time this year that the number of new listings in a calendar month was higher than the same month last year.
Last month, the average sales price to list price ratio was 97%. The November sales ranged from a low of $115,000 to a high of $12,850,000. That’s the second highest sales price on record in the MLS. The highest one was from 2017 and the Travis County house was on 128 acres so a very different property. For homes that closed in November, the average days on market was 65, up from 49 last year.
Interest rates started out high at the beginning of the month, but fell quickly and were around 7% at the end of November. I fully expect that is bringing in more buyers into the market and we’ll see contract activity increasing soon.
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]. Of course, I’d love to earn your business if you’re planning to make a move in the coming months. 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 that are listed in the MLS.