Central Texas Housing Report - March 2023

After a brief pause last month, prices have dropped again.

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 February, 1,068 resale homes closed in Travis & Williamson Counties which was down 39% from February 2022. The median price in February decreased 11% to $458,750. It also marks a 24% decline from the peak median price of $600,000 that we hit in May.  The decline from January was 2.4%.  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 9% to $569,325.  It’s down 23% from the peak in May and down 5% from January. The average price per square foot decreased by 13% to $288, and is down 21% from the May high-level mark.

The number of available homes in February was 3,781, up 231% from last February.  During the month, 1,588 new listings hit the market which was down 16% from last year.

The average sales price to list price ratio was 97.1%.  For homes that closed in February, the average days on market was 80, up from 24 last year.  The February sales ranged from a low of $145,000 to a high of $5,490,000. 

Last month I wondered if the market was bottoming out because the prices were flat from December to January.  But with the 2.4% drop in prices month-over-month, we clearly aren’t done yet.  Further, mortgage rates jumped about a half point around the third week of February so that has taken away some momentum.  And keep in mind that given the time it takes from contract to closing that the recent interest rate jump was not a factor in February’s lower median price.  So we probably have more downside in store for us.  How much more is yet to be seen. 

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 reading “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.

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