Central Texas Housing Report - May 2023
Prices ticked up again in April, just the second time in 11 months.
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 April, 1,440 resale homes closed in Travis & Williamson Counties which was down 35% from April 2022. The median price in April decreased 15% year-over-year to $495,000. But, it’s a 4.2% increase from March, just the second time we’ve seen an increase since last spring. In fact, we are up 5.3% since the start of the year. We’ve definitely bounced off the bottom of the market – the question is whether it was a temporary bottom or a permanent one. Compared to the peak price of $600,000 last May, we’re now 18% 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 12% to $637,026. It’s down 14% from the peak in May but up 4.4% from last month. The average price per square foot decreased by 17% to $304, and is down 17% from the May high-level mark.
The number of available homes in April was 4,758, up 127% from last April. During the month, 2,599 new listings hit the market which was down 16% from last year. So we have fewer homes being offered for sale, fewer of those homes selling, which results in more homes available at a given time. But historically, having less than 5000 houses on the market in April is a low number so that is helping give support to pricing. If you are a buyer, you certainly have more choices than the last two years, but likely only have a handful of homes that meet a given criteria.
The average sales price to list price ratio was 98.2%. For homes that closed in April, the average days on market was 60, up from 11 last year. The April sales ranged from a low of $150,000 to a high of $7,450,000.
Interest rates have been pretty consistent around 6.5% for a 30-year mortgage for about six weeks. You’ll recall that they peaked over 7% last 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 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.