Central Texas Housing Report - September 2023
The stats I’m providing are resale homes only in Travis and Williamson Counties. More about the stats at the end. To receive the market update each month by email, register at the bottom of this page.
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.
Greetings! I'm Craig Smyser with 1835 Realty. Welcome to the September 2023 edition of "How's the Market in Central Texas.” Before we look at the figures, let me say that the stats I’m providing are resale homes only in Travis and Williamson Counties. More about the stats at the end.
In August, 1,649 resale homes closed in Travis & Williamson Counties which was down 5.8% from August 2022. The median price in August decreased 6.8% year-over-year to $489,250. Compared to last month, the media price increased 0.1%. Since the start of 2023, the median price is up 5.0%. 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 August average price of a home dropped 9.1% to $615,122 and the average price per square foot decreased by 10% to $297.
The number of available homes in August was 5,736, down 3.4% from last August. This is just the second month in 2023 that’ve seen fewer listings compared to prior year. Essentially, when interest rates increased last spring, the number of available listings shot through the roof. Now, as we compare back to that time frame, we’re seeing the numbers drop slightly. During August, 2,270 new listings hit the market which was down 14% from last year. Every month this year, the number of new listings hitting the market has been lower than last year. That’s the main reason that prices are up a little bit this year.
The average sales price to list price ratio was 97.6%. The August sales ranged from a low of $165,000 to a high of $7,000,000. For homes that closed in August, the average days on market was 48, up from 24 last year.
Overall, the market continues to be sluggish. Fewer buyers are in the market, but there are fewer homes offered for sale so that’s helping to keep the balance somewhat in check. While the median price was up 0.1% this month, I still believe that prices will drift downward slightly by year’s end.
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 listed in the MLS.