Steiner Ranch Housing Report - October 2023

Welcome to the October 2023 edition of "How's the Market in Steiner Ranch.”  It’s a mixed bag of stats this month, so let’s get started.

If you are looking to buy or sell a home in Steiner Ranch, contact me via email or at 512-650-7300. Previous editions of How’s the Market in Steiner Ranch are also available.  If you prefer to read instead of watch, here are the chart and transcript.

In September, 16 resale homes closed in Steiner Ranch which was down 11% from September 2022. The median price increased 16% to $908,750.  The average price of a home increased 21% to $1,025,156.  The average price per square foot increased by 3.3% to $296.45.  The sales this month skew towards the high end with only a few entry-level homes in the mix, so these numbers are higher than what the market would reflect if the sales were a good cross-section of Steiner.  As usual, I also like to look at a longer time frame, so let’s consider the year-to-date stats.  The number of resale homes sold during the first nine months of the year is 133, down 7% from this same time last year.  The median price of a home has decreased 14% to $845,000.  The average price decreased by 11% to $1,019,577.  The average price per square foot decreased 12% to $301.98.  Let’s take these year-to-date numbers and compare them to the broader Central Texas market, which I’ve never done in these market updates before so buckle up.  For the broader market, I’m looking at resale homes only in Travis and Williamson counties.  For the first nine months of this year compared to last year, the number of homes sold dropped 7% in Steiner and 23% in Central Texas, so we’ve fared much better.  The median price dropped 14% in Steiner, but only 12% in Central Texas.  The average sales price dropped 11% in Steiner and 9% in Central Texas.  The average price per square foot dropped 12% in both Steiner and Central Texas.  Finally, the number of new listings in Steiner dropped 18%, the same percentage drop as Central Texas.  So other than the number of homes sold, the stats are fairly consistent, which is usually not the case.

The number of available resale homes at the end of September was 32, down 32% from last September.  It’s also down from last month.  Typically, the seasonality of the market says this number will decline over the next few months as fewer homes are offered for sale, but we’ll see if that plays out again this year.  The number of homes put on the market in September was 18, up 20% from last year.

Across Steiner, the September sales ranged from a low of $570,000 to a high of $1,900,000. The average sales price to list price ratio was 97.2% and for homes that closed in September, the average days on market was 47 down slightly from 51 last September.

Last month, a total of 10 homes went under contract compared to 12 in 2022. It’s also the lowest number of any month this year.

Interest rates have again moved up quickly and we’re now sitting around 7.5%.  I expect this is going to slow the market down further.  Even with fewer homes hitting the market, I expect we’ll see prices coming down some more as we head to the end of the year.  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].  If you are thinking of buying or selling soon, let’s get the conversation started.  Thanks for watching “How’s The Market in Steiner Ranch.”

Statistics based upon information from Unlock MLS for the periods cited.

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