This trend, however, still suggests a normalizing market, area experts said.
“Inventory is increasing and median prices have declined, but this does not mean no action is required to address the region’s housing affordability issues,” ABoR President Ashley Jackson said in a news release. “We are seeing the market normalize after years of record-setting pace, but it is our job to help the region’s housing market fundamentally improve so that anyone that wants to buy a home here can find one within their budget.”
In June, the median price of homes in Leander was $483,400 compared to $511,185 last year in June, which is a 5.4% decrease, ABoR data shows.
The median home price in Liberty Hill was $471,645 in June—a 9.5% decrease compared to $521,035 in June 2022.
Additionally, homes are sitting on the market longer in both cities.
Last year in June, homes in Leander were on the market for 16 days on average—which is a shorter time period compared to 46 days in June this year. Similarly, in Liberty Hill, homes were on the market for an average of 204 days in June, which is longer than last year's 59-day average, according to ABoR data.
“It is important to remember that the market continues to moderate in the wake of unsustainable price growth and sales activity during the pandemic, but remains robust,” ABoR Housing Economist Clare Losey said in the release. “The median sales price in the [Metropolitan Statistical Area] appreciated by nearly 50% from June 2019 to June 2023. The ability to buy a home remains the best way to create generational wealth, and that needs to be more accessible to everyone.”
