The latest Austin Board of Realtors report shows home prices are down in Southwest Austin compared to May 2022. Experts said overall, in this time last year, buyers and sellers saw more opportunity across the Austin area.
By the numbers
There is a trend seen between Southwest Austin, Austin and Travis County that holds true for all three—median home prices are down, new listings are down and pending sales are down. Additionally, active listings have gone up while monthly housing inventory has also increased. Compared to 2022, those trends are as follows:
- Southwest Austin:
- Median home price: $595,000, down 19.3%
- New listings: 461, down 14.31%
- Active listings: 798, up 126%
- Monthly housing inventory: 3.2 months, up 96.5%
- City of Austin:
- Median home price: $467,500, down 15%
- New listings: 1,449, down 3.7%
- Active listings: 2,574, up 144%
- Monthly housing inventory: 3.5 months, up 250%
- Travis County:
- Median home price: $537,000, down 17.4%
- New listings: 2,256, down 8.1%
- Active listings: 4,296, up 125.4%
- Monthly housing inventory: 3.6 months, up 227%
“Last month’s housing market activity demonstrates not only a stable market, but one where optimism for the months ahead continues to grow,” said Ashley Jackson, 2023 ABoR president. “With the ebb and flow of mortgage rates, this is when the value of a Realtor comes into play. They can help buyers find down payment assistance programs or identify financing options. Real estate remains the most powerful long-term investment, and having a trusted expert in your corner is crucial.”
Clare Losey, housing economist for ABoR, commented on the status of home purchasing power in the Austin market.
“Nationally, from May 2022 to May 2023, homebuyers’ purchasing power declined by an estimated 8% to 9% due to the rise in mortgage rates—May’s mortgage rates, averaging 6.4%, were among the highest they’ve been all year. However, in Austin, the moderation in home prices has helped to mitigate the decline in purchasing power. In fact, from May 2022 to May 2023, the monthly mortgage payment declined an estimated 3% to 4%.”
