In November, home sales in Cedar Park and Leander have dropped to 204, a 44.4% decrease compared to November 2021, according to Austin Board of Realtors data.

Jessica Lautz, deputy chief economist and vice president of research at the National Association of Realtors, said despite the shortage of housing stock, the market is still on track to normalization.

“We have to remember that the housing market is local,” Lautz said in the ABoR press release. “As millennials age in and senior adults stay in place instead of relocating, people are facing this short housing stock, and it’s becoming an increasing issue.”

Leander and Cedar Park combined had a total of 673 active listings in November, which is more than triple the number of active listings both cities had in November 2021. In November 2021, the cities together had 204 active listings.

Additionally, homes are sitting on the market longer in November compared to last year.

ABoR President Cord Shiflet said seeing more available homes and the amount of time they are on the market is a relief.

“It’s a relief to see more homes available and sitting on the market long enough to give buyers an opportunity to think before they leap,” Shiflet said in the release. “This healthy competition creates an opportunity for homebuyers, who may have struggled within the past two years, to take their time and find a home they love.”

According to the ABoR November press release, there is still a long way to go before the Austin-Round Rock MSA reaches a balanced market.