The number of homes sold in both cities dropped from 222 in January 2022 to 143 in January this year. The slowdown comes in spite of the fact that prices declined by 8% in that timespan, while the months of inventory also rose by 1.5 months.
The buildup of available housing is a result of homes taking longer to sell. In both Leander and Cedar Park in January, the time homes spent waiting for a buyer more than tripled with houses sitting on the market for 96 days compared to the 26 days spent on the market in January 2022.
Some real estate experts said they see the current trend as a return to a better-balanced industry. With more homes available and fewer sales going through, the market has become favorable to potential buyers, according to Tom Catlin, an agent at Keller Williams Realty.
“There’s less demand, and that’s a good thing,” he said.
Leander and Cedar Park’s housing market reflects a similar climate in Williamson County. Across the county, home sales declined year over year by 26.2%, and the median price decreased 4.9%, while new listings climbed by 6.8%, and inventory rose from 0.3 months in 2022 to 2.5 months in January 2023.
