The median sales price in Central Austin was $737,500 in October, up from $705,000 in September, and a 5.4% increase compared to last October.
Home prices in the city of Austin, however, are beginning to stabilize at $555,000—which has been consistent since August and just a 3% increase compared to last October.
Meanwhile, Austin homes are spending an average of 41 days on the market, which is about twice as long as this time last year, according to ABoR.
Home sales in Central Austin have decreased 46% year-over-year, with only 195 homes sold in October.
The city of Austin is mirroring this trend, with only 613 homes sold in October compared to the 1,062 homes sold this time last year.
“The 2021 housing market numbers we saw were an anomaly compared to previous years, so anything different from those numbers can appear significant,” said Jim Gaines, an economist at the Texas Real Estate Research Center, in a press release. “Homes that are coming on the market are not staying active for long, but they are also not flying off the shelves or going into a bidding war like they used to. That previous, hectic pace of home sales has stopped.”
Active home listings are also continuing to surge, with over 1,500 more active listings in Austin on the market in October 2022 compared to October 2021.
“From a seller’s perspective, we’re looking at a longer timeline to sell a home and more competition,” ABoR President Cord Shiflet said.
Despite the slow-down in home sales, Gaines said Austin is poised to maintain steady growth.
“The desire to live in Central Texas remains high compared to other metropolitan areas in the state. The continued creation of jobs and influx of people moving to Austin coupled with companies relocating to the region place Austin in a unique position to weather any potential downturn,” Gaines said.