Year-over-year home sales for the month of January dropped 23.1% in Georgetown, despite an increase in inventory and declining prices, according to data from the Austin Board of Realtors.

Seventy homes in Georgetown were sold in January, down from the 95 homes sold in January 2022. Meanwhile, the cost of homes also declined, as the median price was $404,000 compared to last year’s $425,000, marking a 3.4% drop.

Homes are also sitting on the market for longer, allowing the city to build up its inventory of available houses. With 343 active listings in January, properties spent 66 days on the market, whereas is in January 2022, it took an average of 22 days before for-sale signs were removed. As a result, the city has 3.1 months of inventory available in January, compared to January 2022’s 0.1 months.

However, some real estate experts see the current trend as a return to a better-balanced industry. With more homes available and less demand, there is “a lot more comfort, in my mind, for buyers,” said Tom Catlin, an agent at Keller Williams Realty.

“So they have better selection now with less competition than they will in the summer months or the spring months,” he said.

The state of Georgetown’s housing market reflects a similar climate to that of Williamson County’s. Across the county, home sales declined year-over-year by 26.2% and median price decreased 4.9%, while new listings climbed by 6.8% and inventory rose from 0.3 months in January 2022 to 2.5 months in January 2023.