The median price of homes sold in the city last month was $451,700, compared to $465,000 in February 2022—marking a 2.9% drop. However, that figure rose from the median prices of $404,000 in January and $399,500 in December.
Homes spent an average of 69 days on the market in February—up from the 15-day waiting period in February 2022, per ABoR data. The number of active listings also increased from 28 to 329 in that timespan. Pending sales have stayed consistent, though, remaining at 116 year over year.
“Looking at the month-to-month data, we see that pending sales are consistent or rising in neighborhoods that are typically more affordable in areas outside Austin city limits,” 2023 ABoR President Ashley Jackson said in a press release. “Along with rising inventory, that’s a good sign for housing market activity this spring.”
The number of homes available increased over the last year with three months of inventory in February 2023 compared to February 2022’s 0.2 months of inventory. Experts said they believe the recent trends indicate a more-balanced market.
“With each passing month, homebuilders are gaining more confidence in the stability of our housing market,” said Taylor Jackson, CEO of the Home Builders Association of Greater Austin, in the release. “This is evidenced by fewer cancellations and minimized supply shortages.”