The median home price fell to $780,000 in February from $850,000 in January, a 5.9% decrease from February 2022.
Active listings in the area have increased from 565 in January to 643 in February, while listings spend more days on the market. On average, active listings were spending 87 days on the market in February compared to 74 days in January.
“Austin’s housing market is trending in the right direction,” ABoR President Ashley Jackson said. “Buyers have more options and negotiating power with each passing month, and sellers have more time to make their next move.”
Prior to this cooling trend, median home prices in the Lake Travis-Westlake area had been steadily increasing year-over-year for the last few years while spending less total time on the market.