According to an Oct. 18 real estate report released by the Austin Board of Realtors, the Austin area is experiencing a general calming of home prices across the metro.
“More homes are beginning to hit the market, evidenced by the increase in new listings in September, which is creating a greater number of opportunities for buyers. While this is a positive step forward, there is a long way to go for this to be a balanced market,” ABoR President Susan Horton said in an Oct. 18 news release.
In Northwest Austin, the median price of all properties—including single-family homes, townhouses and condominiums—fell to $535,000. That is the lowest recorded price for homes in Northwest Austin since March.
September was the third straight month where home prices overall have declined across Northwest Austin.
With the exception of a single-month dip in May, home prices had increased every month this year until July.
Overall, the median price for all properties in Northwest Austin fell 2.5% from August to September.
The September median price for all Northwest Austin single-family homes—including new builds and existing houses—fell to $575,000. That is a 3.3% decline from August, according to ABoR data.
Though the price of homes continues to fall across the Northwest Austin market, home prices remain historically high. ABoR numbers show the $535,000 median price of homes in September is 26.2% higher than the median price at the same point last year.
Northwest Austin’s real estate market remains pricier than the citywide real estate market, the new real estate report shows. According to ABoR’s data, the median price of all properties in the city of Austin was $525,000 in September, which is $10,000 cheaper than the mark in Northwest Austin.