Active listings in the MSA reached 9,671 in September—the highest number in over a decade. Active listings in Austin alone grew 113.7% at 2,616 for the month. Further, homes spent an average of 40 days on the market, up 23 days compared to September 2021, according to ABoR data.
“Homebuyers have not had this much leverage and this many options in over a decade,” ABoR President Cord Shiflet said in a news release. “We’re still in a seller’s market, but as homes take longer to sell and are being bought for less than the original list price on average, and with inventory steadily increasing, right now is a great time to be a homebuyer in Central Texas.”
While homebuyers have more time and options on their side, data from ABoR and FreddieMac shows there is no relief for affordability as median sale prices and interest rates are increasing.
The median sales price for homes in the Austin-Round Rock MSA rose 5.6% year-over-year in September at $470,000. In the city of Austin, the median price rose 5.8%, at $555,000.
Further, in the city of Austin, the number of homes sold in September decreased 31.6%.
National data shows interest rates are also increasing, averaging 6.92% for 30-year mortgages as of Oct. 13—a nearly 4% increase since October 2021, according to FreddieMac.
“Homebuyers no longer need to move at a frantic pace to find a home. There are more homes to choose from, and [there is] more time to find a home that works for their needs and budget,” Shiflet said. “However, interest rates are rising, so buyers still need to work with their realtor to get prepared to make an attractive offer by taking steps in advance, such as getting preapproved for financing.”