As the housing market in Round Rock, Pflugerville and Hutto continues to normalize, the area is seeing lower prices and higher inventory levels, according to the Austin Board of Realtors' November market report.

The report shows the median price of a home sold across all three cities in November was $431,000—the lowest median price so far in 2022.

That price is down 5.87% from $457,876 the previous month and up just 0.81% from $427,550 in November 2021.

The city of Austin's median price in November was $530,000, while the median price across the entire Central Texas market was $420,000.

Round Rock, Pflugerville and Hutto combined had 1,169 active home listings in November, up more than threefold over 372 listings last November.

The three cities also saw fewer closed sales in November—only 288 compared to last November's 533.

ABoR President Cord Shiflet said these trends are indicative of a market where buyers are gaining more power than they have had in the seller-oriented market of recent years.

“It’s a relief to see more homes available and sitting on the market long enough to give buyers an opportunity to think before they leap,” Shiflet said in the report. “This healthy competition creates an opportunity for homebuyers who may have struggled within the past two years."