Housing Update 2023
Austin's Median Price Hits Annual Record
Despite a new annual record for the Median home price hitting $503,00 in the Austin-Round Rock area, home sales declined 18.3%. Inventory increased and homes spent an average of 73 days on the market in December, 47 more compared to 2021.
As the market returns to a more normal setting and bidding wars have subsided, Austin still remains attractive to buyers.
Austin Board of Realtors President, Ashley Jackson says, "December tells us a lot about how the market has shifted and started to rebalance as there was a sales price drop and a staggering increase in how long homes take to sell. If you are interested in purchasing a home, now is a great time to work with a REALTOR® to find something that works for you and your budget.”
Austin Market Stats
Median Sales Price
Months of Supply
Days on Market
"Even with the inventory gains made in 2022, our region still needs more housing. This need could be exacerbated as builders and developers continue to recover after overextending themselves nationally and increasing interest rates lessen people’s buying power. We could see 15-20% less inventory in 2023 as builders scale back their housing starts.”
-Mark Sprague, Independence Title
In-depth look 👀
Mortgage Rate Insight
“Every time interest rates increase buyers lose 12% of their purchasing power. By this summer, if rates increase by one 1.5 basis points as expected, buyers will have 72% less buying power than they did at the beginning of 2022."
- Ashley Jackson, ABOR President
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