How’s the market in Austin, Texas. In this market Minute, I’m gonna break down the latest stats from the Austin Board of Realtors for the month of June, I’m gonna tell you what all that means if you are a homeowner.
So the median price for Travis County in June 2023 is $550,000. So this is a steady increase since January, February every month, month over month, our prices have been going up. When you look at year over year, we are still down 9% From where we were last year. But we are starting to catch up when you look at those year over year graphs. So the peak of last year was in May of 2022, with the median price being about $659,000. So we are still way below that. But we’re starting to catch up to those numbers. Now if you’re a homeowner who bought at the peak of the market last year, last April last May, you need to hang on to that property for a while in order for the market to catch back up. Interest rates are definitely playing a factor in buyer demand, we are seeing less buyer demand. Although we do have a lot of buyers still moving here. And a lot of them are taking advantage of the fact that the prices are a little bit lower.
So in our minds, it’s still a great time for people to buy and there are buyers out there.
Something to keep in mind as a homeowner, if you’re selling is that there’s a lot of competition right now we have about four months of inventory at cost Travis County. Now when the market was at its hottest in 2021. And prices were just going through the roof, we had about one to two weeks worth of inventory for several months out of the year. So right now there is way more choices that buyers can pick from tons and tons of new construction, you’ve got builders offering all kinds of incentives. They’re buying people’s rates down, they’re giving 6% and closing costs and things like that. So if you do need to sell and you want to have your home, sell quickly and not sit for months, you definitely need to price it according to what’s happening right now. Look at the competition in your neighborhood and see okay, where should I position myself that I look like the best choice and the best value.
Now some of our sellers are choosing to go ahead and move forward because they’ve owned their home long enough that they still have a lot of equity in it. Others that bought it more recently are thinking just keep it another year or so and let prices come back up. So whether or not it’s a good time to sell really depends on your situation, what’s your motivation and need to sell? And is there a certain net amount that you have to close in order for it to make sense. Now typically our market always slows down. As we get into the end of summer and school starts. This always happens. I’m predicting that we’re probably at the peak of the market this year. And as we get into August, September, October, usually we see buyer demand go down and we start to see home prices come down just slightly. So don’t be alarmed that the markets crashing or anything at that point it’s completely normal. And then as soon as January new year starts all sudden, we see buyer activity and demand go back up and prices go back up again.
As always, every single neighborhood and every single home was completely different. There are parts of town that are very competitive. Still, the homes are still getting multiple offers. There’s other parts of town where there’s so much inventory because of new construction that it’s taking a much longer time to sell. Homes on average for the last month were 52 days on the market to sell a home. We have had some homes that have sold within two weeks. It really just depends on how aggressively you want to price it. And like I said every single market is different across the city. So if you’re curious what your particular home is worth right now and whether or not it’s a good time for you to sell, message us.
