Austin, Texas Housing Market: A Snapshot of Cooling Growth and Increasing Competition

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The housing market in Austin, Texas, has experienced a recent cooling in growth, reflecting changes in the city's competitive landscape. As one of the top real estate markets in the country, Austin presents unique opportunities and challenges for both buyers and sellers. In this article, we'll delve into the latest data and trends to provide a comprehensive snapshot of Austin's housing market.

Austin Housing Market Overview: The Austin housing market is somewhat competitive, with homes receiving an average of 3 offers and selling in around 66 days. The median sale price of a home in Austin was $537K last month, down 16.1% since last year. The median sale price per square foot in Austin is $320, down 14.4% since last year.

Austin Housing Market Trends: In March 2023, Austin home prices were down 16.1% compared to last year, selling for a median price of $537K. On average, homes in Austin sell after 59 days on the market, a notable increase from 26 days last year. There were 844 homes sold in March this year, down from 1,147 last year.

Key Data Points:

- Median Sale Price: $537,250, -16.1% year-over-year

- Number of Homes Sold: 844, -26.4% year-over-year

- Median Days on Market: 59, +33 year-over-year

Austin's Competitive Landscape: The Austin housing market is somewhat competitive, with some homes receiving multiple offers. The average home sells for about 3% below the list price and goes pending in around 66 days. In contrast, homes can sell for around the list price and go pending in about 31 days.

Key Metrics:

- Sale-to-List Price: 97.4%, -9.5 pt year-over-year

- Homes Sold Above List Price: 18.4%, -53.8 pt year-over-year

- Homes with Price Drops: 34.9%, +24.0 pt year-over-year

Austin Migration & Relocation Trends: From January to March 2023, 27% of Austin homebuyers searched to move out of Austin, while 73% looked to stay within the metropolitan area. Across the nation, 1% of homebuyers searched to move into Austin from outside metros. San Francisco homebuyers searched to move into Austin more than any other metro, followed by Los Angeles and Chicago. Meanwhile, 73% of Austin homebuyers searched to stay within the Austin metropolitan area, with San Antonio being the most popular destination, followed by Killeen and Corpus Christi.

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