Sep 25, 2023 - Real Estate

Austin homes linger on the market

Share of homes that go off-market within two weeks, by metro division
Data: Redfin; Note: Metro divisions are subdivisions of metropolitan areas; Chart: Axios Visuals

Less than a fifth of Austin homes for sale are snapped up in two weeks or less, per new Redfin data shared with Axios.

  • Nationwide, roughly 41% of listings were marked pending, contingent or sold within that window, Redfin found.

The big picture: The stat is the latest reflection of how the hyper-competitive market during the pandemic's throes — with frantic bidding within hours of a house going on the market — is now in the rearview mirror.

Plus: Houses that stay on the market for more than a month are usually overpriced or in need of major work, according to Redfin deputy chief economist Taylor Marr.

Of note: The Redfin data is from the dog days of July, when no one in Austin in their right mind wanted to leave the comfort of their home if they could help it — including to look at houses.

By the numbers: Broader, more recent data show that homes in the greater Austin area spent an average of 60 days on the market in August, up 28 days from August 2022, per the Austin Board of Realtors.

What they're saying: It's good news for buyers, says Austin Board of Realtors president Ashley Jackson.

  • "Austin's current housing market allows for potential home buyers to be picky," Jackson says. "Buyers — especially first-time home buyers — can take their time searching for a home that checks all their boxes. When compared to the past two years of highly competitive market activity, this is both a welcome reprieve and perfect opportunity for buyers looking to enter the market."

Zoom out: The median price in the greater Austin region dropped 7.6% since last August to $460,000.

Zoom in: Much of that dollar slashing is happening in suburban areas.

  • The median price within the city of Austin fell to $541,000, or just 0.7% less than August 2022.
  • But in Hays County the drop-off year-over-year is 10.1% and in Bastrop County it's 15%.

What we're watching: In the greater Austin area, closed sales rose by 1.4% in August, the first increase in closed sales year over year since February 2022, per data from the Austin Board of Realtors, suggesting some resiliency in the housing market.


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