The latest spring numbers from our Austin market indicate we’re still in a firm seller’s market.
We’re late into the spring season, and so far, the theme of our marketplace is appreciation.
Here are a few of the latest year-over-year stats from the Austin area as a whole:
- The median home price has increased about by 2% to $320,000
- The average days on market has dropped from 54 to 50 days
- Inventory is at 2.4 months, which is unchanged
Here are the same stats from metro Austin:
- The median home price has increased by about 1% to $394,450
- The average days on market has dropped from 37 to 31 days
- Inventory is at 1.5 months, which is down slightly
Since we know that a balanced market has around six months of inventory, these numbers mean we’re still very much in a seller’s market. One of the major issues the metro market is experiencing at the moment is a lack of inventory—the number of new listings is down by 11% compared to last year, and the number of pending listings has fallen by 12%.
In general, if you list your home in good condition and price it correctly, it will sell quickly.
It’s important to remember that pricing is very segmented in our market, and one area can vary significantly compared to another area just a few miles away. In Northeast Austin and areas like Round Rock and Pflugerville, appreciation is in the 0% to 4% range. In downtown and Northwest Austin, though, they’re seeing a 4% to 15% rate of appreciation.
That being said, homes priced under $250,000 are flying off the market quickly in all areas, and often with multiple offers. Homes in the $500,000 to $600,000 price range are in the same situation. In general, if you list your home in good condition and price it correctly, it will sell quickly.
As always, if you have any more questions about our Austin market or you’re thinking of buying or selling a home, don’t hesitate to reach out to me. I’d be happy to help you.