Austin Real Estate Market Analysis - November 2023 Update
by: Team Price Real Estate, Unmatched Agents, Unrivaled Insights
Published on: Thursday, November 16, 2023 at 11:58 am
Welcome to our latest analysis of Austin's real estate market as of November 16th, 2023. At Team Price Real Estate, we remain committed to providing you with accurate, data-driven insights into Austin's real estate conditions. We aim to keep you informed about supply and demand, pricing trends, and the broader Central Texas market.
Mortgage Rates : Last week, the Freddie Mac’s Mortgage Rate dropped from 7.5% to 7.44%. This marks the third consecutive week of declining mortgage rates. Compared to the same week last year when rates stood at 6.61%, we are witnessing a notable increase in mortgage rates.
Supply and Demand Metrics : The Austin-Area MLS has seen an increase in active listings, rising from 11,980 last year to 12,351 today, marking a 3.1% growth. The 'Months of Inventory' has also risen, currently standing at 5.41 months, a significant 24.1% increase compared to 4.36 months last year. This indicates a shift towards a more balanced market between buyers and sellers.
Price Analysis : In terms of pricing, the average listing price in the Austin-Area MLS has decreased by 4.8% year-over-year, now at $557,498. Meanwhile, the median sold price has decreased by 6.4% to $421,313. These figures highlight a changing pricing landscape in the area.
City and Regional Dynamics : Focusing on Austin itself, there has been a notable 14.0% rise in active listings, along with a 34.8% increase in the 'Months of Inventory,' now at 5.46 months. The average active price is $763,590, down by 1.0%, while the median active price is $575,000, representing a 3.4% decrease. The average sold price in Austin is $737,306, down by 1.0%, and the median sold price is $560,000, reflecting a 2.6% decrease compared to last year.
Zip Codes Analysis : Within Central Texas's 75 zip codes, 56% are experiencing month-over-month price drops, and 63% have seen year-over-year decreases. However, 40% of zip codes show year-over-year price gains, indicating localized market variances.
Sales vs. List Prices : Currently, 65.95% of properties have sold below the list price this month, while 21.17% sold at the list price, and 12.88% sold above the list price. This data suggests a competitive market that has experienced increased sales below list price since January 2023 when only 9.71% sold above list price.
Our extensive 550+ page report delves deeper into the intricacies of Market Cycles, Affordability, and Interest Rates, vital for informed decision-making in Austin's dynamic real estate scene. Stay updated with our regular market insights. For further information or inquiries, we are at your service. Brought to you by Team Price Real Estate, Austin's premier data analysis brokerage firm, where Data Drives Exceptional Service. "Unmatched Agents, Unrivaled Insights – Where Experience Meets Insight" embodies our dedication to providing unmatched expertise tailored to your real estate objectives.
