Austin TX Real Estate
Austin Texas with its amazing climate, interesting culture and low taxes and cost of living has been drawing hoards of new residents for several years now.
It’s driven prices up and made listings scarce, but while prices have stayed elevated, new listings and total homes listed for sale has rocketed. Homes sit unsold much longer and 38.6% of homes are seeing price drops now in June 2023. Homes sold above listing price plummeted to 5% in February yet have come back up just a little to about 18% in May.
According to Orchard.com, homes for sale in the last month have fallen 13.2% to $583,684, year over year. 1,167 homes sold, in May down from 1,413 last year.
If you’re unfamiliar with Austin, the metro area actually has a population of 2.1 million. Demand for homes in metro Austin was so intense buyers searched outside the city into hill country where land prices rose steeply.
The city’s tech hub drew tech skilled workers and entrepreneurs from California where high taxes, cost of living and persistent crime are pushing California companies out of business. Austin gained a stellar reputation as a new, major US tech hub. The housing markets in San Diego, Bay Area (San Francisco, Oakland, San Jose), and Los Angeles remained constrained and expensive and the outflow should rekindle Austin when the recovery begins in 2024.
More companies moved to Austin than any other US city. Companies such as Tesla are making an impact on housing here, and dryied up all listed houses for sale. Tesla moved its headquarters from California to the Austin region. The quantity and quality of tech talents is another reason why Tesla is arriving here. And Tesla’s stock price shows investors approve of the move to Texas to build their electric vehicles and batteries.
Of course there’s more to Austin’s attraction to large corporations including Apple, IBM, Nvidia, and Samsung have big presences here as well. Austin is a nice alternative to buy a home in San Antonio, Fort Worth, El Paso, Houston or Dallas.
The Austin-Round Rock MSA is one of the fastest growing in the country, people want to live here, and job creators see opportunity to be successful here,” says Susan Horton, ABoR President.
With the easing of demand in Austin, comes improved affordability for buyers. Right now might be the lull in the market for smart buyers who are up on their housing market forecasts!
Austin Home Sales Stats 2023
The hunt for houses for sale in Austin, Dallas, San Antonio, and Houston is going to be a little tougher this spring.
See the latest stats from the Austin Board of Realtor’s report and compare to the report from March 2021 below and you’ll see how much this market has changed through the pandemic. Prices are up over that two-year period while sales and new listings are down. Active listings however are up 600% in the past 24 months and DOM has doubled.
Texas Realtors reports for the City of Austin TX in April.
Search for Austin Homes for Sale
Try this home sale widget to find available homes in the best neighborhoods including: Crestview,
Downtown , Rosedale, Zilker, Hyde Park, Old West Austin, Barton Hills, South Lamar, Allandale, South River City, and more. Enjoy your search and have my best wishes to find a great home somewhere in Austin.
Additional sites to search for homes for sale in Austin:
Realtor.com has 4589 houses for sale in Austin, while Redfin has 4680 and Remax lists 4232 homes for sale. Try the Zillow search widget above to see Zillow’s 2323 listings.
You’ll enjoy much better results in your search for homes for sale in Austin, Dallas, Houston, El Paso, San Antonio, or Fort Worth, utilizing a much more thorough strategy. Finding and buying a home here in Austin will be a challenge. Houses are selling fast everywhere.
Whether you’re looking for a detached house, condo, townhouse, or rental property, a thorough plan for searching is a must. Work with a competent Real estate agent to get best results.
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