Lake Austin Homes for Sale

As of November 2023, the Austin housing market has seen a slight decline in prices compared to the previous year, with the median home price at $525,000, a decrease of 0.76%. Homes in Austin are staying on the market for an average of 71 days, which is longer compared to 56 days last year. In terms of sales volume, there were 555 homes sold in November this year, a drop from the 585 homes sold during the same period last year.

The Austin housing market is currently experiencing a lower level of competitiveness. Homes in Austin typically take about 68 days to sell. It is uncommon for homes to receive multiple offers. On average, homes in Austin tend to sell for approximately 4% below the listed price and generally go pending within 68 days. However, more desirable or "hot" homes in the market may sell closer to their listed price and can go pending in a shorter time frame, around 36 days.

The current state of the Austin housing market suggests a cooling off from its previous boom. Real estate professionals in Central Texas have noted that home prices are on a downward trend and the inventory of available homes has increased. However, potential buyers should be aware that high interest rates are still a factor, potentially impacting affordability and access to the market. While Austin is known for its high-rise buildings and high property prices, there is an expectation that this might change in 2024, possibly presenting more favorable conditions for buyers. As always, it's advisable to consider personal financial circumstances and consult with real estate experts before making a decision.

As of November 2023, Austin, TX is considered a buyer's market. This is indicated by the sale-to-list price ratio, which stands at 96.42%. In a buyer's market, the supply of homes exceeds the demand for them, giving buyers more leverage and options in their real estate transactions. This environment typically allows buyers to negotiate more effectively on price and terms, as compared to a seller's market where the demand outweighs the supply.