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    • Ryan Kelly(325) 518-1294
      ryan@teamprice.com
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    • Team Price Real Estate
      7320 N Mo-Pac
      Austin, TX 78731
      (512) 213-0213
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      Austin Real Estate Market Update - Nov 30, 2023

      Trends, Insights, and Analysis

      Volume 19; Number 48

      Austin Real Estate Market Analysis - November 30th 2023 Update

      by: Team Price Real Estate, Unmatched Agents, Unrivaled Insights
      Published on: Thursday, November 30, 2023 at 10:47am


      Welcome to our updated analysis of the Austin real estate market as of November 30, 2023. At Team Price Real Estate, we continue our commitment to providing accurate, data-driven insights into Austin's dynamic real estate landscape. Our focus remains on delivering detailed information about market trends, supply and demand dynamics, and pricing variations in both the Austin area and the broader Central Texas region.

      ​

      Market Overview: A significant shift in the Austin real estate market is evident from our latest data. The total number of active listings in the Austin-Area MLS is currently 11,953, slightly down from last year's 11,982. This marginal decrease contrasts with the 1.1 times increase in Months of Inventory, now at 5.01 months, up from 4.36 months last year. This shift points towards a gradual balancing of the market. In the City of Austin, the inventory increase is even more pronounced at 1.3 times.


      Interest Rates Analysis: A notable development in the Austin real estate market this week is the significant shift in interest rates. As of November 30, 2023, interest rates have dropped to 7.23%, marking the lowest rates we've seen in three months.


      Pricing and Affordability: The market shows a notable change in pricing. The average list price for active homes in the Austin-Area MLS is now $579,027, a year-over-year decrease of 5.87%. The average sold price has also dipped by 5.02% to $527,001, and the median sold price has fallen by 7.71% to $412,500. However, in the City of Austin, the median sold price increased by 5.0% from last year, reaching $575,000. These figures suggest a nuanced pricing landscape, with variances across different sectors of the market.


      City and Regional Dynamics: In Austin, total sales decreased from 717 to 586, reflecting an 18.27% decline. Despite this, the average active price in Austin saw a marginal increase of 0.34% to $760,993, and the median active price rose by 3.52% to $592,000. This indicates a resilience in certain market segments within the city.


      Zip Codes Analysis: The diversity in market dynamics is further highlighted in our analysis of 75 zip codes across Central Texas. About 41% of these zip codes saw month-over-month price increases, while 57% experienced decreases. Similarly, year-over-year, 41% of zip codes had price increases, contrasting with 59% showing decreases.


      Sales vs. List Price: The sales to list price ratio remains a critical indicator of market conditions. This month, 67.23% of properties sold below the list price, showing a slight increase from last month's 65.56%. Properties sold at list price accounted for 20.68%, and those sold over list price represented 12.09%. This distribution suggests a subtly shifting market dynamic, offering different opportunities for buyers and sellers alike.


      Our comprehensive report, extending over 550 pages, delves deeper into these aspects of the Austin real estate market. It focuses on market cycles, affordability, and interest rates, offering invaluable insights for informed decision-making. Team Price Real Estate, known for its unmatched agents and unrivaled insights, remains dedicated to its motto, "Where Experience Meets Insight," ensuring expert, data-driven service in the Austin real estate market.

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      Austin Area Residential Sales Insights

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