Market Report for Austin-Round Rock MSA in February 2023
The Austin real estate market in February saw a decrease in the median home price compared to January. According to the latest data from ABOR, the median home price decreased from $450,000 in January to $436,419 in February, a decline of 3%.
Despite the decrease in median price, the number of closed sales increased in February. The number of closed sales in February was 2,106, compared to 1,634 in January, an increase of 29%. This increase in closed sales indicates a steady demand for housing in the Austin area.
The number of active listings in the Austin real estate market decreased slightly from 7,323 in January to 7,167 in February, a decrease of 2%. The months of inventory (MOI), which indicates the number of months it would take to sell all the available homes in the market at the current pace of sales, decreased from 2.7 in January to 2.6 in February.
Overall, the Austin real estate market remains competitive, with a steady demand for housing and a limited supply of available homes for sale. The decrease in median home price in February could be an indication that some buyers are finding more affordable options, while the increase in closed sales suggests that the market remains strong. The decrease in active listings and months of inventory further reinforces the competitive nature of the market, however, it is still vital to price listings strategically in this current market climate.
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The Texas Real Estate Research Center is a valuable resource for real estate professionals, investors, and anyone interested in learning more about the Texas real estate market.
https://www.recenter.tamu.edu/
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