Market Report for Austin, TX – March 2023
The real estate market in Austin, TX continues to be strong as we head into the spring season. In March 2023, the median home price was $450,000, which is a slight increase from the previous month. There were 2,804 closed sales in the area. The number of active listings stood at 8,059, showing a slight increase in inventory compared to the previous month.
The Months of Inventory (MOI), which is the number of months it would take to sell all homes in the market if no new listings were added, was at 3 months. This indicates that the market remains balanced, with neither buyers nor sellers having a clear advantage. Additionally, the days on market (DOM) was 80, which is a slight increase from the previous month but still indicative of a seller’s market.
The median price per square foot was $228.94, while the median home size was 1,959 square feet. The median year built was 2015, which indicates that newer homes are in high demand in the area. The close-to-original list price ratio stood at 92.4%.
Overall, the Austin, TX real estate market continues to be strong and competitive. Home prices remain stable, inventory is increasing, and there is a healthy demand for housing. As we head into the busy spring season, buyers and sellers should be prepared for an active and dynamic market.
If you are thinking about buying or selling a home in the Austin area, it is important to work with a qualified realtor who can help you navigate the current market conditions.
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.
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