Eleven Oaks Realty is proud to present their July 2023 Austin Real Estate Price Report measuring activity in the single family home market.
Austin Still Remains a Seller’s Market By a Slim Margin
Though we are still seeing lower prices and more sellers who are willing to negotiate, the numbers are showing we are still in a seller’s market. July saw 4.61 months of inventory, which is trending towards a balanced market but still in the seller’s market territory. For the last few months, we have been hovering around high seller’s market numbers and it’s given buyers some much needed relief. Looking at the numbers, sellers received, on average, 97.7% of their list prices, down 0.03% from last month’s numbers. The median time to sell was 29 days, up 38.1% from last month’s numbers. The median sold price in Austin in July 2023 was $629,000, down 3.23% from last month’s numbers.
What does this mean for buyers? Though we are still technically in a seller’s market, it feels closer to a buyer’s market for buyers who experienced the true sellers market of the last few years. Sellers are willing to make concessions to get their homes sold, which is something we haven’t seen for a few years now. Buyers have more time to make a decision and they are able to decide the best house that suits their needs now, not settle for one they got in a bidding war.
What does this mean for sellers? This market is certainly a switch for sellers, but it is by no means an unfavorable market. Sellers who meet the market where it is will secure a buyer quickly. Buyers are out there, despite higher interest rates, and are wanting to find the right house for them. Position your home as a value and truly get it ready to meet the market, and you’ll be successful finding a buyer in a reasonable amount of time.
Median Sold Price Down 9%
The median sold price of a home in Austin in July 2023 was $629,000 compared to $690,000 in July 2022, showing a 9% decrease in year over year numbers. Last month, in June 2023, the median sold price was $650,000, showing a 3.2% decrease in month over month numbers. Though still not drastic, we are seeing a noticeable price decrease from last years numbers. Last month wasn’t as dramatic, with only a 3% decrease, but this month we are seeing more sellers concede to get their homes sold.
Number of Homes Sold Down 2.5%
In July 2023 there were 655 homes sold in Austin compared to 672 in July 2022, showing a 2.5% decrease in year over year numbers. Last month, in June 2023, there were 778 home sales in Austin, showing a 15.8% decrease in month over month numbers. Though we do have fewer buyers in the market, we aren’t seeing significant drop offs in sales, which is a testament to how buyers feel about the direction of the market overall.
2.75% Decrease in List Price to Sales Price
In July 2023, sellers received, on average, 97.73% of their list prices compared to 100.5% in July 2022, showing a 2.75% decrease in year over year numbers. Last month, in June 2023, sellers received, on average, 97.76% of their list prices, showing a 0.03% decrease in month over month numbers. This calculation is based on list price at time of contract, so it doesn’t take into account price reductions. The data in the table at the end of this report will show the average when you take into account original list price to sales price, which is a more accurate reflection in this market where we do see price reductions.
52% Increase in Time to Sell
In July 2023, the median days to sell a home in Austin was 29 compared to 14 days in July 2022, showing a 52% increase in year over year numbers. Last month, the median time to sell was 21 days, showing a 38.1% increase in month over month comparisons. Though a significant increase, 29 days is still a very reasonable time period to sell a house. Definitely longer than what we are used to in Austin in the past several years, but still reasonable from a global standpoint.
11% Decrease in Median $/SqFt
In July 2023, the median $/sqft for a home in Austin was $318 compared to $358 in July 2022, showing an 11% decrease in year over year numbers. Last month the median $/sqft was $329, showing a 3.3% decrease in month over month numbers. Though we did see a decrease from the peak of last year, we are hovering around August 2021 figures, which was a very strong sellers market.
11% Decrease in Total Sales Volume
In July 2023, the total sales volume for single family home in Austin was $542,359,426 compared to $610.7MM in July 2022 showing an 11% decrease in year over year numbers. Last month, in June 2023, the total sales volume was $672.73MM showing a 19.4% decrease in month over month comparisons.
55.7% Increase in Months Supply of Inventory
In July 2023, we had 4.61 months of inventory on the market compared to 2.96 months in July 2022, showing a 55.7% increase in year over year numbers. Last month, in June 2023, we had 4.85 months of inventory showing a 4.9% decrease in month over month numbers. The increase in inventory is the primary reason buyers are seeing some relief.
16.7% Increase in Homes That Accepted a Contract
In July 2023, we had 777 homes accept a contract in Austin compared to 666 in July 2022, showing a 16.7% increase in year over year numbers. In June 2023, we had 762 homes accept a contract, showing a 1% increase in month over month comparisons.
Median List Price Up 7.3% & Median Sold Price Down 9%
In July 2023, the median list price of a single family home in Austin was $750,000 compared to $699,000 in July 2022 showing a 7.3% increase in year over year numbers. Last month, in June 2023, the median list price was $750,000 showing no change in month over month comparisons. Sellers are definitely confident in their ability to sell their homes and are pricing higher than they were last year when the market was a little stronger. That being said, they are also willing to make concessions, accept lower than list price and give it a little more time to sell.
26% Decrease in New Listings
In July 2023, there were 1,032 single family homes introduced to the market compared to 1,390 in July 2022, marking a 26% decrease in year over year numbers. Last month, in June 2023, there were 1,320 homes introduced to the market showing a 21.9% decrease in month over month comparisons. This decrease from June to July is typical as we head deeper into summer.
4.9% Increase in Active Listings
In July 2023, we had 2,601 single family homes active on the market compared to 2,480 in July 2022 showing a 4.9% increase in year over year numbers. Last month, in June 2023, we had 2,690 homes for sale, showing a 3.3% decrease in month over month comparisons.
July 2023 Austin Real Estate Price Report – Strictly Numbers
For those of you who prefer to see the actual numbers, we’ve included the figures for July 2023 Austin home sales below. The most expensive home that sold in July 2023 sold for $5,590,000 and the least expensive home sold for $215,000. Homes ranged in size from 572 sqft – 6,115 sqft with an average size of 2,255 sqft. The average price per square foot for a home that sold in Austin in July 2023 was $354.52 with the lowest being $95.90/sqft and the highest being $1,214.29/sqft. It took, on average, 41 days to sell a home in Austin and sellers received, on average, 94.38% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 572 | $200,000 | $105.49 | $215,000 | $95.90 | 66% | 50% | 0 |
| Max | 6 | 8 | 6,115 | $5,950,000 | $1,369.05 | $5,590,000 | $1,214.29 | 178% | 178% | 377 |
| Avg | 4 | 3 | 2,255 | $836,825 | $365.13 | $808,784 | $354.52 | 97.68% | 94.38% | 41 |
| Median | 3 | 3 | 2,077 | $645,000 | $314.29 | $630,000 | $308.77 | 98% | 96% | 22 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | July 2023 |
| Property Type | Single Family Homes | Number Sold | 751 |
| Source: | ABoR Sales Data | Area | Austin |
Time to Buy? Sell?
As we always say, the best time to buy or sell a home is when you need to buy or sell. If you have a house to buy, buying when its a sellers market may hurt you on the buying end, but you’ll make it up on the selling end. If you’re trying to get into the market for the first time, the only way you’ll know that we’ve “hit bottom” is when its in the rear view mirror. Work with professionals who can help you analyze your financial and lifestyle to determine if now is the right time to buy or sell.
Comparing to any other market in the country, especially markets that aren’t as strong, these numbers show it’s’ time to sell. Comparing to only the Austin market in the past several years, it’s time to buy! Though it is still a seller’s market, we are nearly at a balanced market, which is making buyers feel like they have more of a say in their home search. They no longer have to make decisions on offers in a matter of hours and are able to negotiate some with sellers. They aren’t able to buy at rock bottom prices, but they are getting fair deals.
If you’re looking to buy, get with a knowledgeable mortgage broker who can guide you to getting the lowest interest rate possible. We are starting to see the frenzy pause for a minute, as hesitant buyers wonder what to do. Take advantage of lower demand and get in before interest rates rise again. The best homes are still selling quickly, so you don’t want to wait too long once you see a home listed that you like. If you’re looking to buy, we can help you be successful. We have experienced several market shifts in our careers and know how to navigate them. For more info about buying a home, visit Buy a Home in Austin.
If you need to sell, don’t be discouraged. Know it’s going to take a little more time, but also know that if you stick it out, you’ll be successful. If you’re a seller who needs to sell now, work with a professional Realtor who can help you position your home as the best value on the market. Check out our 88 Ways to Sell Your Home Faster and For More Money for some tips on how you can prepare your home to meet the market. For more info about our Home Selling Program and why it is the best in Austin, check out Sell My Austin Home.
Questions About the July 2023 Austin Real Estate Price Report?
Do you have questions about our July 2023 Austin Real Estate Price Report? Call us at (512) 827-8323 or email us at info@11OaksRealty.com and we’ll help you in any way we can. If you’re looking to buy or sell Austin real estate, don’t forget to check out our Buyer Resources and our Seller Resources for more tips.
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