Eleven Oaks Realty is proud to present their September 2023 Austin Real Estate Price Report measuring activity in the single family home market.
Austin Remains a Sellers Market in September 2023
The Austin real estate market is holding on to a seller’s market, but just barely. As we have seen the last few months, the Austin real estate market is hovering around 4.50 months of inventory, which is at the top end of what’s considered a sellers market. Still much improved from the 0.5 months of inventory we saw 18 months ago. In September 2023, we saw 4.51 months of inventory on the Austin real estate market compared to 4.49 months last month, showing a 3.01% decrease in month over month numbers. Sellers received, on average, 96.8% of their list prices, down 0.18% in month over month comparisons. We did see an increase in median time to sell at 39 days, up 14.71% in month over month numbers. This increase is typical as we head into fall and see buyer demand go down. The median sold price of a single family home in Austin was $595,5000, down 0.83% in month over month comparisons.
What does this mean for buyers? Despite being in a sellers market, it is still one of the more favorable markets we have seen for buyers in some time. We are trending towards a balanced market and have been hovering there for the past few months. It will be interesting to see if we get there in winter. This shift is giving buyers a feeling of being in the drivers seat where they are able to negotiate with sellers. We are seeing sellers reduce prices, agree to closing cost credits and overall more favorable terms than we have seen in more than a few years. Yes interest rates are higher, but that’s really the only market force working against buyers today. Compare this to two years ago and interest rates were the only thing working in a buyers favor. Prices, terms, supply, competition were all heavily siding with a seller.
What does this mean for sellers? Though buyers are able to negotiate better deals, sellers are still getting around the same price as they were last year. It is taking a bit longer to sell, but when you compare us to other markets, 39 days is actually quite fast. Sellers who price for the market, are patient and willing to negotiate low ball offers (because you’re going to get some) are seeing success. For sellers who are still hoping for 2021 market conditions, it’s a frustrating situation as they are having to keep their houses in showing shape for weeks and having to be patient while they wait for a buyer. But, for those who work with the market we have, they are generally happy with their home sale after it closes.
Median Sold Price Up 0.92%
Though it’s not much of an increase, it is still an increase in year over year numbers, signaling that our market is still strong despite interest rates and decreasing demand. In September 2023, the median sold price of a single family home in Austin was $595,000 compared to $589,570 in September 2022, showing an 0.92% ($5,430) increase in year over year numbers. Last month, the median sold price was $600,000, showing an 0.8% decrease in month over month numbers. Despite seeing reports in the media that prices are going down, the numbers tell a different story and have remained virtually the same in year over year and month over month comparisons.
17.6% Decrease in Number of Closed Sales
In September 2023, there were 598 single family homes that closed escrow compared to 726 in September 2022, showing a 17.6% decrease in year over year numbers. Last month, in August 2023, there were 801 homes that closed escrow, showing a 25.3% decrease in month over month numbers. We definitely are seeing less demand this year, which is slowing the market down.
1.2% Decrease in Average List Price to Sales Price
In September 2023, the average list price to sales price of a single family home in Austin was 96.8% compared to 97.96% in September 2022, showing a 1.2% decrease in year over year numbers. Last month, in August 2023, the average list price to sales price was 96.97%, showing an 0.2% decrease in month over month comparisons. Though sellers are getting slightly less compared to last year, median price is still around the same, showing sellers are pricing a little higher this year.
18% Increase in Median Time to Sell
In September 2023, the median time to sell a single family home in Austin was 39 days compared to 33 days in September 2022, showing an 18% increase in year over year numbers. Last month, the median time to sell was 34 days, showing a 14.7% increase in month over month comparisons. Though it’s taking longer to sell, it is still a reasonable amount of time when you compare markets across the US.
4% Decrease in Median Price Per Square Foot
In September 2023, the median price per square foot of a single family home in Austin was $300/sqft compared to $312/sqft in September 2022, showing a 4% decrease in year over year comparisons.
14% Decrease in Total Sales Volume
In September 2023, the total sales volume for single family home sales in Austin, TX was $471,582,074, compared to $550.47MM in September 2022, showing a 14% decrease in year over year numbers. Last month, in August 2023, the total sales volume was $630.29MM showing a 25.2% decrease in year over year numbers.
Months Supply of Inventory Up 36%
In September 2023, there was 4.51 months of inventory on the Austin market compared to 3.32 months in September 2022, showing a 36% increase in year over year numbers. Last month, there was 4.65 months of inventory on the market, showing a 3% decrease in year over year numbers.
4% Increase in New Pending Listings
In September 2023, there were 692 homes that accepted a contract compared to 665 in September 2022, showing a 4% increase in year over year numbers. Last month, in August 2023, there were 687 homes that accepted a contract, showing an 0.7% increase in month over month numbers.
11.5% Increase in Median List Price
In September 2023, the median list price of a single family home in Austin was $724,900 compared to $650,000 in September 2022, showing an 11.5% increase in year over year numbers. Last month, in August 2023, the median list price of a single family home was $707,460, showing a 2.5% increase in month over month comparisons.
16.4% Decrease in Number of New Listings
In September 2023, there were 1,011 single family homes introduced to the market compared to 1,210 in September 2022, showing a 16.4% decrease in year over year numbers. Last month, in August 2023, there were 1,120 homes introduced to the market, showing a 9.8% decrease in month over month comparisons.
4.4% Decrease in Number of Active Listings
In September 2023, there were 2,753 single family homes on the market compared to 2,880 in September 2022, showing a 4.4% decrease in year over year numbers. Last month, in August 2023, there were 2,830 homes on the market, showing a 2.5% decrease in month over month numbers.
September 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 September 2023 Austin home sales below. The most expensive home that sold in September 2023 sold for $8,950,000 and the least expensive home sold for $153,000. Homes ranged in size from 528 sqft – 10,112 sqft with an average size of 2,242 sqft. The average price per square foot for a home that sold in Austin in September 2023 was $346.67 with the lowest being $90.21/sqft and the highest being $1,217.95/sqft. It took, on average, 53 days to sell a home in Austin and sellers received, on average, 92.409% of their original list prices.
| Beds | Baths | SqFt | List Price | LP/SqFt | Sold Price | SP/SqFt | SP/LP | SP/OLP | ADOM | |
|---|---|---|---|---|---|---|---|---|---|---|
| Min | 1 | 1 | 528 | $195,000 | $143.20 | $153,000 | $190.21 | 52% | 40% | 0 |
| Max | 9 | 10 | 10,112 | $8,950,000 | $1,280.77 | $8,950,000 | $1,217.95 | 119% | 119% | 636 |
| Avg | 4 | 3 | 2,242 | $820,426 | $359.31 | $788,271 | $346.67 | 96.94% | 92.49% | 53 |
| Median | 3 | 3 | 2,057 | $602,500 | $309.77 | $600,000 | $298.64 | 98% | 95% | 33 |
| Search Criteria | |||
|---|---|---|---|
| Status | Sold | Sold Date | September 2023 |
| Property Type | Single Family Homes | Number Sold | 626 |
| 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.
Looking at the Austin market only and comparing where we have been in the past several years, it’s time to buy! Prices are stable from last year, not the usual 20% increase we have seen the past several. And, sellers are willing to negotiate, which is something we haven’t seen in quite a while too. Though the market is technically considered a sellers market, we are trending towards a balanced market, which is giving buyers some relief. Though you can’t buy homes for pennies on the dollar, buyers and sellers are both getting a fair price they can live with.
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 September 2023 Austin Real Estate Price Report?
Do you have questions about our September 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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