AUSTIN (KXAN) — The number of homes for sale in the Austin metro area is the highest in more than a decade.
A total of 9,671 homes were actively listed in September across the five-county area — the highest number since July 2011, according to the September housing report from the Austin Board of Realtors.
The number of active listings is up more than 160% over last September.
Meanwhile, home sales declined in September. Just less than 3,000 homes were sold last month, down 18.5% year-over-year.
“Homebuyers no longer need to move at a frantic pace to find a home,” said ABoR President Cord Shiflet. “There are more homes to choose from and more time to find a home that works for their needs and budget.”
The median home price across the metro in September was $470,000, a new record high for the month. Despite the new record, the pace of price increases is slowing.
In September, the median price was up 5.6% year-over-year, marking the third month in a row with increases below 10%. That compares to a more than 30% year-over-year price increase in January.
“Homebuyers have not had this much leverage and this many options in over a decade,” Shiflet said. “We’re still in a seller’s market, but as homes take longer to sell and are being bought for less than the original list price on average, and with inventory steadily increasing, right now is a great time to be a homebuyer in Central Texas.”
Homes within the City of Austin remain the most expensive in the metro area, with a median listing price of $555,000, compared to $470,000 in the metro as a whole.
That’s a drop of more than $100,000 since a peak of $667,000 in May.
“Homes are selling at 95% of their original list price,” Shiflet said. “Sellers need to know that the days of multiple offers way over asking price are a thing of the past.”
The number of home sales in Travis and Williamson counties dropped in September year-over-year. Home sales in Travis County dropped 30.5%, while sales in Williamson County were down 19%.
Meanwhile, Bastrop, Caldwell and Hays counties all saw significant growth in home sales, up 25.4%, 23.5% and 12.6% respectively.
“As more developments are planned and opened in these areas, buyers will have even more options to find a home that works for them that is still easily accessible to downtown Austin,” Shiflet said. “This is great news for buyers, renters and our economy.”