AUSTIN (KXAN) – Home prices in Austin continue to cool after reaching a zenith last year. The median home price in the Austin-Round Rock region fell 15% last month to $466,705, per an Austin Board of Realtors report.
In April 2022, the median home price in Austin-Round Rock was $521,100.
“A normalizing housing market, along with more inventory, is unequivocally a good thing for buyers, especially first-time buyers,” Ashley Jackson, 2023 ABoR president said in a release. “Many Central Texas households would not have been able to attain homeownership had our market continued to experience record-breaking year-over-year gains in home prices.”
The Austin-Round Rock housing market is also outperforming national trends. While home sales declined 22.7% nationally, they fell only by 15% in the region. This is indicative of a strong economy in Central Texas, the ABoR said.
“This is still a market that is seeing lots of activity, just not at a record-setting pace, and that is to be expected given broader economic trends. Home prices are moderating, pending sales are holding strong and homes on the market last month are selling closer to list price. These are all signs of a market that is still balancing and doing so in a healthy way,” Jackson said.
Last month, homes spent an average of 71 days on the market. In April of last year, homes were spending an average of 18 days on the market. Further, new listings declined by about 10% since last year.
“Inflation, the near doubling of mortgage rates, fear of a recession, and, most recently, stress in the banking system have all contributed to declines in home prices nationally. In Austin, robust job and population growth have mitigated these effects on homebuyer demand, favorably indicating that our region’s economy and housing market continue to outperform national economic trends. Austin remains resilient and able to withstand broader economic turbulence more effectively,” Dr. Clare Losey, a housing economist, said in an ABoR report.
“Over the past year, wage growth in the Austin-Round Rock MSA has outpaced that of the nation. These factors, combined with the moderation in home prices, will improve Austin’s housing affordability long-term, allowing more potential buyers to eventually enter the market,” she continued.
April 2023 data by
City of Austin
In April, home sales decreased by just over 30%, and new listings decreased by .06%. Median home prices decreased by 11% to $565,500. For context, the median home price last year was $624,000.
Home sales also dropped in Travis County by 28%. The median home price in the County is $445,000, a 12.8% decrease from last month.
Home sales in Williamson County decreased by 11.2% last month. The median home price decreased 12.8% to $445,000. Last year the median home price was $490,000.
Home sales in Hays County rose 1.1% to 361 sales last month. The median price for homes fell 16.9% to $416,500
In April, home sales in Bastrop County decreased 14.1% year over year to 122 sales. The median home price dropped slightly by just over 5% to $380,000.
Home sales dropped by 14.3% in Caldwell County last month. The median home price dropped from $329,000 to $297,000 year-over-year.