Austin Board of REALTORS® Reports That September 2023 Central Texas Housing Inventory Hits Highest Level In Over Eight Years

Central Texas Housing Inventory Hits Highest Level In Over Eight Years
The Central Texas Housing Market Report showed inventory reaching 4.0 months, closed sales decreasing by 18.2% and median price dropping 4.3% year-over-year

The Central Texas Housing Market Report’s findings of increased inventory, decreased closed sales, and a drop in median price signify a shift in the market dynamics. Let’s delve into the implications of these changes:

Increased Inventory: Reaching 4.0 months of inventory, the highest in over eight years, indicates a more balanced market. Previously, the low inventory levels created a seller’s market, characterized by bidding wars and rapid price escalations. Now, with more homes available, buyers have more options and less urgency, leading to a potential slowdown in price growth.

Decreased Closed Sales: The 18.2% decline in closed sales reflects a cooling market. Factors like rising interest rates, inflation, and economic uncertainty may be deterring some buyers from entering the market. This decrease in demand contributes to the rise in inventory and the moderation of price growth.

Drop in Median Price: The 4.3% year-over-year drop in median price is a notable shift from the consistent price appreciation seen in recent years. This decline can be attributed to the increased inventory and decreased demand, suggesting a potential correction in the market.

Overall, these changes indicate a transition from a seller’s market to a more balanced one. While this may bring some relief to buyers who faced intense competition and bidding wars, sellers may need to adjust their expectations and pricing strategies to align with the changing market dynamics.

Here’s a summary of the implications for buyers and sellers:

  • For Buyers:
    • More options and less urgency to make quick decisions
    • Potential for negotiating better prices
    • Importance of being financially prepared and pre-approved for a mortgage
  • For Sellers:
    • Need for patience and flexibility in the selling process
    • Importance of realistic pricing strategies to attract buyers
    • Maintaining property condition and staging to enhance appeal

The Austin-Round Rock and Central Texas housing market is undergoing a period of adjustment. Rock Properties Realty stays aware of Central Texas Real Estate trends and can help both buyers and sellers make informed Austin-Round Rock real estate decisions. While the market may not be as frenzied as it once was, opportunities still exist for both parties to achieve their real estate goals.

ROCK Properties

ROCK Properties


ROCK Properties Realty is a full-service real estate brokerage firm based in Austin, Texas and headquartered in Round Rock, Texas. With 20 years of success helping buyers and sellers throughout Central Texas realize their real estate goals, ROCK Properties Realty has grown to be a very successful brokerage in the Austin-Round Rock market. Each year we serve the real estate needs of individuals and families moving to, from and within Central Texas, always with the commitment of providing exemplary service during what can be one of life’s most-exciting, yet often stressful, events. Our dedication is to provide unparalleled market expertise, innovative technology, exceptional agents and the highest level of customer service for homebuyers and sellers. We are inspired every day to bring solutions to navigate the complex real estate transaction and to Making a Difference in People’s Lives.

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