Austin, Texas Market Update | June 2022

As we enter mid-June, I wanted to touch base on what we're currently seeing in the Austin real estate market. 

Prices continue to increase throughout Austin, but we are noticing them leveling off, which we expected due to the quick rise. Mortgage rates have also increased, as we predicted they would earlier this year. (You can see how this increase has affected buyers this year here) Overall though, we're seeing fewer buyers showing up at open houses and receiving fewer offers on listings; however, homes are still selling in 1-3 weeks on average.

Another thing we've noticed going on in the market is a dramatic increase in price reductions on listed homes. Last month we saw around 1,200, which is up double from last year, but this month we may see close to 5,000 price reductions throughout Austin. This tells us that sellers are overpricing their homes ahead of the market coupled with a decrease in the buyer pool due to mortgage rate increases.

In the future, we're going to have more discussions around monthly payments rather than the sales price as this number becomes more critical due to increasing rates and property taxes.

If you have any questions, we're here to help.