Our September numbers are in, and we'd like to provide you with a quick market update.

In Central Texas, sale prices have seen a slight decrease, about 6% less than last year. The average sale price last year was around $500,000, and as of September 2023, it stands at $471,000.

What's particularly noteworthy is the increase in the number of days properties stay on the market. It has risen from 35 days to 65 days, which is a 90% increase. On the other hand, our inventory of homes for sale has decreased compared to last year.

The reason for the longer time on the market is primarily due to interest rates and the available pool of buyers. Buyers are adjusting to these new rates, which are currently around 7.5%. We anticipate that as they stabilize, more buyers will enter the market. In 2024, we expect rates to start dropping in the second quarter.

If you have any questions about the real estate market, whether it's the right time to buy or sell, or if you should consider making improvements, please don't hesitate to reach out to us. We're here as a resource for you. You can contact us at 512-261-1000 or visit AustinTexasRealEstate.com.

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