Austin, TX Market Update | August 2022

Looking at the numbers from July last year to this year, we're noticing a few significant changes.

The good news is that prices are still up about 8% throughout the Austin area. The median price for single-family homes has increased by about $40,000.

The negative is we've seen a considerable drop in sales along with an increase in days homes are sitting on the market.

Many sellers are trying to sell ahead of adjustments that have been continuing in the market and economy. There's been a lot of lag between how properties are being marketed in relation to the market conditions.

From Mid June to July this year, we've definitely noticed a slowdown. However, things seem to be picking back up in August, which is odd as this is usually a slower month in the yearly sales cycle. Interest rates have dipped a bit, which was a leading cause in pushing buyers to take action.

If you have any questions about the market, we are happy to help.