Is Austin in a Buyer’s or Seller’s Market?

What’s happening with Austin real estate? I’ll go over some numbers from our market to answer that today.

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The No. 1 question people ask me is if our market is a buyer’s or seller’s market. The latest Board of Realtors statistics show a tale of two markets. 

The inventory for houses priced $300,000 and below is quickly diminishing. There are not a lot of homes coming on the market in that price point, so when they do, there is a lot of competition. 

On the other hand, statistics show that the inventory for homes priced above $300,000 is rising a bit. 

The average sales price for homes in Austin has increased 13%, making the average sales price $371,000.

If you’re a seller, now is a great time to put your home on the market.

Overall, Austin is sitting at about 2.4 months of inventory on the market, which means it would only take 2.4 months to sell all the inventory currently on the market if no new homes were listed for sale. A balanced market boasts about six months of inventory.

So what does this mean for you?

If you’re a buyer, it’s incredibly important that you are pre-qualified for a mortgage and ready to make an offer on a home. Know what you’re looking for and be ready to compete. 

If you’re a seller, now is a great time to put your home on the market. Homes are only on the market for an average of 56 days. Because the market is tight and there is so little inventory, you will face much less competition. 

Real estate is a hyperlocal market, so if you’re looking to put your home on the market, feel free to reach out to me. If you have any other real estate questions, give me a call or send me an email. I look forward to hearing from you soon!

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