When Is The Market Going Down?

Are Austin home prices going down? I get this question all the time, and I’d love to talk about it today. With interest rates hovering around 5%, we are seeing a shift in the market. Multiple-offer situations are still a thing, and homes are still selling over asking price. However, fewer buyers are competing for homes. Properties that would have sold regardless of price are starting to have trouble selling. 

In March, we had about 2 weeks of house inventory but predictions say that by the end of summer we’ll have about a month of inventory and then by the end of the year, 2 to 3 months of inventory. This would relieve the constant pressure buyers are feeling but it would still be a seller’s market. 

What does this mean for you? Sellers on the fence should consider selling instead of waiting until the fall because interest rates are only going to go up. Buyers are in the same boat, though, because as interest rates rise, homes become more expensive. 

To put this in perspective, the Austin real estate market has not seen prices go down in the last 30 years—which means this appreciation, while aggressive, isn’t new. Another not new fact is that Austin’s population continues to grow. We’ve been doubling in population every 20 years since 1900(!). 

So is our market going down? Nope, just shifting! 

We still have a strong demand and I have a couple of buyers that still can’t find homes. You can see below what my buyers are looking for. If you’re thinking of selling and you match any of the below, please reach out to me. 

If you have any other questions, feel free to call or email me. I’d love to help.