Austin’s Housing Market Sees a Dip: What It Means for Homeowners and Buyers

Most important things you should know about the March housing market.

Today I’m sharing the top three takeaways from the end-of-Q1 numbers and discussing how the market went exactly as we predicted months ago. 

First, overall prices are down about 15%, which is a $100,000 drop from the peak of the market a year ago for median prices in Austin, Texas. This is the correction we knew was coming, with interest rates stabilizing and home values starting to follow suit. In some cases, we're even seeing prices going up.

Second, homes that are priced well are still selling, and sellers just need to be serious, motivated, willing to follow their Realtor's advice to get the property ready for the market, and willing to make some concessions. Pivoting with the market and adjusting to it will keep you from having to sit on the market for months at a time.

“This is the market buyers have been waiting for.”

Third, buyers, this is the bottom of the market you've been waiting for. Take advantage of the stabilized interest rates and home prices while the inventory is still somewhat limited. If the inventory continues to be limited and interest rates continue to soften, the market will pick back up. This is the perfect time for first-time and move-up buyers to purchase a home. Let us know if you’re thinking about making your move, so we can discuss how you can get great deals and interest rates.

Yes, our market is dropping, but it's still a good time to sell. In fact, this is the market you've been waiting for. Call or email us if you need someone to guide you with your real estate goals.