November typically yields fewer sales and longer days on market than summer months, and this year was no exception. The median price for homes in the Austin area in November is $301,391. Last November the median sale price was $296,500, which shows a 1.64% increase year over year. More homes sold this November than last, and homes are staying on market as long as they were last November, around 65 days.
Buyer tip: Most months, the Austin overall year over year increase is much higher, between 7% and 9%. Consider buying during November to lock in a reduced home price while capitalizing on the overall annual appreciation that Austin experiences.
Inventory of total available homes is under 3 months. A balanced market should have 6 months of inventory, so we’re still in a seller’s market. Buyers can likely expect higher competition due to the inventory shortage, while sellers can expect to encounter a larger pool of buyers.
November 17, 2018