Prices in the Austin area rose in September, with a median price of $302,250. Last September the median sale price was $291,464, which shows a 3.7% increase year over year. There was a drop in the number of homes sold in September, which is common during the back to school season. Homes are staying on market as long as they were last September, around 53 days.
Inventory of total available homes is sitting at 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.
October 17, 2018