Heading in the Right Direction?

Local area home price declines appear to be moderating compared to the percent declines we saw in the fall of 2022. At one point we saw approximately 70% of active listings in the MLS area having price drops, with less than 30% remaining the same, and a small % of actives having price increases...mostly new construction. The charts below show that now for the entire MLS area we're only about 48% of active listings having price drops. If you look at the specific cities you'll see that a number of them have very close numbers between the price drops and the ones that have remained the same. That's a good sign that prices are moderating and that the market is stabilizing. The first chart shows where we are now. The second chart shows the numbers as we entered the year in January. Below these charts are some other encouraging numbers that show how we're doing so far this year.

While sold prices to date are down year over year, month over month they are up. The charts below will provide a good visual as to where we stand now year over year, month over month and year to date. The trend so far this year seems headed in the right direction! It’s going to be a very interesting (and likely longer) selling season in 2023.

Austin Area Top 30 Cities Value Monitor: Median Sold Price