January 2023 Housing Market Update for Austin, TX MSA

[Bryan Noth]

January 2023 Housing Market Update for Austin, TX MSA

January 2023 statistics have been released for the Central Texas Housing market. There was a slight decrease in median sales price from the preceding month and a slight decrease from the preceding year for the entire Austin Metropolitan Statistical Area.

The City of Austin saw a change in month to month median sale price from $525,250 to $525,000 a month to month decrease of $250 and a 4% decrease from the previous year. The Austin-Round Rock MSA saw a change in median sale price from $457,426 to $450,000 a month to month decrease of $7,426 and a 6% decrease from the previous year.

The following infographics and data is courtesy of the Austin Board of Realtors:

Housing inventory for the MSA saw no change in available inventory from 2.7 months in December to January, but a 2.3 months increase over the preceding year. The City of Austin saw a slight increase in month to month inventory from 2.1 months in December to 2.2 months for January, and a 1.9 months increase over the preceding year.

The trend of a historically high number of Withdrawn and Expired listings continues with 1,610 listings being withdrawn or expired for January. With only 1,634 closed sales for the month that ratio skyrocketed to 98.5% of the volume of homes withdrawn versus homes sold. The total number of listings is now at 7,323 homes which is slightly lower than December but an impressive 462% increase from the preceding year.

The data paints an interesting landscape for the market. The increased Days on Market, lower Closed Sales, and increased number of New and Active Listings would normally push us towards a full blown buyer’s market scenario. However, the high rate of withdrawn and expired listings highlights that the majority of sellers are not being put in a position where they are forced to sell. Most likely anyone owning or purchasing a property in the last 1 to 3 years likely bought at or refinanced into respectively low rates compared to today’s prices. Meaning those properties are easier to hold onto and have helped keep the scales from tilting entirely in the opposite direction.

Disclaimer: The information provided here is for educational purposes only, past performance is never a guarantee of future performance.