May 2023 Housing Market Update for Austin, TX MSA

[Bryan Noth]

May 2023 Housing Market Update for Austin, TX MSA

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

The City of Austin saw a decrease in month to month median sale price from $565,000 to $550,000 a month to month decrease of $15,000 and an 16% decrease from the previous year. The Austin-Round Rock MSA saw a slight increase in median sale price from $466,705 to $467,500 a month to month increase of $795 and a 15% decrease from the previous year.

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

Housing inventory for the MSA saw continues to creep upwards with available inventory from 3.2 months in April to 3.4 months in May, and a 2.2 months increase over the preceding year. The City of Austin saw an increase as well in month to month inventory from 3.2 months in April to 3.5 months in April, and a 2.5 months increase over the preceding year.

There was a slight increase in the Withdrawn and Expired listings for the month of May with 1,086 in total. However, the increase in closed sales volume with 3,411 total sales brings the percentage of withdrawn/expired to sold sales up slightly to 31.8%. This still indicates a relative position of strength from the seller's vantage as many are not forced to sell and helps add to why the market has not teetered towards a true "buyer's market" with respect to inventory which would historically need to be at 6 months. 

The Days on Market has decreased again from 71 to 65 days on average for the MSA and from 48 to 44 days for the City of Austin. The volume of pending sales saw a minimal change from the preceding month as well as compared to the preceding year with both under a 1% change. Coupling this with the decreased days on market and it may indicate a more balanced point for sales between home prices and interest rates.

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