The Austin-Round Rock metro housing market in September 2023 continued to show signs of normalization, with home prices and inventory levels starting to stabilize. However, affordability remains a challenge, as mortgage rates have risen significantly in recent months.
- Median home price
- The median home price in the Austin-Round Rock metro area in September 2023 was $483,000, according to the Austin Board of Realtors. This is up slightly from the previous month, but down from the peak of $551,273 in May 2022.
- Inventory levels
- The number of homes for sale in the Austin-Round Rock metro area in September 2023 was 2,815. This is down 4.0% from the previous year, but up slightly from the previous month.
- Time on market
- Homes spent an average of 48 days on the market in the Austin-Round Rock metro area in September 2023. This is only one day longer than the previous year and two weeks shorter than before the COVID-19 pandemic.
- Affordability remains a challenge in the Austin-Round Rock metro area, as mortgage rates have risen significantly in recent months. The average monthly mortgage payment on a median-priced home in the Austin metro area is now over $3,000, assuming a 20% down payment and a 30-year fixed mortgage at 6.0%.
- Overall outlook
- The Austin-Round Rock metro housing market is expected to continue to normalize in the coming months, with home prices and inventory levels stabilizing. However, affordability remains a challenge, as mortgage rates are likely to remain elevated.
Here are some tips for buyers and sellers in the Austin-Round Rock metro housing market in September 2023:
- Be prepared to act quickly and be flexible with your needs.
- Be willing to compromise on location or other factors in order to find a home that you can afford.
- Get pre-approved for a mortgage before you start shopping for a home. This will show sellers that you are a serious buyer and will help you to move quickly when you find a home that you love.
- Price your home realistically. Overpricing your home will only deter buyers and make it difficult to sell.
- Make sure that your home is in good condition and shows well.
- Work with a qualified real estate agent who can help you to market your home and negotiate the best possible price.
Rock Properties Realtors® live, work and office in the Austin-Round Rock MSA, near Cedar Park, Georgetown, Hutto, Leander, Liberty Hill, Pflugerville and Taylor. If you are buying or selling real estate, including residential, commercial property or land, Rock Properties will provide you excellent service based on 20 years of real estate experience in and around Williamson County Texas. Call us at 512-850-4510.